Wirehouse advisors

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.

The beleaguered bank has suffered from attrition since a fake accounts scandal rocked the firm in 2016.

Even as the wirehouse has cut back on recruitment, the hire of two new industry veterans show it’s still looking for top teams.

The wirehouse’s latest litigation suggests other everyday activities of defectors could come under scrutiny.

Most clients don’t give a hoot about fiduciary and best interest standards.

An advisor of 36 years, Jay Mastilak moved to Stifel from Wells Fargo.

The 18-month-old Sanctuary Wealth caters to breakaways but is also open to independent advisors as well, CEO Jim Dickson says.

The independent broker-dealer has seen significant growth in the last three years.

Craig Findley once helped oversee a 36-member team that managed more than $6 billion.

The team made the transition with Kestra Private Wealth Services.

Six months in, the wirehouse is taking an unusually hands-on approach in its first foray into the RIA space.

The St. Louis-based firm is looking to hire advisors from wirehouses, says head of recruitment John Pierce.

Sanctuary Wealth firms now have over $10 billion in client assets.

The recruits include a 37-year industry veteran who co-managed $240 million in client assets.