Stifel Hires Young Merrill Trio in Texas Producing $3 Million
Stifel Nicolaus has hired three Merrill Lynch advisors in Dallas who were overseeing $450 million and represented the “next generation” of producers that the Thundering Herd has been nurturing.
John “Woody” Abbott, 41, Shane Stein, 42, and Eli Tabaria, 32, joined the Stifel Financial brokerage firm on Tuesday along with two client associates, confirmed Abbott, who commanded a managing director title at Merrill, as did Stein.
Merrill awards the managing director title to individuals who for two consecutive years generate at least $2.5 million in annual production or $4 million in total revenue, some of which is noncompensable, for Merrill and its parent Bank of America.
The West Group, which includes two junior advisors who remain with Merrill referred a “substantial” amount of clients for cash-management and middle-market investment banking services, said the source.
Stifel, which in February opened a southern Texas office with two career-Merrill advisors, has sourced 23 advisors in the Lone Star State from the wirehouse in the past two years, according to Robert Johnson, firm’s southwest region director.
The north Texas office in Dallas, which now includes 19 advisors, is managed by John “JR” Koeijmans, who joined Stifel with a partner from Merrill in April 2019 to Stifel. Koeijmans in May hired Merrill’s Cory Hargrave, a broker who was overseeing $90 million in client assets.
A Merrill spokeswoman did not immediately return a request for comment on the West Group’s move, or on the exit of two brokers in Denver producing $3.1 million who joined UBS Wealth Management last week.
Abbott began his brokerage career at Ameriprise in 2004, joined UBS in 2006, and had been with Merrill for 12 years.
Stein worked at Merrill for his entire 11-year brokerage career, according to his BrokerCheck history, and Tabaria had been with the wirehouse since 2012 following a one-year stint at the start of his career with a trading firm. Tabaria knew Koeijmans because they were both trainee managers at Merrill’s Financial Advisor Development Program.
Merrill Lynch Wealth president Andy Sieg has retreated from recruiting veterans from rival firms to replenish his brokerage force , focusing instead on hiring novice advisors and training new ones. An Oregon broker who had been with Merrill for 43 years and oversaw about $400 million of client assets left last week to open an independent advisory practice.
Bank of America reported 17,888 advisors as of June 30, including more than 2,000 who work at the bank’s ‘low-touch’ Merrill Edge call centers and offices. Merrill Wealth Management reported 14,690 advisors.