J.P. Morgan Securities has recruited 10 advisors who managed more than $2 billion in assets, a spokeswoman said.

The firm lured away the recruits from several wealth management rivals, including Barclays, which lost 5 advisors. The defections from Barclays come as another blow to that firm, as well as Stifel, which recently announced a deal to acquire the British bank's U.S. wealth management operations.

Privately, recruiters say that some attrition is normal following an acquisition. But some recruiters wondered if the culture between the two firms is similar enough to make the deal a good fit.

Stifel offered Barclays advisors a retention package to stay, comprised of 70% cash in the form of a promissory note and 30% restricted stock, according to documents seen by On Wall Street.

Under the plan, advisors staying on once the acquisition is completed in the fall would receive a bonus based on their trailing 12-month production. For example, an advisor generating $2 million in retail revenue could receive a bonus up to 150% of their revenue, depending on their business mix.

But the terms of the retention package haven't been a strong incentive to keep all 180 Barclays advisors, who typically work with HNW and UHNW clients. Last month, Merrill Lynch lured away several Barclays advisors, including a team that managed $750 million in assets.

With the defections to J.P. Morgan, Barclays has lost 19 advisors, about 10% of their total brokerage force when the deal was announced.

A Stifel spokesman did not return request for comment before deadline.

NEW HIRES, AND A NEW REGIONAL DIRECTOR

Joining J.P. Morgan from Barclays are advisors Brian Turner and Avi Safaei. While they are a team, Turner will be based in Boston and report to Rick Penafiel, regional director, and Safaei will be based in New York and report to Mike Lee, regional director.

Also reporting to Lee are former Barclays advisors Gordon Levy and Ian Ratner. Jonathan Bates joined the firm's Los Angeles office. Bates reports to Frank Epinger, regional director.

Among the other moves, Morgan Stanley lost three advisors to J.P. Morgan: Steven Foote, John Moran and David Wilson. A spokeswoman for the wirehouse declined to comment on the departures.

Jason Wolter joined J.P. Morgan's office in White Plains, N.Y. He previously worked at Deutsche Bank. And former Bernstein advisor David Bailey Izard joined J.P. Morgan in Atlanta, where he reports to Pete Secret, regional director. 

J.P. Morgan also named Michael Maron to be its Chicago regional director. He previously held the same post in White Plains.

In his new role, Maron will oversee the firm's operations, including recruiting and training advisors, in the Midwest Region. He reports directly to Greg Quental, CEO of JP. Morgan Securities.

In a statement, Maron said he was looking forward to working with advisors in the region.

Maron has been with the firm since 2009.

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