| Sept 7
Sept 7 Bank of America Corp's Merrill
Lynch expanded its adviser force in Florida, New York and
Wisconsin after landing veteran advisers from rival brokerages
Morgan Stanley Smith Barney and Wells Fargo Advisors in those
The new hires, who joined Merrill on Aug. 31, managed about
$337 million in client assets at their old firms.
In Wisconsin, adviser David Francis moved to Merrill from
Wells Fargo Advisors, the brokerage owned by Wells Fargo & Co
, where he managed more than $109.7 million in client
assets. Francis joined Merrill's Mequon office, where Louis
Henneck is branch manager.
Francis had been a Wachovia adviser who joined Wells when it
acquired his firm. He had worked at Smith Barney earlier in his
career of more than 25 years, according to regulatory filings.
In New York, adviser Jonathan Brecht moved to Merrill from
Morgan Stanley Smith Barney, where he managed more than $128.7
million in client assets. Brecht joined Merrill's Rockefeller
Center office in Midtown Manhattan, where Michael Simonds is
Brecht was a legacy Smith Barney adviser who joined Morgan
Stanley Smith Barney after the merger of Citigroup Inc's
Smith Barney unit with Morgan Stanley's wealth division
in 2009. A 25-year industry veteran, he had spent about a decade
with Merrill earlier in his career, according to regulatory
In Florida, adviser Jeff Chanin also moved to Merrill from
Morgan Stanley Smith Barney, where he managed $98.5 million in
client assets. Chanin joined Merrill's Coral Springs office,
where Scott Kauffman is branch manager.
Chanin had previously worked at both Morgan Stanley and
Citigroup before joining the joint venture in 2009. He was
previously based in Morgan Stanley Smith Barney's Plantation
Including these recent additions, Merrill has hired 24
veteran advisers from Morgan Stanley Smith Barney since the
start of the year, the firm said. Reuters tracks the moves of
veteran advisers with around $100 million or more in client
Wells Fargo declined to comment on the departure, and Morgan
Stanley Smith Barney did not immediately respond to a request
Merrill Lynch, Morgan Stanley Smith Barney and Wells Fargo
Advisors are among the top U.S. brokerages by client assets,
along with UBS Wealth Management Americas, and often
vie for the same pool of veteran advisers.