Merrill has grabbed an advisor generating $2 million in annual revenue from UBS.
Advisor David Munoz, 41, has joined Merrills White Plains, N.Y., branch, where he will report to managing director Matt Grossman, the firm reported. Munoz joined UBS in 2008, where he managed affluent and high-net-worth clients.
The former UBS advisor began his career in 1997 with Sanford C. Bernstein. Over the next 17 years, he also worked with Morgan Stanley for a five year stint, according to his FINRAs BrokerCheck records.
During the latest quarter, the number of full-time advisors at UBS continued to drop, continuing a trend. Advisor headcount fell to 6,948 from 6,982 for the previous quarter and was down from 7,119 from the year-ago period, according to the firm.
In contrast, Merrills reported advisor headcount rose 187 to reach 14,370 for the second quarter. The firm attributed the growth to its training program and a renewed recruiting effort.