Month: June 2020

The industry’s biggest teams are leaving the biggest firms.

Eight of the 12 largest recruiting moves — those involving a billion or more in client assets — went to non-wirehouse firms in the first six months of this year. Among the winners were William Blair, RBC and Dynasty Financial Partners.

Among the wirehouses, UBS both lost and won three big teams. That exchange included the industry’s biggest move to date, a $10 billion group that exited Merrill Lynch.

“A lot of advisors want to get to a smaller environment where they feel they will get more support and more recognition,” says Michael King, a recruiter based in New York.

King adds it helps that firms such as RBC and First Republic offer advisors competitive recruiting deals.

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Wells Fargo is on a recruiting hot streak.

In the past four weeks, the firm has plucked more than a dozen advisors from rivals UBS and Morgan Stanley. They managed more than $1 billion in combined client assets, a spokeswoman confirms.

The new recruits are doing their part to help offset the advisor attrition the firm has experienced in recent years.

Advisor headcount stood at 13,450 for the first quarter, down approximately 1,500 advisors since the third quarter of 2016 when Wells Fargo’s banking scandals first came to light.

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