Merrill Lynch

The firm's move shakes up the recruiting landscape yet again.

The moves occurred in the days before the firm's planned exit from the Broker Protocol.

The regional firm pulled its latest hires from Wells Fargo and Merrill Lynch.

Morgan Stanley alone lost 11 teams managing about $7 billion after its abrupt exit from the protocol pact, according to recent hiring announcements.

The firm has cast a wide recruitment net, luring practices large and small.

While it was driven by the big firms’ desire to avoid litigation costs, there was a catalyst, without which I believe there would have been no pact.

The duo is part of an ongoing exodus of wirehouse advisors to smaller regional firms and independent brokerages

Though the wirehouse has reduced recruiting efforts, it continues to attract big producers.

The firm is rewarding advisors with new rewards for growth – and cutting pay for those who don't hit certain hurdles.

The wirehouses have lost teams overseeing more than $12 billion in client assets over the past month, according to recent hiring announcements.