Michael Kanner, a top-ranked “next generation” broker in Florida, left Morgan Stanley on Thursday to set up an independent practice.
Twenty-three year wirehouse veteran in Dallas had posted a video on his new firm’s website over Memorial Day weekend promising former clients that he would be in touch with them.
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Two brokers managing $180 million left Raymond James in Pennsylvania on Friday while the firm said on Thursday it had picked up three wirehouse vets in the Northeast with $487 million in combined assets.
Both companies, which have been rapidly growing their broker sales force in recent years, have raised estimated legal expenses by 10’s of millions over the past year.
Ameriprise hires two advisors in Tampa who managed $338 million at Morgan Stanley and RayJay gets most of a $1 billion team in Allentown who spent most of their careers with Merrill.
Quasi-independent team in Richmond with some $2.7 million of production joins RayJay’s “AdvisorSelect” channel, while 21-year Wells complex director in Omaha brings team to Ameriprise employee channel.