Wells Fargo and Merrill Lynch Lose Financial Advisors to Stifel 

Accelerating its recruiting efforts, Stifel recruited six wirehouse advisors who managed $573 million. The regional BD’s new hires — all from Wells Fargo except one — cap off a period of aggressive hiring that has brought on a slew of advisors. Stifel CEO Ronald Kruszewski recently said that new recruits from the firm’s first quarter represented $32 million in net new production. The St. Louis-based firm reported having 2,160 advisors for the first quarter, up a net 43 from the year-ago period.

Source: Wells Fargo and Merrill Lynch lose financial advisors to Stifel Financial | On Wall Street

UBS Team Transitions to Rockefeller With $1 Billion

Rockefeller Capital Management landed a former UBS team that managed $1 billion to staff a new branch office, according to a person familiar with the group’s move. Bruce Tenenbaum and Andy Lam opened a new wealth management office for Rockefeller in San Francisco where they will cater to ultrahigh-net-worth clients, according to the firm which has focused on poaching top talent from wirehouses such as Merrill Lynch, Morgan Stanley and UBS.

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Former Lehman CEO Dick Fuld hires $430 million team from Morgan Stanley 

Two former Morgan Stanley advisors who oversaw $430 million in client assets left the wirehouse to join a firm led by former Lehman Brothers CEO Richard Fuld.Fuld presided over a 2008 historic corporate collapse that contributed to the worst global financial crisis in nearly a century.Matrix Private Capital Group’s new hires — Scott Weissman and Thomas Bruce — are based in Chicago, according to the firm, which also has locations in Los Angeles, Pittsburgh, and Palm Beach, Florida.

Source: Former Lehman Brothers CEO Dick Fuld recruits advisors for asset manager from Morgan Stanley | On Wall Street

$530 Mill Team Leaves UBS

A UBS team with $530 million in client assets quit the wirehouse to open their own independent firm, using the Dynasty platform, and Schwab as custodian.

Looking to leave a wirehouse and become independent? Call our office at 212-509-6544