It's already shaping up to be a tough year for independent broker-dealer firms. Another one just decided to shut down, this one in Seattle.
Unlike some of the firms that have closed in the last few months, the transition for Morton Clarke looks like it will be orderly.
The advisors will join D.A. Davidson's Seattle office, presumably bringing their clients with them. The assets and liabilities will remain.
Given the amount of institutional muscle here, it is possible that the Morton Clarke team will give Davidson added management expertise in the fixed income asset class in particular.
Morton Clarke was known primarily as a muni bond firm.