Rockefeller hired a three-advisor Merrill team in Oakland managing about $900 million ahead of the long holiday weekend, and five advisors from UBS teams in Houston and Scottsdale with another $900 million of AUM among them.
Industrywide tradition of letting product providers wine and dine brokers and their clients is reversed by Merrill Lynch, which said employees must “avoid even the perception of a conflict of interest.”
Advisors were unable to wire funds or take notes on client accounts while self-directed clients had trouble trading.
The Minneapolis-based firm touts that it has recruited advisors representing a record $20 billion in assets year-to-date.
Broker, who was discharged in June for having an assistant complete mandatory training modules on his behalf, says he has learned his lesson.
Trio with 106 years of experience left Wells Fargo for RayJay’s Alex. Brown UHNW division, while seven-person UBS team opens a Kansas City for Raymond James and Associates.
St. Louis-based Stifel has staffed its Texas branches with almost two dozen Merrill advisors in the past two years.
Merrill loses team in Denver managing more than $400 million to a UBS branch, and a solo practitioner with three decades of experience to Wells Fargo.
Oregon broker leaves Merrill after 43 years to start his own advisory firm while a broker with three years of experience jumped to Oppenheimer.
UBS turns the head of a Goldman veteran who said no to Morgan Stanley three years ago and of a Merrill Lynch up-and-comer in St. Louis.