Merrill Lynch

These elite producers in some cases operate far from Wall Street, even as they work for well-known wealth managers such as UBS, Merrill Lynch and Ameriprise.

Client acquisition was down compared to 2019, but still higher than in years past.

The group leader, advisor Lars Olson, had been with the wirehouse since 1994.

The Buffalo, New York location is the independent firm’s 12th nationwide.

The new hires generated approximately $5 million in production before making the move.

The wirehouse is also tweaking pay related to cash solutions for clients.

Disclosing such information is rare in wealth management, but long overdue, says Andy Sieg.

It’s another big get for a bank that has been busily luring away top talent from the wirehouses.

The firm currently fields 40 teams, most of which have joined this year.

Steve Alch, a U.S. Army veteran, has been with the company since 2001 and has overseen the wirehouse’s operations in Orlando.