UBS

The defections by Stewart Webb and Gerald Garner highlight a slew of recent recruiting moves, hirings and M&A deals displaying fierce competition for talent.

The team, led by financial advisor Ting O'Connor, left because they were unhappy with Merrill's culture and wanted better working conditions for their support staff, a recruiter said.

Four estate planning experts, including at Bank of America Private Bank and UBS, offer advice on the unique challenges of working with creative professional clients.

Advisors managing over around $2.5 billion of assets moved since the start of the week, joining employers such as UBS and Wells Fargo, as some doubt their prospects at the former First Republic under new owner JPMorgan Chase.

The moves reflect a wild week of First Republic advisors rushing to firms including JPMC, Morgan Stanley and UBS following their employer's calamitous earnings call Monday.

The firm saw profits halved over the past year and had a net loss of 98 advisors in the Americas last quarter. But its wealth unit brought in $28 billion of net new money.

Only Charles Schwab out of a dozen major wealth management firms answered a series of questions about their clients' increasingly important liquid assets.

The outflows and expected losses this year at key businesses such as wealth and investment banking highlight the risks for UBS of its planned integration over the next four years.

Cultural differences with UBS, which is absorbing its Swiss rival, could push outflows even higher.

Analysts say the combined group could generate $7 billion in profits by 2027.