Morgan Stanley picked up a Barclays team that managed $1 billion in client assets, a spokeswoman said, an indication that a lucrative retention package hasn't been a strong enough incentive to keep Barclays advisors from moving before the firm sells its U.S. wealth management operations to Stifel.

Despite a retention package, described as generous by some industry recruiters, Barclays has lost 21 advisors to rival firms such as J.P. Morgan Securities and Merrill Lynch, representing more than 10% of their total brokerage force when the deal was announced.

Advisors Kerri Connellan and Jim Pucciarelli were the latest to pass on the offer, deciding instead to join Morgan. They will be working from the wirehouse's New York office, reporting to branch manager Damon Gallagher.

Pucciarelli is an industry veteran, having started his career at Lehman Brothers in 1981, according to FINRA records. Connellan joined Lehman Brothers in 2001.

St. Louis-based Stifel's retention deal requires Barclays advisors to stay following the completion of the acquisition, set to close this fall. The bonus is based on their revenue streams and is comprised of 70% cash in the form of a promissory note and 30% restricted stock, according to documents seen by On Wall Street.

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.

Some attrition is normal following an acquisition, recruiters say. However, even with Stifel's incentives for staying, competing firms have been able to pick off teams with large books of business.

For example, Merrill picked up a Houston-based team of five advisors who had been managing $750 million in client assets at Barclays, a Merrill spokeswoman said.

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