Prospera Financial Services, the independent broker-dealer based in Dallas, TX, has nabbed two former Morgan Stanley Wealth Management advisors.

Stephen Shipley and John Rubottom previously managed $121 million in client assets and had annual revenue production of $925,000. They were based out of Morgan Stanley's Arlington, TX, office.

The pair have moved as a team and are now based in Dallas.

According to moves tracked by Reuters, Morgan Stanley has lost some 68 veteran advisors managing over $10 billion since the start of the year.

However, Morgan Stanley has also made a number of recruits from rival firms over recent months. Only yesterday, for example, the firm confirmed hires in Akron, OH, and Riverwoods, IL, from Bank of America Merrill Lynch and Wells Fargo respectively.

Conversely, earlier last month Bank of America nabbed two advisors from Morgan Stanley Wealth Management in Minnesota and New Jersey.

The moves highlight how many of the larger wealth management players - such as Merrill Lynch, Morgan Stanley, Wells Fargo and JP Morgan - often compete to attract the same pool of advisors, resulting in regular people moves involving these firms.