August 27, 2020
Stifel Nicolaus has employed three Merrill Lynch advisors in Dallas who have been overseeing $450 million and represented the “next generation” of producers that the Thundering Herd has been nurturing.
John “Woody” Abbott, 41, Shane Stein, 42, and Eli Tabaria, 32, joined the Stifel Monetary brokerage agency on Tuesday together with two shopper associates, confirmed Abbott, who commanded a managing director title at Merrill, as did Stein.
The crew was on course to provide $3.2 million for Merrill this yr, stated a supply accustomed to their observe. Abbott declined to touch upon the group’s metrics or its causes for shifting to Stifel.
Merrill awards the managing director title to people who for 2 consecutive years generate no less than $2.5 million in annual manufacturing or $four million in complete income, a few of which is noncompensable, for Merrill and its guardian Bank of America.
The West Group, which incorporates two junior advisors who stay with Merrill referred a “substantial” quantity of purchasers for cash-management and middle-market funding banking companies, stated the supply.
Stifel, which in February opened a southern Texas workplace with two career-Merrill advisors, has sourced 23 advisors within the Lone Star State from the wirehouse previously two years, in accordance with Robert Johnson, agency’s southwest area director.
The north Texas workplace in Dallas, which now contains 19 advisors, is managed by John “JR” Koeijmans, who joined Stifel with a accomplice from Merrill in April 2019 to Stifel. Koeijmans in May employed Merrill’s Cory Hargrave, a dealer who was overseeing $90 million in shopper belongings.
A Merrill spokeswoman didn’t instantly return a request for touch upon the West Group’s transfer, or on the exit of two brokers in Denver producing $3.1 million who joined UBS Wealth Administration final week.
Abbott started his brokerage profession at Ameriprise in 2004, joined UBS in 2006, and had been with Merrill for 12 years.
Stein labored at Merrill for his whole 11-year brokerage profession, in accordance with his BrokerCheck historical past, and Tabaria had been with the wirehouse since 2012 following a one-year stint in the beginning of his profession with a buying and selling agency. Tabaria knew Koeijmans as a result of they have been each trainee managers at Merrill’s Monetary Advisor Growth Program.
Merrill Lynch Wealth president Andy Sieg has retreated from recruiting veterans from rival companies to replenish his brokerage drive , focusing as an alternative on hiring novice advisors and coaching new ones. An Oregon dealer who had been with Merrill for 43 years and oversaw about $400 million of shopper belongings left final week to open an unbiased advisory observe.
Bank of America reported 17,888 advisors as of June 30, together with greater than 2,000 who work on the bank’s ‘low-touch’ Merrill Edge name facilities and places of work. Merrill Wealth Administration reported 14,690 advisors.