Top-ranked Merrill Lynch advisor Dane Runia — and his $3.2 billion team—- have left the wirehouse for Morgan Stanley.
Provo, Utah-based Runia had worked for Merrill since 2006, serving ultrawealthy clients, according to BrokerCheck. As of December 2020, the average net worth of his 85 clients stood at $100 million, Barron’s reported.
This year, Runia ranked No. 1 on Financial Planning’s top 40 advisors under 40. Runia also placed on this year’s Barron’s Top 100 Advisors and Top 1,200 Financial Advisors. He was also named No. 1 on Forbes’ Best-in-State Wealth Advisors in Utah for 2018, 2019 and 2020. The Financial Times also listed Runia on its 2020 list of 400 Top Financial Advisors.
Merrill declined to comment on Runia’s departure, and Runia himself could not be reached for comment. Morgan Stanley confirmed Runia’s addition to the company but declined to comment further.
After a market downturn like last year’s, it’s typical to see advisors switch firms, said recruiter Jeff Nash, CEO of Bridgemark Strategies in Charlotte, North Carolina, who called the team’s move “one more example of the continued exodus of the large producing teams from the largest wirehouses, especially those owned by banks.”
“Advisors are increasingly frustrated with their status quo and feel a change — even to what many of us would think of as a similar wirehouse — can bring new life to their business,” Nash said.
Runia’s father, Raymond, also worked at Merrill until his retirement in 2019. However, BrokerCheck shows the elder Runia also registered with Morgan Stanley on Aug. 16.
In a 2019 interview with Financial Planning, Runia described his practice, sharing the different profiles of his client base, from athletes to entrepreneurs to institutions.
“We strive to help multiple generations pursue their objectives while instituting the structures that can reduce complexity, capitalize on opportunity and lead to a more satisfying and fulfilling life,” Runia said.