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.
Meanwhile, Stephens lures a JPMorgan advisor in Louisiana, while Wells Fargo adds two wirehouse veterans from RBC.
Meanwhile, Ameriprise has lured a 28-year veteran advisor away from Merrill in Pennsylvania, and taken over a bank-based investment program from Osaic in Michigan.
The bank's new training initiative aims to add hundreds of advisors as it expands its mass-affluent advice unit, according to Barron's.
Agreement with the US Department of Justice comes eight years after settlement.
Some in the industry say that more UBS financial advisors this year will be heading for the exits.
The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.
The organization overseeing the CFP mark is looking for its next chief executive as Kevin Keller is set to step down in April next year.
Meanwhile, Raymond James bolstered its employee advisor arm with an industry veteran who previously oversaw $750 million at Stifel.
The firm is extending the use of tools to help boost productivity.
UBS has also regained some ground as it recruited an experienced Merrill advisor in New York.
UBS and Wells Fargo have made their own additions in the Northeast, including a Massachusetts duo defecting from Commonwealth.
