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.