The bank’s wealth management unit posted $18.6 billion in revenue, added 560 advisors over the course of 2017, and for now remains committed to the Broker Protocol.

Source: Merrill Lynch Brings in More Advisors, Record Revenue For BofA

The latest team to bust UBS’s June and challenge the retention project is led by Ronald Kikawa, a managing director who had been with UBS since 2007. Along with senior vice presidents Karen K.Y. Yasukawa, Gregg Matsuura, Wesley K. Yamamoto and six other teammates, the group generated more than $5 million in production on client assets “in excess of $3.5 billion,” according to Raymond James. More than half of those assets were held outside of UBS, said a person familiar with their business.

Source: June Busts UBS Wealth Balloon as Another Multi-Million-Dollar Team Jumps – AdvisorHub

Raymond James recruited a Wells Fargo team that managed $500 million in client assets and generated more than $2.5 million in annual revenue, according to a spokeswoman.

Source: $500M Wells Fargo team moves to Raymond James’ indie side | Financial Planning

The Chicago advisors, F. Michael Covey III, Thomas Kane and Mark Wiktor, joined Merrill after producing roughly $10.8 million in annual revenue, according to two sources familiar with the move. The three, all of whom are Lehman Brothers veterans, had been with UBS since 2007, according to their Financial Industry BrokerCheck reports. They were part of UBS’ private wealth unit and join Merrill’s Private Banking and Investment Group, which works with clients who generally have around $10 million or more in as

Source: With Clock Ticking on New Hires, Merrill Lands Jumbo UBS Teams – AdvisorHub

Ex-Morgan Stanley FA Stops Trying to ‘Move Big Boulders’ over ‘Tiny Glacier’By Murray Coleman February 23, 2017After nine years at Morgan Stanley, advisor Todd Sherman left last week to join Raymond James’ employee channel. At the wirehouse, his Mount Laurel, N.J.-based team managed more than $460 million and produced annual revenue of about $5 million. Also taking part in the move are his partners Jason Sobin, Michael Francisco, and Brian Baskin. Over the course of his three decades in wealth management, Sherman has also worked at Merrill Lynch and UBS.

Source: Financial Advisor IQ – Ex-Morgan Stanley FA Stops Trying to ‘Move Big Boulders’ over ‘Tiny Glacier’

Wells Fargo Kills Broker Bonuses for Loan ProductsDecember 16, 2016Wells Fargo will stop paying bonuses to brokers selling banking products following a scandal over the opening of up to two million fake bank accounts at the firm, the Wall Street Journal reports.The company’s brokers will no longer receive bonuses for pushing brokerage clients to take on consumer lines of credit such as securities-backed loans, Erik Karanik, a managing director at Wells Fargo Advisors, Wells Fargo’s brokerage arm, tells the Journal. But broker pay grids will remain the same next year, she says. However, the bank raised the minimum account size for brokers to receive full compensation from $65,000 to $100,000, the paper writes.

Source: Financial Advisor IQ – Wells Fargo Kills Broker Bonuses for Loan Products

Ouch. In yet another example of small cuts that can add up to big dollars for brokerage firms, Merrill Lynch…Read More

Source: Merrill Trims Brokers’ Ability to Waive Customer Fees – AdvisorHub