In response to competition, Raymond James hikes hiring bonuses, eliminates a longstanding production quota for recruits and will absorb loan balances of deceased advisors.
UBS broker in New Jersey managing $460 million returns to Morgan Stanley after 11 years.
Team includes two veterans who had spent nearly 50 years combined at Merrill and who managed $1.2 billion in assets.
Seven-person team had been managing $6.5 billion in client assets, UBS said.
Group of four brokers had been generating $4.6 million in fees and commissions, according to the team leader.
The firm added 131 advisors last year, down from the 150 who joined in 2019, but CEO Ron Kruszewski forecasted a pick-up in hiring even as a rival warned of increased competition.
Morgan Stanley team with $6.5 million and Merrill team generating $3.3 million in revenue bring Rockfeller’s brokerage force to 44 teams.
Biggest brokerage firm by number of advisors says its force fell by more than 100 in fourth quarter, but 2020 revenue and profit grew due to rising markets and expense cuts.
Broker had been managing over $200 million in client assets, according to two sources familiar with his practice.
Wells Fargo has enhanced its already high-end fees for recruiters with performance-based incentives for its most active headhunters.