Twenty-nine year Merrill veteran in Scranton moved family team producing $4.2 million to Wells, and eight-person team overseeing $540 million in Minocqua, Wis. joined RBC (which also hired two Merrill teams in northern California).
Shifts of veteran managers to run crucial markets appears to be accelerating in a sign of contracting bench talent.
Brokers managing $440 million in client assets joined UBS last week, two days after it hired an East Coast Merrill veteran managing $391 million.
Team said to be managing about $440 million is the second to leave Merrill’s Buckhead branch for RBC this summer.
Chicago-based broker imprints his name on a quant hedge fund that supplements the RIA he launched last summer after he was fired by Merrill.
Class-action filing seeks damages for Merrill brokerage and Merrill Edge customers whose cash was moved into low-interest bank accounts.
After 20 years with Merrill, Michelle McCallion is trying to move her ultra-high-net worth practice in Greenwich, Conn. and midtown Manhattan to another bank-owned wirehouse.
Wells Fargo Advisors’ private client group lost a $300 million team to independence last week but kept a $285-million duo in-house at its FiNet unit and added Merrill teams in San Francisco and Missouri.
Barred advisor who styled himself as a philanthropist stole from three customers who have collected $5.6 million from Merrill in reimbursement and damages.