Merrill Hired Teams Managing $770 Million
Financial advisor moves mean clients at these firms must navigate the transition of their account management.
Updated on Oct. 5, 2026 in Financial Planning
Live Poll
Do you trust that your financial advisor change improves the quality of your personal financial management?
Merrill recently recruited two advisor teams from Morgan Stanley and Wells Fargo to manage a combined $770 million in client assets. The move involves advisors transitioning their established books of business to new regional offices.
Why it matters
When advisors move firms, clients may face changes in the management of their accounts, service platforms, or administrative workflows. These shifts often prompt investors to review their service agreements and fee structures with their new point of contact.
Merrill added advisor teams overseeing a total of $770 million in client assets. This includes $530 million managed by Michael Scotto and Michael Chong in New York and $240 million managed by Jeff Chanin in Boca Raton.
The players
Merrill
A wealth management firm providing brokerage services and investment advice to retail households.
Morgan Stanley
A financial services institution providing brokerage, investment, and retirement planning services to individual investors.
Wells Fargo
A diversified financial services company offering banking, investment, and wealth management products to the public.
The details
The recruited advisors resigned from their previous firms and integrated their existing client books into Merrill. Clients whose assets were managed by these professionals at Morgan Stanley and Wells Fargo are now being onboarded into Merrill's internal systems. Households should verify if these transitions impact their existing account access, documentation requirements, or investment advisory contracts.
Timeline
October 5, 2026: Article publication date.
Money Landscape
Brokerage firms frequently compete to acquire veteran advisors as a primary strategy for growing their total assets under management. This latest hiring activity follows the broader industry trend of large firms consolidating advisor teams and their associated client books.
If your advisor moves firms, request a clear explanation of how your account records and investment strategies will change. Discuss any potential impacts on your fee schedule or service delivery with your current advisor before signing new paperwork.
The takeaway
Large-scale advisor moves require clients to actively confirm that their financial goals remain aligned with the new firm's capabilities. Investors should review their current advisory agreement and confirm the scope of services provided at the new firm with a qualified professional.
Further reading
For guidance on managing advisor changes, visit our Financial Planning section.
Source note: This article includes information reported by InvestmentNews.
Live Poll
Do you trust that your financial advisor change improves the quality of your personal financial management?
