Recent industry movement and recruitment activity.
Advisor Moves
Wirehouse to Wirehouse: UBS Picks Up Big Boston Team from Morgan Stanley
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.
Wells Team in New York Generating $5.5 Million Joins First Republic
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.
Morgan Stanley, Wells Fargo Lose Teams to Independent Firms
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.
Merrill Teams in Texas, Ohio and Georgia Shift to Competitors
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.
Morgan Stanley Loses Miami and Chicago Private Wealth Leaders
Two managers of the wirehouse’s unit for ultra-wealthy clients decamped without explanation in recent days.
First Republic Hires $4.7 Mln Wells Team in San Diego, Reports 18% Wealth Asset Rise
San Francisco-based bank’s aggressive recruiting of wirehouse advisors helped fuel jump in wealth management assets last year.
$7-Million Morgan Stanley Trio Ousted over Passwords Joins Stifel
Brokers in Cincinnati who were put on leave for using customer logins and passwords to review outside accounts transition quickly to another firm.
UBS San Diego Duo Producing Nearly $2 Mln Goes Indie
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 Said in Talks With Meissner as Potential Ermotti Successor
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.
Indie Firm with 55 Brokers Hires Ex-Philadelphia Manager at Morgan Stanley
Gladstone Wealth, an LPL-affiliated firm in New Jersey, asks Rick Frick to bulk up its ranks.
Ex-Morgan Stanley Manager Turetzky Joins Ameriprise
Longtime wirehouse employee who took a brief stab at independence is now managing 34 brokers for Minneapolis-based Ameriprise in Saddle Brook, N.J.