Recruiting

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.

Planner Jennifer McCosley joined the RIA with about $28 billion in assets under advisement across 45 locations.

Tapping a relationship that was around 15 years strong, Sanctuary won a legacy Merrill Lynch team in the competitive market for independent advisors. Here's how it happened, Sanctuary president Vince Fertitta told FP.

Advisors managing over around $2.5 billion of assets moved since the start of the week, joining employers such as UBS and Wells Fargo, as some doubt their prospects at the former First Republic under new owner JPMorgan Chase.

Although First Republic advisors appear relieved by the restoration of stability in coming under the megabank's umbrella, looming culture clashes could bring more attrition — from both the incoming advisors, and those they're joining.

Level Four Group recruited a wealth program from its onetime brokerage as it made progress on its goal of doubling in size by 2025.

The 12-person team's move was unsolicited and adds to what is now almost two dozen advisors who have migrated to the wirehouse from the struggling regional bank.

BMO's acquisition of Bank of the West is delivering the firm its seventh recruiting or M&A move of at least $1 billion in 2023.

The moves reflect a wild week of First Republic advisors rushing to firms including JPMC, Morgan Stanley and UBS following their employer's calamitous earnings call Monday.

Despite a nearly flat advisor headcount, interest income and fees lifted the regional brokerage's results, and the wealth business still added $21.5 billion of net new assets.

Randall Kiefner's arrest on 21 counts comes amid an ongoing fight over payments from a previous FINRA arbitration award

The firm also sees additional recruiting opportunities at banks and other financial institutions after attracting Comerica Bank's wealth program last month.

The regional firm, whose parent is the 10th largest bank in the world by market capitalization, is eager to pitch top advisors seeking stability. At the same time, it's ramping up a major branding campaign with Major League Soccer and Apple to woo next-generation clients.

CG Advisor Network leaves Geneos Wealth and changes its primary custodian from Schwab's TD Ameritrade.

The firm followed rival wirehouses that no longer share their exact number of brokers, which is a critical metric for industry recruiting trends.

The megabank had another productive recruiting quarter in its wealth units, as it reported record first-quarter revenue Friday.

Startups were left reeling after SVB's failure. But there are challenges to serving young companies.

CEO Jamie Price's team is considering a range of potential strategies that could represent significant changes to the private equity-backed firm.

The line between independent firms and wirehouses is beginning to blur, causing advisors to rethink their options, writes recruiter Louis Diamond.