Industry

Morgan Stanley Smith Barney recruited the following advisors from Merrill Lynch. Joseph Viviani and Robert DiGregorio joined in Melville, N.Y. They managed assets of $398 million and generated $2.1 million in production. Rosalie Schlaen and Izhar Shefer joined in Aventura, Fla. They oversaw $177 million in assets and generated $1.3 million in production. David Cohen joined in Melbourne, Fla. He had assets of $150 million and production of $1.6 million. Sam Pyle and Shauywn Smith joined in Woodland, Texas. They oversaw $111 million in generated $2.9 million in production. MSSB also hired Keith Kline from Raymond James in Fort Myers, Fla. He had $73 million in assets and $1.1 million in production.

The investment professionals will work from Citi’s Philadelphia office, focusing on ultra high net worth individuals, foundations, endowments and private business owners.

FSC credited Schafly with stabilizing and accelerating advisor retention.

An increasing number of advisor teams are transitioning to the fully independent registered investment advisor model from independent broker dealers, according to a Charles Schwab Advisor Services survey, which found a 45% increase in 2010 compared to 2009.

Zachary Gronich, founder and chief executive of RIA in a Box, has seen his consulting company quickly grow bigger than he expected.

Rauchle previously was founder and president of Wells Fargo Alternative Asset Management.

U.S. Bank Wealth Management has hired Daniel J. Rauchle as head of investment management in its Ultra High Net Worth Group. In this role, he is in charge of portfolio construction, asset allocation, manager due diligence, risk management and investment communication.

Great-West Retirement Services has appointed Scott T. Waite as regional sales director for 401(k) plans in the metro Detroit and western Michigan market. Waite reports to Scott Barnett, regional vice president.

Elizabeth MacLean and Jason Duko will work at the firm's Newport Beach, Calif., headquarters.

ING announced Friday it hired Orlando R. Cruz as president of its individual retirement investor channel.