A Memphis-based rival of Morgan Keegan & Co. Inc. has scooped up some departing Morgan Keegan financial advisors who’ve left recently as the auction of Morgan Keegan by Regions Financial Corp. drags on.
Wunderlich Securities this month added Dallas broker Howard Sparkman, who left Morgan Keegan after 17 years with the firm. This spring, James Parrish left Morgan Keegan after more than two decades to join Wunderlich as co-president of Wunderlich’s private client group.
Also last week, two advisors in Maryland – Chris Wallace and Sarah Ehrlich – left Morgan Keegan for Morgan Stanley Smith Barney. They were a $1.3 million revenue team, according to one source indirectly involved with their move.
Morgan Keegan has lost about 20 brokers since June, but many others are on the fence. One industry recruiter said he’s currently in talks with about three dozen.
Morgan Keegan had 1,218 financial advisers at the end of October, according to a Reuters story this week.