Wirehouse advisors

Stan Leavitt said he was drawn to the regional firm for its culture and financial planning capabilities.

The four advisers joined the more than 500 lost by the wirehouse in the last nine months.

What used to be a complex and expensive barrier to entry for independent RIAs has now become much simpler and cheaper.

The advisers previously worked at RBC Wealth Management, with one of them making the firm’s Chairman’s Council.

The two advisers bolted in a quarter that saw their ex-firm lose 130 advisers.

This is the second time Jefferies has poached Miami-based adviser talent from the wirehouse.

The firm's headcount has steadily declined since the bogus account scandal came to light last year.

"With 15,000 financial advisors, it's hard to change financial planning software. It's hard to change the day-to-day stuff," adviser Jim Denholm III says.

Naureen Hassan says tools in development will make advisers "faster and smarter" in serving clients.

The four advisers had spent their entire careers at Merrill before making the switch.