Recruiting

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.

More Commonwealth advisors choose Osaic over LPL Financial, while LPL picks up a pair of Edward Jones advisors.

Amid legal scrutiny, Morgan Stanley is making changes to its deferred compensation policies while adding sweeteners for asset growth and deposit growth.

In an earlier than usual announcement, UBS said it will update its 2026 compensation grid for U.S. advisors, aiming to curb departures and encourage more work with high net worth clients.

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.