The revolving door of the wirehouses spun against Morgan Stanley Smith Barney in the most recent cycle, losing the firm three very senior advisors with combined tenure of over eight decades.
Father/daughter team Martin Gelb and Sonya Gelb Choeff have fled the firm to Raymond James. Gelb had been affiliated since 1971 as the firm evolved from Drexel Burnham through Smith Barney.
His daughter Sonya came to the firm in 1983. Together, they ran $250 million in client assets from their Miami Beach office at an annual production rate of $850,000.
Morgan Stanley's Tucson branch manager has also jumped ship, this time headed to run the Tucson branch for UBS. Charlie Cajero had come from Dean Witter, working up from trainee starting in 1997.
We know that morale's been better on the Smith Barney side of the "family" as Morgan Stanley moves to streamline its brand and downplay the Citigroup legacy it inherited from its forced 2008 merger.
Hard to tell whether that played a role in the Miami Beach defections, since 40 years is a long time to spend in the wirehouse without a specific trigger to leave.
Cajero probably got an old-fashioned better deal.