Merrill Lynch recruits $185M Wells Fargo adviser, offsetting recent defections

An adviser who oversaw $185 million in client assets at Wells Fargo left the wirehouse to join Merrill Lynch, the firm said.

Adviser Aaron Dykas joined Merrill last month in Boise, Idaho. Also making the move is senior registered client associate Lisa Schaffer, according to Merrill.

Dykas, an industry veteran of 24 years, had been with Wells Fargo since 2011, according to FINRA BrokerCheck records. He has previous work experience at Smith Barney and Morgan Stanley.

Schaffer has worked in the securities industry since 1993, according to Merrill.

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Advisers on the move: Merrill Lynch loses 6 teams over fiduciary changes

The advisers oversaw nearly $900 million in combined AUM, and moved to Morgan Stanley, Raymond James and HighTower.

By Jane Yi Zhang

1 Min Read

A Wells Fargo spokeswoman declined to comment on the departure.

This latest hire at Merrill Lynch offsets other losses the firm has suffered. Several teams recently left over the firm's plans to cease offering commission-based retirement accounts as part of its effort to comply with the fiduciary rule. The Department of Labor recently delayed the implementation date of the regulation in order to conduct a review ordered by President Trump.

Merrill's other recent hires have included an international adviser who managed $200 million in client assets and a Morgan Stanley broker who oversaw about $850 million in assets.

Merrill had more than 14,600 financial advisers and $2.1 trillion in client balances as of December 31, 2016.