Merrill Lynch Lands $805 Million UBS Team in Rhode Island as Recruiting Push Gains Steam

Merrill Lynch's recruitment of an $805 million UBS team signals the firm's renewed competitive edge in wirehouse recruiting under Brian Moynihan's leadership.

Merrill Lynch has recruited a team managing approximately $805 million in client assets from UBS in Rhode Island, adding to a wave of UBS departures that has reshaped the wirehouse recruiting landscape.

The team's move to Merrill comes amid the firm's renewed push to attract top-producing advisors from rival wirehouses, a strategic priority that CEO Brian Moynihan has elevated following years of net advisor losses. The Rhode Island market, while smaller than major metros, is a lucrative territory with concentrated pockets of old-money wealth.

Details of the team's composition were not immediately available, though sources described it as a multi-advisor group with deep roots in the Providence business community. The advisors had been with UBS for several years before deciding to make the switch.

"Merrill offered us a platform that matches our clients' complexity with genuine support," one of the departing advisors told a colleague, according to a person familiar with the conversation. "At UBS, we felt like we were swimming against the current."

The recruitment represents a meaningful win for Merrill's Northeast division, which has been targeted as a growth area under the firm's new recruiting strategy. Merrill has sweetened its recruiting packages in recent months, offering enhanced transition deals that compete favorably with offers from Wells Fargo and Raymond James.

For UBS, the loss compounds what has already been a difficult period. The firm's controversial compensation restructuring in 2025 triggered an exodus of advisors and teams to rivals, with estimated departures exceeding $52 billion in managed assets over the calendar year.

While UBS's revised 2026 compensation plan—which walked back some of the most contentious changes—has slowed the pace of departures, the damage to advisor morale may take years to fully repair.

"Once trust is broken with your advisors, it doesn't come back overnight," said a veteran industry recruiter. "UBS is still dealing with the aftershocks of 2025, and competitors like Merrill are smart enough to capitalize."

Merrill declined to provide specifics on the terms of the deal. UBS did not respond to a request for comment.