UBS Raids Merrill Lynch For 14 Advisors And $2 Billion In AUM Hot
UBS has culled a full 14 advisors from the thundering herd, all of whom generate more than $1 million a year individually or in teams.
The signing bonuses alone could cost the bank close to $20 million, but the satisfaction of capturing all that talent ahead of the next round of retention payments is probably worth it.
Recruiters say Merrill Lynch reps are especially vulnerable to defection at the moment as their relationship with Bank of America sours.
In terms of disgruntlement, the mood at Morgan Stanley Smith Barney -- especially the Smith Barney side -- is also riding fairly low, recruiters say. UBS recently grabbed another eight advisors from MSSB.
The interesting thing here is that some big teams have started defecting from the Morgan Stanley side of that company. Previously, ex-Smith Barney reps were fleeing almost exclusively.
This Website Is For Financial Professionals Only
- Despite Its Long Rap Sheet, Merrill Lynch Is Coopting The Fiduciary Message; Thundering Herd Will Beat A Glorious Path To Restoring Investor Trust
- Commonwealth Financial Network Announces New Advisor Affiliation Models: You Can Be A Fee-Only RIA And Leverage The BD's Services
- 2012 Report Identifies Top Five Challenges For Broker-Dealers Along With Industry Trends And Best Practices
- Lincoln Financial Advisor Defamation Case Highlights The Limitations Of Brokercheck