Brokers leave Morgan Stanley

Exit Sign

Craig Stuvland, former president of Common Sense Investment Management, lured four Morgan Stanley brokers with $650m in client assets to a new firm that supports independent financial advisors.

Bloomberg News reports that the team left Morgan Stanley’s Portland office today and immediately set up Encompass Wealth Advisors using trading systems, research, lawyers and office space arranged by Tru Independence LLC, also based in Portland.

Stuvland’s is the latest in a growing number of firms that help wealth advisers leave large banks and go it alone. Dynasty Financial Partners, founded in 2010, has 22 companies that manage $21bn using its system. HighTower Advisors and Focus Financial Partners also work to pry brokers out of big firms.

Tru Independence will collect a percentage of Encompass’s management fees as payment for its services.

To access the complete Bloomberg News article hit the link below:

Morgan Stanley Loses Brokers Managing $650 Million to Start-Up

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