Dec 17 Bank of America Corp's Merrill
Lynch said on Monday it hired eight veteran advisers from rival
U.S. wealth management units at Credit Suisse, Morgan Stanley
and the Royal Bank of Canada.
The new recruits, who moved to Merrill in November and early
December, managed a combined $919.5 million in client assets at
their old firms. They had $6.4 million in total annual revenue
In Texas, adviser Craig Weinstein joined Merrill's private
banking group from Credit Suisse Securities LLC, a division of
Swiss bank Credit Suisse AG . Weinstein, who is
based in Dallas, managed about $174.2 million in client assets
and generated roughly $1.6 million in annual production.
Also in Texas, advisers Emory Ragsdale, Wade Myatt and Lynde
Jackson joined Merrill's College Station office. The advisers,
who managed $151.6 million in client assets, came from RBC
Wealth Management, a U.S. division of the Royal Bank of Canada
. They generated $1.3 million in annual production
In Michigan, adviser David Vallie moved to Merrill from
Morgan Stanley Wealth Management, the brokerage majority owned
by Morgan Stanley and partially owned by Citigroup.
Vallie, who joined Merrill's Grand Blanc office, managed $159.6
million in client assets and generated about $1.3 million in
annual revenue last year.
Also from Morgan Stanley, advisers Christine Reilly, Dan
Sandlin and Jason Lloyd joined Merrill. Reilly, based in Fort
Lauderdale, Florida, managed $158.8 million in client assets.
Sandlin, based in Chicago, managed $150.8 million, and Lloyd,
based in Ventura Coast, California, managed $124.5 million.
The four advisers from Morgan Stanley were all formerly
Citigroup Smith Barney advisers, who joined Morgan Stanley
Wealth Management after the merger of Smith Barney with Morgan
Stanley's wealth business in 2009.
Credit Suisse, Morgan Stanley and RBC all declined to
comment on the departures.
Merrill, which ranks among the top U.S. brokerages by client
assets and adviser headcount, announced its 2013 compensation
plan to advisers last Monday. The plan included stronger
incentives to encourage advisers to take advantage of more of
Bank of America's offerings, as wealth management businesses are
increasingly seen as a key revenue driver for many major Wall