Retail investors are increasingly being pitched alternative investments that focus on private investments.
The latest breakaways, including an elite Colorado group that reported $1.25 billion at UBS, add to the wirehouse's continuing retention woes.
Ameriprise has also added a $130 million advisor from PNC, while a former pro golfer from LPL takes to Cetera's tax-focused community, Avantax.
The number of clients using the bank's alternative investment platform has more than doubled in the past five years, according to the company.
Four-fifths of non-public banks are projected to integrate AI by 2027.
The banking giant has given up its holdout position among Wall Street lenders as new jobs data from August show "clearer evidence of deterioration."
The bank's alliance with the asset management behemoth will see Citi unveil a new customized portfolio offering for clients across nearly 100 countries.
The deal announced Thursday will see the firms offering target-date strategies, model portfolios, and other vehicles with a dose of private investment exposure.
Meanwhile, an experienced Connecticut advisor has cut ties with Edelman Financial Engines, and Raymond James' independent division welcomes a Washington-based duo.
JPMorgan and RBC have also welcomed ex-UBS advisors in Texas, while Steward Partners and SpirePoint make new additions in the Sun Belt.
Two reports reveal investor behavior including earlier participation of young Americans.
Edward Jones' job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.
Those jumping ship include women advisors and breakaways.
Sieg, 58, was head of Merrill Wealth Management, left in 2023 and returned that September to Citigroup, where he worked before being hired by Merrill Lynch in 2009.
Firms announce new recruits including wirehouse breakaways.
Wells Fargo has also added more than $800 million in new AUM with recruitments from UBS, Osaic, and Merrill Lynch.
Wells Fargo, Commonwealth, UBS are the firms losing advisor teams.
Since Vis Raghavan took over the reins last year, several have jumped ship.
It is not clear how many employees will be affected, but none of the private partnership's 20,000 financial advisors will see their jobs at risk.
Elsewhere, an advisor formerly with a Commonwealth affiliate firm is launching her own independent practice with an Osaic OSJ.
