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.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
