Morgan Stanley’s departure from the Broker Protocol has failed to stop the slow trickle of advisors leaving the wirehouse to go independent. An advisor managing $175 million in assets is the latest to leave the firm for Stifel Financial.
Janet Stamato left Morgan Stanley to join Stifel in Hackensack, New Jersey. She has 31 years of experience, including stints at wirehouses Merrill Lynch, UBS and Morgan Stanley, according to FINRA BrokerCheck.
Morgan Stanley left the protocol in November, making it harder for advisors to exit the New York City-based wealth management firm with their respective clients in tow.
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The wirehouse is charting a litigious course since breaking with the Broker Protocol, and some observers think the scorched-earth campaign could harm its reputation.
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Craig Schmell says the firm terminated him because of alcohol and drug addiction issues he had 30 years ago.
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Most of the new hires came from Wells Fargo, which has suffered from advisor attrition over the past year.
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Advisors are still leaving, though, and they continue to pull clients with them. Meanwhile, the firm has put up a fight at the loss of assets this year. By the end of February, Morgan Stanley had
A spokeswoman at Morgan Stanley confirmed Stamato's departure, but declined to provide additional comment. Likewise, Stamato was not immediately available for comment on her decision to leave the firm.
Stifel has been on a hiring spree recently,
A spokesman at the firm was not immediately available to comment on recent growth or the latest hire.
