Ameriprise Financial and Raymond James Financial are attracting million-dollar teams from wirehouses that have curbed their hiring appetites. Family offices for some of the world’s wealthiest are increasing cash reserves and 55% believe the economy is headed for a recession by 2020, according to the 2019 UBS Global Family Office Report. Morgan Stanley has reached into rival UBS Wealth Management’s talent base, hiring a duo in Houston for its private wealth unit and a broker in Long Island managing $215 million.
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