The aggressive recruiting push on behalf of the wirehouses and other national firms is continuing in mid-May, as restrictions tied to retention packages wind down and advisors become more comfortable about switching firms, experts say.
Morgan Stanley (MS) said Monday that it recruited one UBS (UBS) team and two Merrill Lynch (BAC) teams with combined assets of about $1.2 billion and yearly production of more than $8.2 million. Also on Monday, Wells Fargo (WFC) announced six new hires from Merrill and Edward Jones with about $1.1 billion in potential assets under management and $3.7-plus million in yearly fees and commissions.
On Tuesday, Raymond James (RJF) said it had recruited a four-member Morgan Stanley team with some $220 million in assets and $1.7 million in trailing-12-month production. Barclays shared early Tuesday that it had hired three advisors from Deutsche Bank and one from Morgan Stanley with combined assets of $1.7 billion and total fees and commissions of $8 million.
The Seminara Group—Frank Seminara, Peter Seminara, Robert Knorr and Andrew Goldberg—recently joined Morgan Stanley Private Wealth Management from UBS.
The advisors will be based in MSSB’s office in Florham Park, N.J., and report to Rich Less, the complex manager. Their combined production is nearly $6.7 million, and their prior assets are $660 million.
Phil Huffman and Craig Cox joined MSSB’s Pasadena, Calif., office from Merrill Lynch and now report to branch manager Al Faber. The two have combined production of more than $1.5 million and prior assets of roughly $300 million.
The other Merrill team coming on board MSSB includes a group of three female advisors in Durham, N.C.: Susan Rosenthal, Sandra Puff and Monica Tew. They now report to branch manager Robin S. Hogan and have combined assets of $250 million.
New FiNet Advisors
Wells Fargo Advisors Financial Network, the independent brokerage arm of Wells Fargo Advisors, said it had recruited two advisors recently.
One is Andrew Arkfield of Arkfield Wealth Strategies in Omaha. He joins from Edward Jones with a trailing-12-month fees and commissions of about $1 million and assets of $108 million.
Thomas McDonald of Sarasota, Fla., is joining the FiNet practice of Capstan Financial Consulting Group. He was previously with Fifth Third Securities and has assets of roughly $99 million.