2016’s largest recruiting moves
Adviser moves suffered a significant slowdown this year. Only 13 mega teams, those managing $1 billion or more in client assets, switched firms in 2016, according to On Wall Street reporting. In comparison, 26 such teams made the leap last year.
Market volatility, regulatory overhauls and an uncertain political climate contributed to advisers’ hesitation towards making major career changes, according to recruiters.
Some firms have also begun to focus more on retention rather than recruitment. In June, UBS announced that it would reduce recruiting by 40% as part of new firm-wide efforts to improve productivity and loyalty.
To see where the biggest recruits went in 2016, click through our slideshow.