Industry

The San Francisco-based bank tapped an executive from BNP Paribas—the bank's French parent company—to lead the wealth management business in the U.S.

The new recruit had generated $2.7 million in production before switching wirehouses. A second advisor from UBS who had $1.9 million also went to Morgan.

The former wirehouse advisors joined Raymond James' traditional employee broker-dealer.

The new hire comes amid rumors that Credit Suisse will sell its U.S private bank.

The two-year-old wealth management business has a new chief executive to replace Frank Campanale, a former wirehouse executive, who previously held the job.

The wirehouse lured away seven advisors from Morgan Stanley.

“Why should a really good smaller firm that’s growing have a lower multiple than a big firm that’s crappy?” asks Peter Raimondi, president of Boston Private Wealth.

Lure of large trust department, bank name recognition, more persuades five advisors in Redondo Beach, Calif., to switch.

Celent says "advisors and firms have no choice [but] to continue to adapt to client demands, which is increasingly a digital delivery."

Proponents of advisory firms going public cited “powerful” advantages while detractors point to “hollow” promises.