A top ranked Merrill Lynch & Co. veteran adviser, Dane Runia, on Monday jumped to competitor Morgan Stanley & Co.
Runia and his eight-person team are based in Provo, Utah, and worked with $3.2 billion in client assets and 85 households, according to recent data published by Barron's. He started with Merrill Lynch in 2006, according to his BrokerCheck report.
A spokesperson for Merrill Lynch declined to comment; a spokesperson for Morgan Stanley confirmed Runia's hiring, but declined to comment any further.
Runia was the leading-ranked adviser in Utah this year, according to Barron's most recent survey. He became registered with Morgan Stanley on Monday, per his BrokerCheck profile.
While the company a few years ago backed away from recruiting advisers from direct competitors like Merrill Lynch because of the high costs of bonuses for advisers, recently it has returned to the market for top advisers like Runia and his team.
According to InvestmentNews' data, Morgan Stanley has had total gains of 352 financial advisers year to date, and a net gain of 68, which takes into account the number of advisers that have left the firm.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
