Regional BDs

The seven advisors managed more than $450 million in combined client assets.

The majority of job cuts are in corporate departments, with little impact to advisors or client service roles, the firm says.

It’s the latest team to exit the wirehouse as profit suffers.

The former broker allegedly also used his client’s money to pay bills at gas stations, grocery and hardware stores, according to the regulator.

Some of the recently acquired advisors will open branch offices for the growing BD.

The firm expands on both coasts with Glasband Stempel Wealth Management in Florida and Carol Wilshire in California.

This follows another August acquisition — an ex-UBS team that managed $1 billion in assets.

The move is one of the largest of the year.

The advisors staff the regional BD’s 17th office in Michigan, where it has been on a recruiting streak.

The team caters to athletes, entertainers, and entrepreneurs.

They all spent over a decade at their former firm.

The hires hail from Morgan Stanley and Wells Fargo.

The new hires were previously at Merrill Lynch, UBS, and BB&T.

With higher compensation offers and a track record of independence, the No. 1 IBD is “challenging the status quo,” its head recruiter says.

The No. 1 IBD revealed new details of its W-2 affiliation after it followed rivals into the employee channel with an acquisition it made last year.

The St. Louis-based firm claims its rival “instructs incoming recruits to compile client information from their former firm” as a matter of course.

The new recruits cited their new employer’s technology platform as motivation for making the career change.

The Minnesota-based Falldin-Mattson Group was previously at Morgan Stanley.

An all-woman team joined the firm in Miami while a branch manager is installed in a new Northern California office.

Three of the quartet join the South Dakota office, while the fourth is in Washington state.