Wirehouses’ recruiting slump continues as advisors move to regional firms or go independent.
Among the biggest recent breakaways, a Morgan Stanley team managing $1 billion left to join RBC, which has been on a hiring spree. And BNY Mellon grabbed a regional president from Merrill Lynch who managed more than 1,350 advisors with $1.5 billion in annual revenue.
Regional brokerage Janney ventured into Miami with a $200-million advisor as it continues its Southeast expansion. And a $550-million Morgan Stanley team struck out on its own to get back-office and trading support from Bolton.
Greater efficiency, better culture, and removal of conflict of interests are the motivations most often cited by advisors who are breaking away from wirehouses.
Scroll through to learn more about these moves and others. And for a look at our previous roundup of advisors on the go, click here.