The advisers, Stephen Shipley and John Rubottom, previously generated roughly $925,000 in annual production on $121 million in client assets.
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Based out of Morgan Stanley’s Arlington office in Texas, Shipley had been with the firm for two decades, while Rubottom had been with the firm for 10 years.
According to Reuters, Morgan Stanley has lost at least 68 veteran advisers, who managed more than US$10 billion at the firm since 1 January 2103.
Prospera Financial Services is a financial investment advisory firm headquartered in Dallas, Texas. The firm manages 4,332 accounts totaling an estimated US$670 million of assets under management.
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