Despite claims of solid retention, Morgan Stanley keeps making headlines as advisors at all levels of the organization leave.
The latest wave of advisors bailing on the firm is noteworthy for being a mix of long-term entrenched Smith Barney people and relatively young recruits.
Richard Freedman and Laurence Bricmont of Cleveland had been at Smith Barney since 1993 before moving to UBS a few weeks ago.
They managed $210 million and generated about $900,000 in annual production.
Freedman and Bricmont fit the trend of very senior ex-Smith Barney reps leaving Morgan Stanley for other wirehouses.
However, less traditional firms like Hightower are capturing slightly bigger teams like William Blanke and Robert Schein in Indian Wells, California.
Blanke and Schein are an interesting contrast to Freedman and Bricmont because their book is a lot more efficient. They're generating $2 million a year on a $300 AUM -- squeezing roughly 50% more in fees per dollar of client funds.