Recruiting

In its third suit in as many months, JPMorgan is accusing a former advisor of using its banking referrals to build a book of business and then trying to abscond with those clients to a rival firm.

Cerity Partners adds its own large RIA in New York, and Beacon Pointe acquires firms in Indiana, Washington State and New York.

Raymond James has gone from being one of the lowest payers of third-party recruiters to one of the higher. That's helped it get more "swings at the plate" with teams looking to leave rival firms.

Also this week, Wells Fargo recruits from LPL, RBC and TD Private Wealth, and Corient moves overseas in a deal that doubles its AUM.

Golden State Wealth Management is just the latest large advisory team to exit UBS following changes the wirehouse made to its compensation policies.

MML Investors Services, ONESCO and Integrity Alliance (formerly Brokers International) top the list as independent brokerages compete for financial advisors.

Also this week in Advisor Moves, Fifth Third reels in a big team from BNY Mellon, and MAI Capital Management doubles its AUM with a big acquisition deal.

The group of rapidly expanding firms includes mainstays like LPL Financial, but also smaller upstarts that are enlarging their footprints at a notable clip.

RBC executives say the firm's recent string of recruiting wins comes with temporary costs but also the promise of boosting income over the long term.

The up-and-coming IBD Arkadios recruits an entire Morgan Stanley team and a significant share of Merrill's headcount in Dothan, Alabama.

The tide is in the wirehouse's direction in its fights with advisors who've left for rival firms.

Also this week, Raymond James picks another team from Commonwealth amid its purchase by LPL, and Cetera recruits from B. Riley Wealth Advisors.

Recruiters say firms routinely cover advisors' lost deferred compensation in offer packages. Those deals are complicating efforts by advisors who contend they're still owed backpay.

The numbers don't reflect much change in the low representation of female wealth management professionals, but there are some signs of progress.

Only about 4% to 6% of advisors switch firms in a given year, for any number of reasons. Here's how growing advisory teams add to their ranks.

A group of former Ameriprise brokers argue they had no say in a court agreement requiring them to hand over their cell phones and other devices to a third-party forensic examiner.

Plus, UBS loses a pair of advisors from a prominent team to Morgan Stanley, while SageView and Corient make big acquisition deals.

Each of the biggest firms in the channel grew substantially in 2024, but LPL's giant M&A deal to buy Commonwealth for $2.7 billion has further consolidated the ranks.

The win for Morgan Stanley comes after a recent string of victories against brokers who left for rival firms. But as the outcome in the JPMorgan case shows, firms don't always prevail.

Complex manager John Moran says RBC Wealth Management's New York market has recruited advisors with nearly $10 billion in assets this fiscal year, pulling from rivals like UBS, JPMorgan and Morgan Stanley.