Biggest advisor moves of 2019: $62B in mega recruits
The stats alone are impressive. More than 20 mega teams — those managing $1 billion or more in assets — switched firms last year.
Those advisors collectively oversaw more than $62 billion in client assets, representing big gains for their new employers and tough losses for their former firms.
The biggest group of winners were regional BDs, which picked up more than a dozen big advisors. These new hires oversaw more than $12 billion in assets, according to their new employers. RBC, for example, hired one of the largest teams: a former UBS duo that managed $7.5 billion in client assets.
More often than not, the wirehouses were on the losing side of these moves. Forty advisors overseeing more than $32 billion left the big four for greener pastures.
Scroll through to see where the industry biggest teams migrated in 2019.