Merrill Lynch has hired a two-member advisor team who previously managed more than $1 billion at Wells Fargo's Abbot Downing business.

Westcott Jones and Scott Vogel joined Merrill Lynch's Private Banking and Investment Group on July 27 in Wayzata, Minn. They are now part of a seven-member team operating under the new name Swenson Jones & Associates.

The new hires come as Merrill Lynch recently added a couple of Morgan Stanley Smith Barney financial advisors with $377.8 million in client assets under management. Merrill Lynch also lost two other teams, highlighting the continued fierce competition for talent among wirehouse firms.

Wells Fargo has been on a hiring spree of its own, having hired advisors with a total of $1.4 billion in assets under management this summer.