Wirehouse advisors

The new recruits bolted from Morgan Stanley after nearly 20 years with the wirehouse and its predecessor firms.

The firm's most recent lawsuit over alleged non-solicitation violations centered on an advisor's thank-you cards to clients.

One team wanted more flexibility and time to manage their clients’ financial needs.

The new recruits came at the expense of wirehouse rivals Merrill Lynch and Wells Fargo.

The new recruits managed over $300 million in client assets.

Michelle Rudd opened a new office for Summit Trail Advisors, a $5 billion independent firm.

The declining headcount comes even as the firm pulls in several big hires.

The wirehouse’s pipeline for incoming brokers is at a two-year high.

The hire comes about a week after the boutique wealth manager lost a similarly-sized team to rival Morgan Stanley.

James Gorman dismissed any speculation after the unit posted record revenue and pretax profit in the second quarter.