Merrill Lynch and Wells Fargo are each reporting a burst of recruitment moves, with its latest pre-Memorial Day additions coming in from UBS and other rival firms.
Merrill has expanded its advisor base with several hires from Morgan Stanley, UBS, and Wells Fargo, as part of a broader push to bolster its wealth management business.
The new additions come shortly after the firm brought on Micah Scheinberg, who oversaw $1.9 billion at Raymond James, to its Private Wealth office in Los Angeles, and Peter Borowsky, who managed $1 billion at UBS, to its Rockefeller Center market.
From UBS, Merrill added Sam Fischer in Austin, Texas. Fischer, who manages $200 million and has 28 years of experience, rejoins Merrill after having started his career there. He will operate within the Capital Market division led by Daniel Fruge.
Also from UBS, Burke Coleman transitioned to join the O'Connor Hazelton Group in Albany, New York. He brings roughly $100 million in assets and 30 years of experience to the NY Capital Central Market led by Dave Cornell.
UBS has seen a steady shedding of advisors from its US wealth management division over the past several months, an expected outcome from a late-2024 decision to redraw its pay plan for advisors.
In California, Ben Meyers has joined Merrill’s La Jolla office from Morgan Stanley, bringing $240 million in client assets and $2 million in production. Meyers is part of the San Diego & Associates Market under market executive Mark Kremers and senior resident director James Roeske. Doug Cochran, another Morgan Stanley alumnus managing $200 million, has also joined the same market in La Jolla alongside client associate Christina Razzore.
Merrill also brought on Shajhan “John” Sabir in Tysons Corner, Virginia. Sabir, who managed $170 million at Wells Fargo and has 27 years in the industry, returns to Merrill where he began his advisory career. In 2025, he was named to the Forbes Best-in-State Wealth Advisors list for Virginia – North. He joins the North Virginia Market, overseen by Peter Ambrose and resident director Blake Scheer.
In the Midwest, Rick Rosati joined the Oslund Kane Group in Minneapolis from Wells Fargo. He managed $120 million in client assets and will now work under market executive Michael Lawrence.
"Merrill has long been recognized as a home to the industry’s top advisors. We’re proud to continue to build on that legacy by thoughtfully adding experienced professionals who align with our client-first culture," Kenneth Correa, head of business and client development at Merrill, said in a statement.
Wells Fargo also made key hires in its Private Client Group and employee channel, pulling in talent from UBS, LPL, and PNC.
In San Diego, Juleane Spittler and Chris Jette joined from UBS under the Excel Wealth Management name. The duo reports more than $533 million in assets and $4.3 million in trailing 12-month production. Collectively, they bring nearly 50 years of industry experience.
Also in San Diego, William Allred made the move from LPL. He oversees $188 million in assets and generated $895,000 in trailing commissions.
Elsewhere in Huntsville, Alabama, Stefan Rainer joined Wells Fargo’s employee channel from PNC. He manages more than $100 million and brings in over $1 million in annual revenue.
The moves in San Diego and Alabama come on the heels of another addition this week, which saw FiNet, Wells Fargo's independent broker-dealer unit, welcoming a 37-year veteran advisor from Janney Montgomery Scott.
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