This Week’s Top 5: Wells Consolidates Regions, a $6-Mln Merrill Breakaway, And More

1. 1. Wells Fargo to Merge Wealth Management Sales Regions
      Wells Fargo Advisors continues cost-cutting by consolidating management of its private client group, slimming to eight from 12 sales regions. 

   2. $6-Mln Merrill Team Breaks Away to Launch RIA in Pennsylvania
      Eight-person group includes four advisors who had been managing $1.2 billion in client assets, according to an announcement on Tuesday.

   3. Fired by Wirehouse for Unapproved Outside Business, Texas Broker Relocates to Stifel
      Robert Mitchell, a million-dollar-plus producer at Morgan Stanley, follows the lead of others fired for compliance missteps by joining a regional firm.

   4. Morgan Stanley’s Recruiting Loan Balance Jumps Back Above $3 Billion
      The firm’s employee loan balance rose for the first time in eight years as it has jumped back into veteran broker recruiting. 

   5. Rockefeller Lassoes Merrill Texas Team with Nearly $5-Mln Revenue
      Group of three Merrill lifers had spent a combined 68 years with the thundering herd based in San Antonio and Kenedy, Texas, according to registration records.