Recruiting

Planners looking for fewer restrictions and regulation are steadily leaving wirehouses.

CEO Bob Oros says the firm is focusing on recruiting more experienced advisors, among other changes at the No. 19 IBD.

The No. 13 IBD’s hybrid RIA subsidiary also unveiled the results of its record recruiting push.

Baird looks to expand its presence in the Greater Chicago area with latest hire.

‘The firm gives advisors the ability to choose who they do business with and doesn’t put limitations on minimum account size,’ one advisor says.

The wirehouse is charting a litigious course since breaking with the Broker Protocol, and some observers think the scorched-earth campaign could harm its reputation.

One recruiter argues the firm is losing talent because it will eventually exit the Broker Protocol.

At Merrill "it felt like we shifted away a little bit in recent years from the core focus of wealth management," advisor Matthew Spradlin explains.

Strengthened legal language recently added to bonus agreements will be removed, according to people familiar with the matter.

The RIA boosts its platform, loses top execs and faces wary advisors.

An advisor who is a former ballplayer set ambitious goals for 2021 with an alternate take on the hybrid strategy.

The Raymond James affiliated firm has been aggressively recruiting from wirehouses in recent months.

Among recent career changes, Merrill Lynch lost brokers managing $2.2 billion to rival J.P. Morgan Securities.

The brokers previously worked at Wells Fargo, which has suffered from attrition to smaller rivals over the past year.

“We’re going from a Civic to a Cadillac,” advisor says of the move.

The high-net-worth and ultrahigh-net-worth segments are growing globally “faster than we can grow advisors to cover them.”

CEO Josh Pace credits the smaller custodian’s agreement to be sold to E-Trade for the move.

The move is the latest in trend of advisors leaving wirehouses for smaller firms.

The firm is tapping a pool estimated by LPL to be as large as 1,200 brokers with $35 billion in client assets.

Robert Moore divided the firm's six IBDs into two channels, promoted a new COO and hired from a rival.