Wirehouse advisors

‘The firm gives advisors the ability to choose who they do business with and doesn’t put limitations on minimum account size,’ one advisor says.

The wirehouse is charting a litigious course since breaking with the Broker Protocol, and some observers think the scorched-earth campaign could harm its reputation.

Of the 46 advisors newly appointed as managing directors at the firm, only three were women.

One recruiter argues the firm is losing talent because it will eventually exit the Broker Protocol.

At Merrill "it felt like we shifted away a little bit in recent years from the core focus of wealth management," advisor Matthew Spradlin explains.

Strengthened legal language recently added to bonus agreements will be removed, according to people familiar with the matter.

The Raymond James affiliated firm has been aggressively recruiting from wirehouses in recent months.

The brokers previously worked at Wells Fargo, which has suffered from attrition to smaller rivals over the past year.

“Serving the investment needs and opportunities unique to clients who reside outside of the U.S. has become increasingly complex,” the firm said.

“We’re going from a Civic to a Cadillac,” advisor says of the move.

The high-net-worth and ultrahigh-net-worth segments are growing globally “faster than we can grow advisors to cover them.”

The move is the latest in trend of advisors leaving wirehouses for smaller firms.

Changes to how the group educates advisors is just one of the many transformations in the offing.

Although it represents a big industry shift, it's not the end of the world, says former UBS advisor turned RIA owner Greg Hersch.

Ameriprise is looking to reverse a decline in its headcount.

Industry insiders have anticipated increased litigation following UBS and Morgan Stanley's exits from the Broker Protocol.

This is the second time in recent weeks that the firm has poached talent from the wirehouse.

The four-member group previously generated about $2.5 million in annual revenue.

The two declined to cooperate with investigations into allegations that they engaged in undisclosed outside business ventures.

The advisor was drawn to the regional BD’s small culture.