RBC

Regional firms have been on a recruiting spree this year.

The move occurred just days before UBS said it would exit the Broker Protocol.

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

The group is the second team to join the Tucson branch in two weeks.

The firm is expanding its Tucson office with the addition of the Langer Wealth Management Group.

After announcing it would exit the Broker Protocol, Morgan Stanley lost advisors managing approximately $7 billion in client assets.

The regulator was looking into customer complaints and arbitration claims that rep engaged in unsuitable trading.

The senior's investments were overly concentrated with as much as 95% of her portfolio invested at times in oil and gas master limited partnerships.

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

Four of the departures happened in New York following the firm's abrupt departure from the Broker Protocol.