Recruiting

Wells Fargo pulls $722M in AUM from Merrill while Osaic adds a $540M team from Primerica (but gets sued); Stifel sells independent unit, and First Clearing names new head.

When an analyst asked about Fifth Third's $11 billion deal to buy rival Comerica, CEO Jim Cracchiolo mentioned the seller's Ameriprise "contract and agreements."

Unpopular compensation changes at UBS continue to drive advisor attrition, costing the firm billions in client assets. But despite the outflows, executives say the new policy is helping improve UBS' profits.

Wells Fargo also pulls from Merrill and Raymond James again from Commonwealth, while AlphaCore buys up a big RIA and the FPA gets a new CEO.

Industry compliance experts say there are few more complicated decisions than knowing when to leave a firm and start your own advisory practice. The government shutdown is making it worse.

Despite a slowdown in advisor recruitment from the first half of the year, Stifel managed to achieve record revenue for the third quarter.

JPMorgan Chase's absorption of First Republic after the 2023 regional banking crisis has finally dealt its last blow to the giant custodian's asset flows.

Also remarkable: the size of the teams that are leaving and the types of firms benefiting from the defections, a new report from Diamond Consultants finds.

Wells Fargo CEO Charlie Scharf also points to investments into the firm's independent channel as helping to retain advisors and curtail departures to other firms.

Though advisors keep heading for the door following the sale of Commonwealth, industry analysts believe LPL Financial can still hit its post-purchase goals for retaining assets and headcount.

It may be tempting to hire a "2.0 version" of a departing employee, but doing so risks reinforcing stale processes and mindsets.

Rick Meyers, head of client and advisory at Bernstein Private Wealth Management, looks to recruiting, training and possibly even acquisitions to further the firm's wealth management ambitions.

But Commonwealth Financial Network retains its appeal, pulling a team from Morgan Stanley, while LPL draws a large practice from RBC.

Client assets will always represent a key business metric. But $1 billion in AUM doesn't always add up to success — or to happiness.

The largest annual event for Black financial advisors drew support from some of the biggest names in the industry.

Merrill had sought a temporary restraining order to prevent members of a large Atlanta-based team who left last week from soliciting former clients for their new firm.

UBS contends a group of advisors who left this month to form an RIA inherited most of their clients from retired advisors who were counting on being paid from their former books of business.

Also this week, Raymond James draws from Commonwealth again amid that firm's absorption by LPL Financial, and Osaic adds advisors with nearly $800 million in AUM.

Merrill accuses industry rivals of conspiring with a group of former employees to remove confidential client information and trade secrets for the formation of a new RIA.

Many express frustration with either real or perceived doubts about clients' concerns, but experts say they're missing an opportunity to address them up front.