Merrill Lynch

The new hires include industry veterans and they join a growing branch in Dallas.

The margin requirements apply to Merrill Lynch wealth management clients and individual traders using the Merrill Edge platform.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.

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.

The company is turning to what it sees as a talent pool with proven success rates.

Choosing their own technology for clients was a big draw for the advisors, who affiliated with Kestra.

The free lunches are over. Sort of.

The firm expands on both coasts with Glasband Stempel Wealth Management in Florida and Carol Wilshire in California.

The group includes an advisor who started his career at Merrill in 1977.

The new recruits include a 34-year industry veteran.

The new information sheds light on how an industry leader is grappling with one of the profession’s most pressing issues.