The duo, who started within three months of each other in 1986, managed over $1.6 billion in assets, according to a source familiar with their practice.
To Score Eye-Popping Offers, Brokers Need the Right Business Mix and a Little Chutzpah, Recruiters Say
Top producers can take advantage of the ultra-competitive market by horse-trading among firms, provided they have an in-demand book of business, recruiters say.
The case marks at least the second agreement that J.P. Morgan has secured against large private bank defectors in recent months.
Rockefeller stepped outside its traditional wirehouse hiring pool, while Morgan Stanley returned to the Merrill well.
$3-million group is at least the fourth to have left from Merrill’s Fort Lauderdale market in the last year.
The wirehouse has an established track record for hiring advisors from private banks, but recently refashioned its offers by adding more to upfront loans, when they previously offered mostly guaranteed salary and performance-based awards, recruiters say.
A boat moving through waters near the Bahamas? A Harley-Davidson at the Sturgis motorcycle rally in western South Dakota? Or just beside your pool? In the remote era, the next frontier is still a question mark.
Dane Runia, whose team oversaw $2.95 billion in client assets at Merrill, had been part of the firm’s private wealth unit for ultra-wealthy customers.
The online bank scrapped regional business development and marketing heads while some of its RIAs adjust to their fourth custodial owner in five years.
The firm raised “serious questions” about the broker’s conduct but failed to meet the burden for the “extraordinary remedy” of a temporary restraining order, a federal judge found.
Robert R. Satterfield, a 21-year broker who left Morgan Stanley in January 2020, has been ordered to pay more than $1.8 million, including damages, interest and fees related to the dispute.