Recruiting

While former SVB and First Republic advisors are getting more attention, the private equity-backed firm added its largest recruit in 2023 from another shuttered bank.

The No. 1 independent brokerage has boosted the number of brokers it recruits to financial institutions each quarter, its top recruiter in the channel tells FP.

One industry recruiter called the Aegis group at Lincoln 'the last people we expected to move.'

Here are the trends in individual broker pay for wirehouses and large regional and national broker-dealers in 2023.

Happy State Bank's move after Centennial Bank's acquisition of the firm highlights frenzied action in a large but still relatively nascent channel of the industry.

Moody's upgraded the firm's debt rating, but rivals are likely to pounce if service from the corporate office deteriorates during a complex and lengthy transition.

The team, led by financial advisor Ting O'Connor, left because they were unhappy with Merrill's culture and wanted better working conditions for their support staff, a recruiter said.

Five financial advisors left Lakeland Bank and Raymond James for Affinity Federal Credit Union prior to the $1.3 billion acquisition of their prior institution.

RIA DayMark Wealth Partners, less than a year after leaving Wells, has recruited another big team of ex-Wells advisors.

The firm picked up net gains in its ranks of brokers after two years of declines — which also helped it add more than $32 billion in net new assets in the first quarter.