Elite advisers are flocking to independent, boutique and regional firms. Seven of the 12 biggest recruiting moves so far this year have been wirehouse teams leaving to gain what they deem to be greater independence, according to hiring announcements. It's no small loss. These teams oversaw more than $14 billion in institutional and private client assets.
Meanwhile, despite previously announced recruiting cutbacks
, Merrill Lynch has grabbed several mega teams that oversaw more than $5 billion in client assets.
"No matter how much a company says they are retrenching, they will hire a team that looks like this," recruiter Mindy Diamond said about Merrill Lynch’s $3.3 billion grab
Scroll through to see these and the other largest recruits from the year so far.