Wirehouse advisors managing over $12 billion in client assets left the big four to join regional and independent firms, continuing a years-long trend of aggressive recruiting among the nation's smaller brokerages.
Morgan Stanley lost more than 20 teams with more than $9 billion in client assets, according to On Wall Street’s
roundup of recent hiring announcements. Despite those losses, Morgan Stanley remains the largest wirehouse by headcount and assets
, with 15,759 advisors and $2.3 trillion of client assets.
J.P. Morgan Securities was among the beneficiaries of advisors exiting Morgan Stanley. The boutique wealth management firm netted a slew of top advisors from the wirehouse, including one who managed $3 billion assets and another that oversaw $1.6 billion.
Raymond James, which has long pursued an aggressive recruiting strategy, picked up several new hires, including a $540-million SunTrust team. And regional brokerage firm Benjamin F. Edwards announced a recruiting sweep of 14 advisors who oversee $1.3 billion in total client assets.
Scroll through to learn more about these adviser moves and others. For a look at our previous roundup, click here.