Raymond James swoops in on Merrill team

Raymond James has swooped in to claim a large part of a Merrill team in Maryland.

Meanwhile, Wells Fargo and Raymond James both pull advisors from Commonwealth Financial Network, which continues to struggle with defections amid its acquisition by LPL Financial. And Fifth Third Advisors, RBC and Raymond James all also scored big recruiting wins, while Cetera welcomed back an institutional client, and Elevation Point took a minority stake in UBS-breakaway firm.

Read about it below.