Billion-Dollar Club: Biggest Moves of 2015
This year was a busy one for advisor moves. More than two dozen teams managing $1 billion or more in client assets switched firms in 2015. By comparison, less than 10 such teams made a move last year.
Some of the movement this year was due to expiring contracts, according to recruiters. But the recruiting frenzy was also due to industry consolidation as both Barclays and Credit Suisse began their exits from the U.S. wealth management market.
In June, Barclays inked a deal to sell its U.S. wealth management unit to Stifel. And in November, Wells Fargo entered into an exclusive recruiting arrangement with Credit Suisse.
However, the European boutiques' U.S.-based advisors have been passing on offers to join Stifel and Wells Fargo, opting instead to join rivals such as Merrill Lynch and Morgan Stanley.
See which firms were among the winners and losers as these mega teams made their moves.