The two heavyweights of the wirehouse world are going toe-to-toe.
Bank of America Merrill Lynch and Morgan Stanley Wealth Management, the two largest wealth managers in the country, appear intent on taking advantage of each other’s weaknesses and embarrassments to lure away top financial advisers.
โThe weak attract the attention of the strong. Retail brokerage has a Darwinian dynamic,โ said recruiter Danny Sarch, president of Leitner Sarch Consultants Ltd.
โThe slowest in the pack get eaten,โ he said. โIf you have a group that is vulnerable, othersโฆ
