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November 08, 2013 at 08:13 AM
UBS (UBS) said Thursday it recruited an advisor from Merrill Lynch (BAC) to join its Private Wealth Management office in Los Angeles.
Scott Harries and his team moved from Merrill Lynch’s Private Bank and Investment Group to UBS on Oct. 29 with about $500 million in client assets. Harries had been with Merrill since 2000, after working for 12 years with Goldman Sachs in the private-client business.
Last week, UBS said it had recruited 11 Bank of America Merrill Lynch (BAC) advisors in Southern California with a total of about $4.9 billion in client assets.
In other news, National Planning Corporation recently recruited an advisor formerly affiliated with Ameriprise Financial (AMP) and a rep who worked with LPL Financial (LPLA). The two advisors used The Advisor Center, a website for FAs looking to switch firms, to affiliate with NPC.
The Advisor Center said Wednesday that Robert Milan, previously affiliated with Ameriprise, is now working with NPC out of his office in Canton, Ohio. The broker that moved from LPL chose not to disclose his name and location; he had been affiliated with LPL for 22 years.
Since its start in December 2012, The Advisor Center has helped 14 advisors “streamline the search process” and change affiliations by using its website; these reps had more than $5.2 million in yearly fees and commissions, the group says.
“NPC is pleased to welcome these new advisors to our broker-dealer,” said NPC President and CEO John Johnson, in a press release. “We joined The Advisor Center community for precisely this outcome — to engage with advisors on their desired back-office support and technology needs, determine if we are a right fit and dramatically shorten the recruiting cycle.”
