Bank of America Merrill Lynch has hired Morgan Stanley Smith Barney financial advisors Matt Burton and John Cate to its Carmel, Ind. office.

Burton and Cate previously had $4.6 million in fees and commissions and $348 million in assets under management.

Both Burton and Cate have been registered with Merrill Lynch since June 3, according to the Financial Industry Regulatory Authority (FINRA). Before that, Burton was registered with Morgan Stanley since June 2001, while Cate had been registered with Morgan Stanley since March 2001.

The hires come after Bank of America Global Wealth and Investment Management President Sallie Krawcheck in May said that it is a myth that large numbers of financial advisors are leaving large wealth management firms for independent firms.

Last year, Merrill Lynch recruited 25 new financial advisors that brought in more client assets than the 36 financial advisors it lost, Krawcheck said at the General Membership Meeting of the Investment Company Institute.