Bank of America-Merrill Lynch (BAC) has hired two advisors from Morgan Stanley Smith Barney (MS) and one from Wells Fargo (WFC), the company said Friday. Together, the three advisors oversee close to $340 million in client assets and more than $1.5 million in yearly fees and commissions.
This news came one week after four BofA-Merrill teams moved to the independent-advisor model. It also comes as Morgan Stanley continues to see the exit of a number of advisors and teams due to technology, integration and related issues tied to the merger of Morgan Stanley and Smith Barney.
Jonathan Brecht joined the company from Morgan Stanley and is based in Rockefeller Center in New York. He oversees nearly $130 million in assets.
Jeff Chanin also joined from MSSB and is based in Coral Springs, Fla., where he has roughly $100 million in assets and yearly fees and commissions of about $972,000.
Coming to Merrill from Wells Fargo was David Francis, who is based in Mequon, Wis. The advisor oversees roughly $110 million and has yearly production of close to $490,000.
In late August, according to Reuters, Merrill Lynch agreed to a proposed $40 million class-action settlement with 1,400 brokers over deferred compensation related to the merger with BofA.