Breakaway teams from Merril Lynch, UBS, and Morgan Stanley have left their wirehouses, according to AdvisorHub. Recently, a four-person Philadelphia team launched a registered investment advisory (RIA) firm named Presilium Private Wealth. The team is the fourth to join Dynasty this year.

Additionally, two wirehouse solo practitioners have left UBS and Morgan Stanley to join LPL Financial. Gary Edmonds transitioned his $360 million practice to LPL's Linsco unit in Washington D.C. LPL launched Linsco in 2020 after it purchased Allen & Company in 2019. LPL also hired Morgan Stanley broker Lisa Tesar in Cedar Rapids, Iowa. Tesar managed $260 million in assets, according to the firm's announcement. Advisors told AdvisorHub that they strategically made their moves to gain more independence and ownership of their practices.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.