Two veteran advisors, including a team founder, did not join in the defection.
Separately, a Merrill duo generating $1 million split to join Raymond James Financial and Stifel, Nicolaus.
Maurice “Mo” Schutte, a 23-year industry veteran who had been with the wirehouse since 2005, left for Stifel on Monday, bringing along junior broker William Rowe.
Chief Executive Ronald J. Kruszewski said the slowdown was “transitory” and reassured analysts and investors that its broker pipeline remained “robust.”
Robert Mitchell, a million-dollar-plus producer at Morgan Stanley, follows the lead of others fired for compliance missteps by joining a regional firm.
Group of four brokers had been generating $4.6 million in fees and commissions, according to the team leader.
The firm added 131 advisors last year, down from the 150 who joined in 2019, but CEO Ron Kruszewski forecasted a pick-up in hiring even as a rival warned of increased competition.