Biggest recruiting moves of the year: Are wirehouses losing their edge?

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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