Industry

That makes for two big recruits in two days. A day after announcing the addition of a $1 million team from Wells Fargo, the firm has landed a second million-dollar team.

'There will be absolutely no pressure to sell any of our products,' says RCS chairman Nicholas Schorsch, who built a fortune on nontraded REITs but has recently been acquiring several big independent B-Ds.

A survey of 500 mass affluent investors by an industry association finds -- conveniently -- high awareness and use of nontraded REITs.

The firm has enticed away an advisor team with $1 million in production from Wells Fargo for its Bartlett, Ill., office.

For RCS advisors and brokers, the sweet spot will be individuals and families with $300,000 to $3 million in investable assets, Schorsch says.

Pimco's Mohamed El-Erian clashed with co-founder Bill Gross before announcing last month that he's leaving the firm, the Wall Street Journal reported.

The only question on any FA’s mind should be “When is this coming, and should I make a change now before the big deals dry up?” Because it’s not a question of whether or not the big recruitment deals are going to lose steam, it’s just a matter of how quickly they will begin drying up.

Fidelity Investments, the mutual- fund firm best known for its star stock pickers since it was started almost seven decades ago, named former bond manager Charles Morrison to run its asset-management unit.

Also: A Merrill breakaway team joins HighTower, Burnham Gibson expands and a Wells Fargo breakaway signs with Dynasty. Here's a roundup of some of the most recent moves among independent financial advisors.

RCS Capital wants to buy an investment research firm, an RIA and a family office -- and hold a major industry event modeled on Charles Schwab's annual Impact conference.