Morgan Stanley Smith Barney has lost six advisers overseeing more than $1 billion of client assets to competitors.
All six advisers worked at Smith Barney before Citigroup Inc
Warren Bud Wilson, John Kwiatkowski and Valerie D'Addona joined Raymond James & Associates in Westlake Village, California.
The team previously oversaw $415 million of client assets and generated $2.3 million in annual fees and commissions, according to Raymond James
D'Addona spent 30 years, Kwiatkowski spent 20 years and Wilson spent 13 years at Morgan Stanley Smith Barney and predecessor firms, according to filings with the Financial Industry Regulatory Authority.
Raymond James is what Smith Barney was 25 years ago, said Wilson in an interview. It was very boutique, it was a wonderful place to work.
Since the merger with Morgan Stanley, Wilson said he found that the company had become too bureaucratic.
I met the (Raymond James) CEO and president and I have their phone numbers, he said. We can call them if we have issues.
A Morgan Stanley spokeswoman did not immediately return calls for comment.
William McKenna joined UBS
Prior to that, McKenna spent more than 18 years at Merrill Lynch, according to the filings.
At Morgan Stanley Smith Barney, McKenna generated $907,000 in annual fees and commissions and oversaw $196 million of client assets, according to a person familiar with his business.
Last week, UBS added a team of advisers from Morgan Stanley Smith Barney in San Diego.
Meanwhile, Baird Private Wealth Management added a two-person adviser team from Morgan Stanley Smith Barney in Portland, Oregon.
David Marshall and Gavin Amato previously oversaw $400 million of client assets and generated $1.1 million in annual fees and commissions, according to Baird.
Marshall spent 28 years and Amato spent eight years at Morgan Stanley Smith Barney and predecessor firms, according to FINRA filings.
(Reporting by Helen Kearney; Editing by Derek Caney, Tim Dobbyn and Matthew Lewis)