The long months of waiting for a buyer have started to cut into Securities America's brokerage network as reps jump ship and are not replaced in large numbers.
Securities America counted more than 1,900 advisors managing $53 billion on its team back in January, before its owner Ameriprise put it up for sale.
Four months later, about 100 of those advisors and $7 billion in AUM had disappeared.
Part of the problem -- obvious in hindsight -- is that it's hard for a firm in strategic limbo to recruit effectively. The last time we heard about reps joining the firm was in May.
After that, it's been quiet.
Meanwhile, reps have been departing. Commonwealth just signed three advisors -- in Miami, New Jersey, and Connecticut -- with total AUM of $500 million and roughly $4.2 million in annual production.
Cambridge Investment Research has pulled about that much business away from Securities America.
Both firms are working on a pipeline of potential breakaways that could roughly triple the AUM they've already captured, although not much seems set in stone as yet.
Not counting those prospective losses, Commonwealth and Cambridge might account for $1 billion of Securities America's missing AUM and maybe a dozen advisors tops.
Where's everybody else?