Merrill Hired Advisor Teams Managing $770 Million

The firm added three veteran financial advisors from Morgan Stanley and Wells Fargo to its national wealth management roster.

Updated on Oct. 5, 2026 in Financial Planning

Isometric editorial illustration of a heavy mechanical weight and a golden vault key, symbolizing the transition of significant financial assets. — Merrill has recruited three veteran financial advisors from Morgan Stanley and Wells Fargo, bringing a combined $770 million in managed client assets to the firm. AI Illustration. Upload story photo >

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Merrill has recruited new financial advisor teams overseeing a combined $770 million in client assets. The advisors transitioned to Merrill offices in New York and Boca Raton from their previous roles at Morgan Stanley and Wells Fargo.

Why it matters

The recruitment push highlights the ongoing movement of seasoned financial advisors between major brokerage firms. These transitions allow firms to acquire significant client books while offering advisors new platforms for managing high-net-worth relationships.

Merrill added advisor teams managing a combined $770 million in assets, including a $530 million book from Michael Scotto and Michael Chong and $240 million from Jeff Chanin. The new recruits bring a combined 72 years of industry experience to the firm.

The players

Merrill

Merrill is a prominent wealth management division of Bank of America that provides financial advisory services to individual and institutional clients.

Morgan Stanley

Morgan Stanley is a multinational investment bank and financial services company that operates a large retail wealth management division.

Wells Fargo

Wells Fargo is a diversified financial services firm that offers banking, investment, and mortgage products through its national network of branches.

Michael Scotto

Michael Scotto is a veteran financial advisor with 25 years of industry experience who recently joined Merrill in New York.

Jeff Chanin

Jeff Chanin is a financial advisor with more than 30 years of industry experience who transitioned to the Merrill office in Boca Raton.

The details

The advisors resigned from Morgan Stanley and Wells Fargo to integrate their existing client books into their new positions at Merrill. Michael Scotto and Michael Chong established their new practice in New York, while Jeff Chanin relocated his practice to the Merrill office in Boca Raton.

October 5, 2026: The recruitment of the advisor teams was finalized.

Market Landscape

This aggressive recruitment reflects the ongoing consolidation of independent wealth management practices into large bank-owned brokerages. By onboarding seasoned teams, firms like Merrill compete for market share against rivals like Raymond James and UBS in a crowded brokerage sector.

For clients of these advisors, the transition typically results in a shift of custodial platforms and documentation requirements for existing accounts. Investors should consult with their advisors to confirm if their account services, fee structures, or available investment products will change.

The takeaway

Advisors frequently change firms to gain access to different technology platforms or institutional resources that better support their client base. Clients are encouraged to review new account disclosures carefully during any transition to understand how their relationship with the firm is impacted.