Following a slowdown in broker movement over the summer months, September is off to a roaring start with competition heating up between wirehouses and independents. A look at some of the movement:
Since Merrill Lynch recently lost two advisor teams to RBC Wealth Management, two teams to Dynasty Financial Partners and another pair to High Tower, this past week they “struck back” announcing three hires who oversaw about $337 million in client assets at Morgan Stanley Smith Barney and Wells Fargo.
This acquisition follows their August pick-up of three UBS advisors with $323 million in client assets.
A look at other recruiting headlines this past week:
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Ameriprise has added a pair of advisors from Morgan Stanley Smith Barney in Connecticut.
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Bolstering its ranks in California, RBC Wealth Management has recruited a team from Merrill Lynch with more than $250 million in assets under management to its La Jolla branch.
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Regional brokerage firm Benjamin F. Edwards has established its 25th office in Leawood, Kansas following a round of legacy A.G. Edwards recruits from Wells Fargo.
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Dynasty Financial Partners announced Monday it has added two advisory teams from Merrill Lynch Private Client Group in Oregon.
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Janney Montgomery Scott continues to flex its recruitment muscles, drawing another high producing team from wirehouse competitor UBS.
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Three former Morgan Stanley Smith Barney advisors have taken their business to Stifel Nicolaus to start an office in Madison, Connecticut.