In the recruiting wars for top advisors, banks have traditionally shied away from wirehouse firms, viewing the advisors there as out of reach.  But now banks are getting bolder as they fight to overcome their inferiority complex and begin to play to their strengths.In a major catch late last year, First Dakota National Bank, a community bank based in Yankton, S.D., made waves when it reeled in a top-producing father-and-son advisory team from UBS Financial Services. The team produced more than $1.6 million in annual fees and commissions and had $325 million in assets under management.The two were attracted to the bank for a variety of reasons, the biggest being the opportunity to grow their business through referrals and warm leads,  according to Rob Ness, program manager at First Dakota, which uses Raymond James as its third-party marketing firm.“They were intrigued by the chance to further expand their business even more,” he said. “It opened them up to a whole new level of clients they currently don’t have.”The team joined the bank’s newly formed high-net-worth unit called Loft Advisors, which gave them the opportunity to get in front of wealthier people, Ness explained.As competition for talent intensifies, more banks like First Dakota are increasingly looking to the wirehouses as possible places to recruit. “We’re hearing more stories about banks pursuing wirehouse individuals. Maybe we opened the door a little bit in Sioux Falls,” Ness said, referring to the bank’s largest market.

via Banks Look to Wirehouses to Recruit Advisors | Bank Investment Consultant.