One more broker team has left Morgan Stanley from the old Smith Barney side. This time around, it's a team that goes back to 1980 with the firm jumping ship.
Joel Chitlea joined Citigroup a full 31 years ago and recently led his associates, father-and-son advisors Paul and Jason Artof, out of the wirehouse.
Their new firm, Artlea Capital Management, managed to take 80% of its old book with it and has since boosted its net revenue since signing with Wells Fargo FiNet in May.
Part of that is probably just an improved payout.
But they say clients are calling them up with congratulations and new placements of assets they formerly held away from Morgan Stanley.
The team came together in 2005 when Jason joined the company.