A week after hiring a Houston duo producing $3.4 million, Stifel Nicolaus recruits two more Merrill brokers in Dallas who generated $3.5 million in the past 12 months.
Separately, Merrill on Thursday shifted a complex manager in St. Louis to fill a vacant management role in Minneapolis.
Rising productivity—averaging $952,000 annualized for recruits arriving in April—is the metric to watch, say Stifel executives.
Ryan Schack, who was with Merrill in Ohio and Florida for 19 years, will oversee three Sunshine State offices at Stifel.
LPL’s army of independents fell a net 65 during the quarter due to the loss of a large firm, while Stifel added a net three brokers and Oppenheimer continued to let loose low producers.
In letter to Hilliard Chief Executive James Allen, Stifel CEO Ron Kruszewski promoted his firm as a stronger nurturer of financial advisor talent, sources said.
Alleges that six-broker team in Illinois that joined Stifel two months ago lied about their possession of client-contact data—violating their employment contracts and their new firm’s “Non-Protocol Transition Guide.”