Career moves

The recruits generated $1.7 million in annual production while at the wirehouse.

The self-regulatory organization plans an internal and external search to replace the industry veteran.

A recent recruit to wealth management comes to the industry after working in financial services management and serving as a lieutenant colonel in the Marines.

The languishing performance of LPL shares has drawn the attention of activist investor Richard McGuire, whose hedge fund, Marcato Capital, has taken a 6.3% stake in the IBD.

The advisor duo generated $2 million in annual production while at Wells Fargo.

"If I said I had worked for AT&T for 33 years, anybody would ask me, 'Well, when are you going to retire?' But our industry is unique. It's not like a utility company, where after 30 or 35 years, you're done," says Larry Palmer, an advisor at Morgan Stanley.

J.P. Morgan recruited a veteran advisor from Credit Suisse, which recently struck an exclusive recruiting deal allowing Wells Fargo to pick up the Swiss firm's U.S. advisors.

Tash Elwyn, the president of Raymond James & Associates, says the path to success lies in recognizing that "every advisor is unique, every client is unique and the delivery of advice should be unique."

The wirehouse said it recruited four advisors from rivals Merrill Lynch and Wells Fargo.

Industry executives and innovative firms will be recognized for their contributions to the asset management industry at the 13th annual NICSA/NOVA Awards on Oct. 29 in Boston.