Yet another big advisor team has fled the Smith Barney side of Morgan Stanley, this time heading for Raymond James.
Thomas and Patrick Seiler have been working together since 1998, when Patrick joined Thomas at Merrill Lynch.
They since moved to Smith Barney in 2005 and eventually were absorbed into Morgan Stanley, building a $500 million book along the way.
Now they're the latest reps from that side of Morgan to leave.
They're not explicitly saying what made them go, but they say like the freedom and apparently, the lack of meddling with their client relationships that Raymond James offers.
The old Smith Barney has seen many big advisory teams jump ship in recent months to either other wirehouse firms or the independent channel.
Morgan Stanley itself has reported unusually high levels of advisor retention. Its reps seem happy. The ones inherited from Citibank? Not so much, apparently.