Independent broker-dealers have narrowed the gap between themselves and the wirehouses and are able to attract more quality brokers from the Big Four.
Matt Grossman, who has worked at Merrill for 28 years, will supervise 200 brokers and advisers at the firm's Fifth Avenue office .
Wells is helping brokers transition to independence within the firm, while Morgan is taking them to court.
Raymond James' recruiting up 5.7%, while Ameriprise gains 2.3%
If advisers commit to staying at FiNet for a two-to-three year period, they will not have to pay Wells the fees it currently charges advisers switching channels.
Firm to merge U.S., global wealth management units on Feb. 1
The firm said it lost 47 brokers in the fourth quarter, the most in any quarter of 2017.
Questions remain about long-term effectiveness of wirehouse's move away from recruiting experienced brokers.
Racquel Oden to oversee branch and wealth management teams for tri-state area.
