Wirehouse advisors

Though advisors keep heading for the door following the sale of Commonwealth, industry analysts believe LPL Financial can still hit its post-purchase goals for retaining assets and headcount.

But Commonwealth Financial Network retains its appeal, pulling a team from Morgan Stanley, while LPL draws a large practice from RBC.

Francisco Gil tried to claim his status as an independent contractor entitled him to tax deductions for travel, meals and marketing expenses. The IRS and a federal judge said he was in fact an employee.

Merrill had sought a temporary restraining order to prevent members of a large Atlanta-based team who left last week from soliciting former clients for their new firm.

In a lengthy court reply, advisors who left Merrill this week to form an RIA with Dynasty Financial Partners accuse Merrill of "bad faith" for putting them on administrative leave and failing to reinvest in their business.

Also this week, Raymond James draws from Commonwealth again amid that firm's absorption by LPL Financial, and Osaic adds advisors with nearly $800 million in AUM.

Merrill is also adjusting the incentives it gives advisors for steering clients into banking products.

Firms are increasingly looking to provide high net worth clients with services stretching beyond basic wealth management. The offerings include everything from help with cybersecurity to taking out complicated loans.

JPMorgan credits Sieg for helping to oversee the absorption of First Republic Bank and drive the firm's revenue and net new asset figures higher.

More Commonwealth advisors choose Osaic over LPL Financial, while LPL picks up a pair of Edward Jones advisors.

Amid legal scrutiny, Morgan Stanley is making changes to its deferred compensation policies while adding sweeteners for asset growth and deposit growth.

In an earlier than usual announcement, UBS said it will update its 2026 compensation grid for U.S. advisors, aiming to curb departures and encourage more work with high net worth clients.

Cerity Partners adds its own large RIA in New York, and Beacon Pointe acquires firms in Indiana, Washington State and New York.

Also this week, Wells Fargo recruits from LPL, RBC and TD Private Wealth, and Corient moves overseas in a deal that doubles its AUM.

Golden State Wealth Management is just the latest large advisory team to exit UBS following changes the wirehouse made to its compensation policies.

Also this week, Raymond James picks another team from Commonwealth amid its purchase by LPL, and Cetera recruits from B. Riley Wealth Advisors.

Recruiters say firms routinely cover advisors' lost deferred compensation in offer packages. Those deals are complicating efforts by advisors who contend they're still owed backpay.

Plus, UBS loses a pair of advisors from a prominent team to Morgan Stanley, while SageView and Corient make big acquisition deals.

Complex manager John Moran says RBC Wealth Management's New York market has recruited advisors with nearly $10 billion in assets this fiscal year, pulling from rivals like UBS, JPMorgan and Morgan Stanley.

Also this week, both Arax Investment Partners and Aspen Standard Wealth add RIAs with $1B in AUM.