Recent industry movement and recruitment activity.
J.P. Morgan Private Bank advisor in San Francisco and Chase Private Client advisor in Houston left JPM in the last two weeks for independent advisory firms, while a UBS “Best Next-Gen” broker in Los Angeles and a Wells broker in Kansas have set up their own RIAs.
Two brothers and a son producing about $4 million returned to Wells Fargo after a decade with the Thundering Herd.
Hire is at least the sixth from UBS since September by Morgan Stanley, signifying that recruiting is back at some wirehouses.
Two wirehouse brokers who were managing $325 million in client assets are the second team in two months to have left UBS in southern California for the San Francisco-based bank.
Three brokers who managed $497 million at Merrill moved Friday to open a new Stifel office in Connecticut.
Four wirehouse brokers near Buffalo and Dallas join Stifel, one Stifel team in Scottsdale joins RBC, and each team had more than $200 million of client assets.
One of the biggest-producing Wells Fargo Advisors private client group teams is launching their own firm under its Financial Network channel.
RayJay added a net 107 advisors last quarter to bring its brokerage force up 4% to 8,011 from a year earlier, while Ameriprise had a net decline of 21 brokers in the quarter, ending with a flat year-over-year headcount of 9,930.
Wells awards three-advisor team branch status in its private client headquarters in St. Louis.