In the recruiting wars for top advisors, banks have traditionally shied away from wirehouse firms, viewing the advisors there as out of reach. But now banks are getting bolder as they fight to overcome their inferiority complex and begin to play to their strengths.
In a major catch late last year, First Dakota National Bank, a community bank based in Yankton, S.D., made waves when it reeled in a top-producing father-and-son advisory team from UBS Financial Services. The team produced more than $1.6 million in annual fees and commissions and had $325 million in assets under management.
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