Merrill Lynch hires adviser with $113M in AUM from JP Morgan
Merrill Lynch hired an adviser who oversaw $113 million in client assets at JP Morgan, a spokeswoman said.
Cathy Reed worked at JP Morgan for four years before joining Merrill Lynch. She now works in Merrill’s office in Austin, Texas.
Reed, an industry veteran, started her career at Morgan Stanley in 1988, according to FINRA BrokerCheck records. She later worked at firms such as H&R Block and LPL Financial.
It seems that a long bull market in transition deals may be coming to an end.
"It's always nice when one poker player folds and it's down to two or three players," one recruiter says.
The wirehouse's executives think they've struck on the right formula to boost growth through a simplified comp plan, greater autonomy and an attractive retirement package.
A spokeswoman for JP Morgan declined to comment on the adviser's departure.
Merrill’s announcement comes just a day after the firm said it recruited another JP Morgan adviser who oversaw $1 billion in clients.
Despite the new additions, the company plans to slow down recruiting efforts. Merrill executives told managers that the firm would reduce recruiting senior advisers.
Merrill, which has more than 14,000 brokers, will focus on recruiting younger advisors instead, a person who has knowledge of the changes said.