Morgan Stanley Lands $8.2-Mln Merrill Team Led by Two Lifers in Washington State
Two Merrill Lynch brokers who had spent all of their 35-year careers with the “thundering herd” have packed up their offices to join rival wirehouse Morgan Stanley in Kirkland, Washington.
The two, along with two junior advisors and four support staff, had generated $8.2 million in annual revenue and oversaw $1.6 billion in customer assets, according to a person familiar with their practice.
Allison, whose customers include wealthy individuals and “second and third generation clients, including elderly parents,” according to his LinkedIn profile, declined to comment.
Allison started his career as a broker in his hometown of Anchorage, Alaska, according to his former Merrill biography. He moved into management in 1999 and rose to the ranks of complex manager, overseeing 125 advisors before returning to production in 2004, according to the bio. He ranked #14 on the best-in-state wealth advisors ranking this year from Forbes.
Buxbaum, who ranked #30 on the list, became a broker after working for three years as a consultant after graduating from the University of Washington, according to his biography. He had been a “senior portfolio manager” at Merrill, allowing him to build discretionary strategies that customers of other Merrill brokers could also invest in, according to the site.
The Kirkland team, which will continue to go by “The Allison Buxbaum Wealth Management Group,” also includes junior advisors Tim Vediz and Diana Chen and client associates Michelle Sfanos, Michelle Scoggins, Blair Ostrem and Annie Tipple.
The departure is the latest multi-million dollar exit from Merrill and is larger than at least four other teams that had managed a combined $1.4 billion and have left since last Thursday. Many recent moves have been to Morgan Stanley’s benefit since it has revived its recruiting efforts with high-end bonuses over the past two years.
A spokesperson for Merrill, which this week announced a second round of policy tweaks and branding promotion as part of a two-month campaign aimed at addressing broker concerns, did not return a request for comment.