Wirehouse advisors

After logging 27 years at the firm, the advisor is starting his “next 25-year chapter” as an independent.

The wirehouse added more than a dozen advisors in the last month managing more than $1 billion in client assets.

Independent advisors may enjoy freedom of choice when it comes to all things digital, but giant institutions have a leg up with integration.

The new additions include an advisor with five decades of experience in the business, plus his two sons.

The 18-month project is part of the $3 billion that Bank of America allocates annually to new technology initiatives.

One team is among the top producers in their region, and the other spent more than two years assessing potential employers.

The moves also indicate advisors are more willing to make a career change following a recruiting slowdown due to the coronavirus.

The team is staffing a new office in California for the boutique wealth manager.

One defecting advisor says she was lured by better technology and because at her new employer, “It’s about the people and not just the numbers.”

The firm’s diminished ranks are a sign of huge changes in the wirehouse world since the financial crisis ended.