October 4, 2019
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Stifel Financial on Friday hired four brokers from Merrill Lynch who each have three decades of experience and collectively produced around $5.5 million in the previous 12 months.
Stifel confirmed that it recruited Richard S. Murphy Jr., Kevyn F. Schroeder, Eugene B. Carter, Peter Flanigan and five client associates. Murphy was the producing manager of the Ladue, Mo., Merrill branch where the advisors each ran separate practices.
The brokers collectively managed about $965 million for Merrill clients, led by Murphy’s book of $437 million, said Stifel recruiting head John Pierce. He declined to discuss their production, which was confirmed by a person familiar with their practices.
Murphy, who will manage a new Stifel branch in Clayton, Mo., near the company’s headquarters, said Friday morning that he could not immediately comment on the reason for his move after 31 years with Merrill and 46 years in the securities industry.
Like his colleagues Schroeder and Carter, Murphy joined Merrill from Shearson Lehman Hutton on March 30, 1988, according to their BrokerCheck histories. He also worked for 16 years at predecessor firms E. F. Hutton and White, Weld & Co.
A Merrill Lynch spokeswoman did not return a request for comment on the departures.
Stifel this year has recruited Merrill brokers who were collectively managing $5 billion in assets, according to Pierce. Advisors joining Stifel on average transfer more than 94% of their client assets within 90 days, he said.
That “ACATs” number is above industry averages.
Merrill’s broker count in its core wealth management unit fell by a net 130 in the 12 months ending June 30, but company executives have said they are satisfied with their continuing freeze on hiring experienced brokers.
Merrill Wealth President Andy Sieg in June said the firm is successfully incentivizing existing teams to increase their client asset and household account numbers, while ensuring continuity by training new advisers who can be placed on existing teams.
The new Stifel brokers spent the bulk of their securities careers at wirehouses, including more than 30 years each with Merrill.
Murphy joined E.F. Hutton in 1973. Schroeder began her career in 1984 with Thomson McKinnon and arrived at Hutton two years later. Butler first registered as a rep in 1988 with Hutton in 1980, and Flanigan began his brokerage career with Kidder, Peabody in 1984, moving to Merrill about a year after his colleagues in February 1989.
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