Stifel Seeds New Michigan Office with Wells, Merrill Refugees
A six-person Wells Fargo Advisors team and two brokers from Merrill Lynch joined together to open a new Stifel Nicolaus & Co. office in Southfield, Michigan last week, according to St. Louis-based Stifel.
The Wells team, which was overseeing $600 million of client assets and opened shop last Friday, is led by Alvin Spencer and Michael M. Anderson, and includes four associates. Spencer, who prior to his nine-year tenure at Wells put in time at UBS Financial Services and Merrill Lynch, has been designated “Detroit Metro” market manager for Stifel.
The new office in the northern Detroit suburb also includes Merrill emigrees Jeff Tutor and Natasha Sparks, who settled in the Southfield office last Thursday with a client associate, according to Stifel. They had overseen about $200 million of client assets, the firm said, but it is unclear how much they may be leaving behind since four brokers who were in the Tutor Group remain with Merrill in nearby Bloomfield Hills, according to their former Merrill website and to a Merrill source.
Spencer, a 22-year brokerage industry veteran who has worked with Anderson for 15 of those years, did not immediately return a call for comment.
Stifel has been inching its way into Michigan this year, having added a 12-person team of retirement planning specialists in Ada in the western part of the state in the summer