Financial institutions

The recruit switched wirehouses again after 7 years.

The regional broker landed three recruits from First Allied Securities, Edward Jones and U.S. Bank.

Four elite advisers who left the independent channel to launch their own RIA deliver blow to Wells Fargo's target of a best-ever recruiting year.

Also, Dynasty lured teams managing nearly $1 billion in client assets to independence.

The seven recruits made the move from three wirehouses, Raymond James and Stifel.

Lending and cost cutting helped drive net income higher during the recent quarter, the wirehouse reported.

The recuits joined the wirehouse from Deutsche Bank, which is selling its U.S. Private Client Services unit to Raymond James.

The regional BD also recruited a complex manager from J.P. Morgan.

Thomas Dicker will oversee the firm's 38 U.S. wealth offices and will be responsible for driving growth.

The former wirehouse group, which specializes in retirement plan consulting and planning, worked mostly with institutional clients before making the move.

The independent firm affiliated with Raymond James lured a wirehouse recruit with close to 20 years of experience.

The acquisition of the New York City-based firm is expected to boost People's United's assets under management to $8 billion.

Second-quarter revenue from trust and brokerage services sank 11% and 10%, respectively, from the same period last year.

Second-quarter revenue declined across trust, insurance and brokerage businesses, with trust services posting the sharpest fall.

"We are not going to have a separate robo adviser that would disintermediate our existing advisers," says CEO Paul Reilly.

The wirehouse has faced a difficult business environment so far this year, and additional headwinds may be coming during the second half of 2016, top executives say.

The recruit spent two years researching the move before deciding to leave the wirehouse.

Several of the largest moves this year show top talent is looking beyond traditional choices.

Several big banks are getting into the business, mostly by forming partnerships with fintech companies. Smaller banks are expected to soon follow suit.

The executive has added 15 new advisers this year and plans to add 15 more by the end of 2016, bringing the total broker force to 130.