Morgan Stanley, UBS Lose Multi-Million-Dollar Brokers to RayJay and RBC
Regional firms Raymond James Financial and RBC Wealth Management have hired 30-year industry veterans from wirehouses in recent days who each produced more than $2 million.
In Florida, William Dagistino Jr., who a personal familiar with his practice said generated around $2 million in annual revenue and had $243 million in client assets under management at Morgan Stanley, joined Raymond James’ employee brokerage on April 18.
He is the 12th broker in the past year to join Raymond James’ South Florida complex, which extends from North Palm Beach to Key West, and the third in about a month to join from a Morgan Stanley branch in Boca Raton. The RayJay complex is run by Bert White, who managed Morgan Stanley’s Boca complex before leaving two years ago.
Raymond James added 258 advisors to its employee and independent contractor channel in the past 12 months, the Florida-based firm said Thursday, ending its fiscal second quarter in March with a brokerage sales force of 7,862.
Morgan Stanley, which is double that size with 15,708 brokers, has in recent years been trimming hiring of experienced advisers. Despite the run-off in January of forgivable retention loans given to Smith Barney brokers ten years ago, Morgan Stanley did not experience high attrition in the first quarter, Chief Executive James Gorman said last week.
Dagistino began his brokerage career in 1987 at The Goldsher Investment Company and two other small firms before joining Lehman Brothers—a predecessor to Smith Barney and ultimately Morgan Stanley—in 1991, according to his BrokerCheck history. He joined Raymond James on April 18.
Spokespeople at Morgan Stanley and Raymond James did not return requests for comment on his move.
In the other wirehouse-to-regional transition, RBC Wealth Management-U.S. said it hired a Pittsburgh-area broker on Wednesday from UBS Financial Services who had been producing $3.2 million and overseeing $340 million in customer assets.
He is Thomas “Tony” Keiser, a 30-year industry veteran who began his career at Kidder, Peabody & Co. in 1988. Keiser, who also worked for more than a decade at Merrill Lynch as well as three years at Smith Barney, joined UBS in 2009. He did not return a call for comment. He is based in RBC’s branch in Three Rivers, Pa.
UBS has lost 109 advisors to competitors in the past six months, according to internal reports reviewed by AdvisorHub that were compiled before Keiser’s departure. The U.S. unit of the Swiss bank giant currently employs around 6,300 brokers, while the Royal Bank of Canada’s U.S. brokerage unit that Keiser joined has about 1,800 brokers.
Separately, St. Louis-based Stifel Financial said that its Stifel Nicolaus unit on Thursday hired Mark Scaglione, a 31-year veteran of UBS who is based in Tampa, Florida.
Scaglione was managing $166 million in client assets at UBS, according to Stifel, which employed 2,300 brokers as of December 31, 2018. He began his brokerage career in 1983 with Dean Witter Reynolds, according to his BrokerCheck history.