Recent industry movement and recruitment activity.
Advisor Moves
LPL Hires RBC Arizona Team to New Channel
Trio managing $380 million is the fifth to join new Strategic Wealth Services unit launched for employee-channel producers seeking more support than typical LPL independent contractors.
Wells Loses Texas Veteran, Maryland Up-and-comer to Independence
Texas broker who spent his 27-year career at Wells and predecessor A.G. Edwards chafed over small-account policies; nine-year NextGen star in Maryland wanted greater marketing and investment-choice freedom.
Dismissed Morgan Stanley Institutional Broker Signs with Canadian Firm
Two weeks after his surprise departure from a Morgan Stanley Graystone Consulting office near San Francisco, Thane Stenner returns to Canada’s Canaccord Genuity Wealth Management.
LPL Affiliate Gladstone Hires $2-Billion Morgan Stanley Team
Brokers who had spent a combined 65 years at Morgan Stanley and predecessor firms in Philadelphia gravitated to an independent broker and advisory firm in New Jersey managed by their former complex head.
First Republic Lands $8.7 Million Merrill Private Wealth Team
Group in Los Angeles led by John McNamee is at least the third multi-million Merrill team to join the San Francisco bank since August.
Ex-UBS Star Lures More Former Teammates to $3.7 Billion RIA
Five advisors managing $1.8 billion are the latest to join super-producer Craig Findley at Ohio firm he founded last year after being dismissed for nonclient-related policy violations.
Baird Hires Long-Time Wells Fargo Recruiting Executive
Chip Walker, who Wells Fargo laid off after 28 years as part of a companywide restructuring, is now recruiting for Robert Baird in St. Louis.
Wirehouse Wars: Merrill Loses Young NYC Star to Morgan Stanley
James Taylor, a top Next-Gen adviser who Merrill had tapped as 2021 head of its advisors’ “council to management,” took his 13-person team to Morgan Stanley on Friday.
Merrill Hires Veteran Manager from Rival to Oversee a Connecticut Market
Merrill recruits Wells Fargo manager to fill a void, breaking a years-long recruiting freeze and reliance on a rotating bench of insiders.
Wells Fargo Lifts Hiring Bonuses for Advisors Hitting Asset-Transfer Targets
High-end Wells’ recruits can pocket 340% of their trailing-12 month production—up from around 325%—if they hit asset growth targets within three years of their arrival.
J.P. Morgan Rechristens Traditional Brokers, Targets 50 Hires Annually
J.P. Morgan Securities remarkets brokers as “wealth advisors” to distinguish them from bank brokers, carves out a subsector servicing UHNW families and plans to hire 50 advisors annually.
