Recent industry movement and recruitment activity.
In addition to losing a Beantown duo said to be producing $3.5 million, Morgan Stanley bid farewell on Friday to a Boston complex manager who joined Raymond James.
Long-time partners George Fuchs and David Schulman, who have worked together since the late 1990s at Dean Witter and Smith Barney, had been serving clients with $1.5 billion at Wells Fargo.
Former wirehouse brokers in Long Island and southern California who jumped on the eve of the long holiday weekend said they are looking forward to greater flexibility as independent advisors at relatively small RIAs.
In wirehouse-to-wirehouse move, brokers in Atlanta and suburban Cleveland jumped over the long weekend to Morgan Stanley, while Stifel landed a $1 billion-asset team in Fort Worth.
Two managers of the wirehouse’s unit for ultra-wealthy clients decamped without explanation in recent days.
San Francisco-based bank’s aggressive recruiting of wirehouse advisors helped fuel jump in wealth management assets last year.
Brokers in Cincinnati who were put on leave for using customer logins and passwords to review outside accounts transition quickly to another firm.
Brokers who set up an RIA two months ago said they have access to some niche alternative products for the 70 families they serve that were not available at the wirehouse.
UBS Group AG is in early talks with Bank of America Corp.’s ex-investment banking head Christian Meissner about joining as a potential successor to Sergio Ermotti, according to people with knowledge of the talks.
Gladstone Wealth, an LPL-affiliated firm in New Jersey, asks Rick Frick to bulk up its ranks.
Longtime wirehouse employee who took a brief stab at independence is now managing 34 brokers for Minneapolis-based Ameriprise in Saddle Brook, N.J.