Wirehouses

The seven recruits made the move from three wirehouses, Raymond James and Stifel.

Lending and cost cutting helped drive net income higher during the recent quarter, the wirehouse reported.

The recuits joined the wirehouse from Deutsche Bank, which is selling its U.S. Private Client Services unit to Raymond James.

The regional BD also recruited a complex manager from J.P. Morgan.

The former wirehouse group, which specializes in retirement plan consulting and planning, worked mostly with institutional clients before making the move.

The independent firm affiliated with Raymond James lured a wirehouse recruit with close to 20 years of experience.

"We are not going to have a separate robo adviser that would disintermediate our existing advisers," says CEO Paul Reilly.

The wirehouse has faced a difficult business environment so far this year, and additional headwinds may be coming during the second half of 2016, top executives say.

The recruit spent two years researching the move before deciding to leave the wirehouse.

Several of the largest moves this year show top talent is looking beyond traditional choices.