Economy

The acquisition of another midsize wealth manager will boost the holding company above 2,500 reps with nearly $95 billion in AUA.

The new hires include industry veterans and they join a growing branch in Dallas.

The brokers collectively generated more than $88 million in annual revenue while overseeing nearly $15 billion in assets under management.

A dead client, an advisor accused of murder and fraud, and an industry that didn’t see it coming.

Despite the credit-positive reading by one agency, the IBDs are competing against less leveraged rivals.

At an average age of 37, the top-producing brokers operate in 18 different states, plus the District of Columbia and Guam.

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The nearly 10,000 advisors affiliated with the firm grow 2.5 times as fast as their peers at rival brokerages, CEO Jim Cracchiolo says.

The margin requirements apply to Merrill Lynch wealth management clients and individual traders using the Merrill Edge platform.

The increase comes as the recruiting market heats up.

“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said Wednesday.

Acquisitions of wealth management, insurance, fintech and other firms are expected to pick up as banks seek new sources of fee income and look to improve digital capabilities.

The 2,500-advisor firm is sneaking up on larger rivals by adopting an approach that’s increasingly popular across wealth management.

The 20 funds in this ranking carried an average expense ratio of more than twice the broader industry.

A team that has grown through acquisitions dropped the No. 1 IBD after the institution purchased another one for more than $600 million.

The firm said high volume may have curtailed access to its mobile app and urged clients to use its other platforms.

The new recruits build on the 43 advisors Janney added last year.

One of the largest wealth managers aims to attract more teams out of the crop of nearly 7,000 advisors leaving employee-channel firms each year.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.

Among the new hires is Scott Collins, former head of brokerage independence and institutional sales consulting. He is one of many ex-TD Ameritrade alums seeking new employment after Charles Schwab acquisition’s of the firm.