The recruiting wars rage on as Merrill Lynch lured a million-dollar producer from Morgan Stanley Smith Barney and Morgan Stanley, in return, recruited an advisor from Merrill, plus a team from UBS.
Merrill, which is a unit of Bank of America [BAC], recruited Daniel Honan to its Portland, Maine office from Morgan Stanley. Honan, a 24-year veteran, generated about $1.4 million in production on assets under management of $180 million, according to Merrill.
For its part, Morgan Stanley Smith Barney [MS] snagged advisors from its competitors. First, it recruited a two-person team from UBS [UBS], according to Morgan Stanley Smith Barney. James Dolan and Pamela Bayard joined MSSB’s New York office and will report to Complex Manager Ben Firestein. The two generated $2.1 million in production on assets of $540 million.
And Brandon Oliver came over from Merrill to join MSSB’s Hunt Valley, Md., office. He will report to Branch Manager Thomas John New. Oliver generated fees and commissions of $1.3 million on assets of $90 million.
For million-dollar producers, UBS was the top wirehouse firm in advisor compensation, according to a recent analysis of the industry’s best pay packages by On Wall Street. Morgan Stanley Smith Barney, Merrill Lynch and Wells Fargo Advisors rounded out the list of wirehouses.