Merrill Lynch hired advisers who managed more than $2 billion in client assets from Morgan Stanley. Merrill, however, also lost an $800 million team to Janney Montgomery Scott.
Meanwhile, Benjamin Edwards scooped up six advisers with $450 million in combined AUM as the regional firm continues a recent recruiting push.
Click through our slideshow to see more of our latest roundup of adviser moves.
Merrill hires Morgan advisers with over $2B
Capping off a busy week in which Merrill Lynch unveiled a robo adviser as well as plans to comply with the fiduciary rule, the wirehouse recruited eight elite Morgan Stanley advisers to open a new office in Bellevue, Washington, according to a spokeswoman.
The advisers managed more than $2.3 billion in combined client assets, according to people familiar with the matter. The spokeswoman declined to provide AUM or production for the advisers.
The new hires include Jason Weese, Mark Harris, Todd Kelly, Matt Bridge, Kristen Buxton, Alan Lubner, Jim Ferguson and Traci Bumpus. Several are longtime industry veterans and have past work experience at Morgan Stanley predecessor firm Smith Barney. For example, Weese joined Smith Barney in 1993, according to FINRA BrokerCheck.
A father, son and daughter running a UBS team with more than $300M in AUM have left the wirehouse to join the independent advisory channel, according to a spokeswoman.
Roger Ingwersen, his son Todd and daughter Laurie launched The Harvest Group, with assistance from regulatory and compliance firm MarketCounsel and the Hamburger Law Firm, which specializes in working with investment advisers, the spokeswoman said.
Stifel enticed over an adviser from Wells Fargo where he managed $289 million in client assets, making him the firm's latest wirehouse recruit, a spokesman said.
Steve Myatt joined Stifel in Waco, Texas.
Myatt is an industry veteran having started his career at E.F. Hutton in 1982, according to FINRA BrokerCheck records. He later worked for UBS before joining Wells Fargo in 2008.
St. Louis-based Stifel has been on a recruiting push. Last week, the firm hired another ex-Wells Fargo adviser who previously oversaw $184 million in client assets. William Krueger joined Stifel in Decatur, Illinois.
Ameriprise snapped up a former UBS adviser with $261 million in client assets, the regional firm said.
Dean Weaver joined the employee channel at Ameriprise and is now part of the firm’s Troy, Michigan, branch, which has 21 advisers and eight support staff, according to a company spokeswoman. Weaver reports to branch manager Chris Ohlert and complex director Mark Feiler.
Wirehouse advisers with $249M in AUM open new office for Stifel
Stifel snapped up two wirehouse advisers who managed $249 million in combined client assets, the firm said.
Advisers Randy Powers and Daniel Wright joined Stifel from Morgan Stanley and Wells Fargo, respectively. They opened a new office for the brokerage firm in Skaneateles, New York, making it the 12th office in the state, according to a spokesman.
Powers will serve as branch manager and senior vice president of investments for the new office, Stifel said.
Advisers with $227M in combined AUM join Waddell & Reed
Waddell & Reed swept up four advisers managing over $227.7 million in combined client assets, the firm said.
Advisers Jake Dawson, Michael McKinnis, Kenneth Gass and Gary Pawliczek joined the independent broker-dealer from four different firms in July and August, according to a statement released by Waddell & Reed.
A former Wells Fargo adviser who managed $154 million in client assets jumped to RBC, the firm said.
Thomas Pink, who generated over $1 million in production at Wells Fargo, joined RBC’s office in Stillwater, Minnesota, which is part of the St. Paul complex, according to the firm. He reports to complex director Rob Andringa.
Merrill's Thiel to step down, veteran insider named as successor
In the latest shakeup at a major brokerage firm, John Thiel will step down as head of Merrill Lynch Wealth Management, a role he's held since 2011, according to a company statement.
Andy Sieg, head of Merrill’s Global Wealth and Retirement Solutions unit, will succeed Thiel on Jan. 1. Sieg, 49, joined Merrill as an analyst in 1992. He left in 2005 to join Citigroup Global Wealth Management, then rejoined Merrill in 2009.
Thiel, 56, wanted to step away from the day-to-day running of the business, according to a person familiar with the matter. He will remain with the company in an advisory role as vice chairman of Bank of America's Global Wealth and Investment Management unit, which includes Merrill Lynch and U.S. Trust. Earlier this year, Greg Fleming left Morgan Stanley, where he had served as president of the company's wealth management unit, and John Taft retired as CEO of RBC Wealth Management-U.S.