Recruiting

The wirehouse has been hemorrhaging talent over the last few months.

The new hires include a rare independent-to-employee career move.

The OSJ spans dozens of advisors, and it marks at least the ninth major exit following a change in policies at the No. 1 IBD.

The partners opened their RIA under consultation with a firm founded by former HighTower executives last year.

The move by the multi-generational practice stemmed from LPL’s self-clearing capabilities, one of the advisors says.

The two advisors have already transferred about $160 million in client assets, according to their former employer.

Robert Russo says the Independent Advisor Alliance has recruited nearly three dozen IFP reps, and other large enterprises have also made inroads.

Both the regional BD and RIA have benefited from an exodus of wirehouse talent.

Mutual Securities has added five new affiliated practices this year to grow to 26 teams with more than $1.5 billion in AUM on its corporate RIA.

The firm is finding success despite being outside the Broker Protocol.