Advisory competition between wirehouses is still strong, and they are still swapping teams.
Merrill’s Tampa office just hired a two member veteran team from MSSB both of whom had 28+ years with Morgan Stanley.
At the same time, two teams left Merrill’s; one team going to Lake Oswego branch for UBS Wealth Management Americas, the other joining MSSB’s Washington D.C.’s K Street office.
In the meantime, Wells Fargo continues their hiring spree since the beginning of the year.
Recruitment heated up this summer with Wells acquiring financial advisor hires with almost $1.4 billion in assets.
The majority of the recruits came from Morgan Stanley Smith Barney, with other hires coming from fellow wirehouses, Merrill Lynch and UBS, as well as other firms including Stifel Nicolaus and Phillips & Co.
* OnWallStreet.com, Aug.17 “Wells Fargo Nabs Advisors….”Lori Konish