Two Morgan Stanley advisors who generated $2.15 million in annual revenue have left the wirehouse to join Raymond James' independent broker-dealer.

Advisors Jeffrey Collins and Brien Krank, both of in Fargo, N.D., oversaw $350 million in client assets while at the wirehouse.

The two provide comprehensive advice, from estate planning to selling their businesses, to a client base composed mostly of entrepreneurs and owners of large farms and oil businesses, says Krank -- which made Raymond James' offering a better fit. "Every firm says they can support that, but not every firm can once you get out there and kick the tires," he says.


Krank joined Smith Barney in 1995 and stayed through that firm's merger with Morgan Stanley; Collins launched his financial services career at Piper Jaffray in 1997 and moved to Morgan Stanley in 2003, according to BrokerCheck.

The Morgan Stanley merger created a culture that felt "more corporate," says Krank, who partnered with Collins a few years ago. "After the merger, I started to see tremendous changes -- the whole culture changed," he says. "The value proposition wasn't as good anymore."

The two partners considered several regional broker-dealers, but after meeting some Raymond James advisors decided that the independent side would give them a greater degree of ownership than they previously had, Krank says. "I have always believed that I ran this business as if it were my own," he explains. "I never want to be put in a position [again] where I could question that," he says.

The partners are now focused on refining their practice to appeal to a select group of clients, Krank says.

Morgan Stanley, meanwhile, made up for the loss with a major grab from UBS.

On the same day Raymond James announced the addition of Krank and Collins, Morgan said that it recruited a UBS team that managed $1.3 billion. That group, led by advisor Greg Fullmer, joined the wirehouse's Los Angeles office.


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