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&lt;p&gt;With size comes bureaucracy, and with bureaucracy comes defections. And, to that end, today it was revealed that six, big-money brokers from the ranks of Morgan Stanley Smith Barney have fled the firm, at least three doing so to head to less political waters.&lt;/p&gt;&lt;p&gt;&lt;img style=&quot;margin: 8px 10px; float: left;&quot; title=&quot;raymond james belt buckle&quot; src=&quot;http://www.bucklesbyjim.com/pictures/RaymondJames.jpg&quot; alt=&quot;raymond james belt buckle&quot; width=&quot;350&quot; height=&quot;260&quot;&gt;Warren &quot;Bud&quot; Wilson, John Kwiatkowski and Valerie D&#39;Addona -- who together managed $415 million in client assets and annually earned $2.3 million in fees and commissions at Morgan Stanley -- joined the Westlake Village, Calif., office of Raymond James &amp;amp; Associates, a boutique investment bank headquartered in St. Petersburg, Fla., with just over 7,200 employees, much fewer than Morgan Stanley&#39;s more than 62,000.&lt;/p&gt;&lt;p&gt;According to Wilson, &quot;Raymond James is what Smith Barney was 25 years ago. It was very boutique, it was a wonderful place to work.&quot; He adds that since Smith Barney merged with Morgan Stanley, the firm became &quot;too bureaucratic.&quot; And that now he has access to the very top of his new firm. &quot;I met the [Raymond James] CEO and president and I have their phone numbers,&quot; says Wilson. &quot;We can call them if we have issues.&quot;&lt;/p&gt;&lt;p&gt;Three other Morgan Stanley brokers joined other firms: William McKenna, who manages $196 million and annually earns $907,000 in fees and commissions, joined UBS in New Jersey; and David Marshall and Gavin Amato, who together manage $400 million and make $1.1 million in annual fees and commissions, joined the private wealth management unit of Baird, a middle-market investment bank headquartered in the always-hopping, fermented-barley capital of the U.S., Milwaukee, Wis.&lt;/p&gt;&lt;p&gt;(NYT: Morgan Stanley Loses Six Advisers to Competitors)&lt;/p&gt;&lt;p&gt;(Related: A Day in the Life of an Investment Banking Director at Baird)&lt;/p&gt;

Derek Loosvelt

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