Von Aldo

Fido Brags, We've Already Bagged $7bn in Breakaway Broker Assets

The war for assets continues, and the trend for disgruntled brokers to go to RIA land continues. TD Ameritrade tells us that its pipeline of breakaway brokers is at record levels, and Schwab says it gained 32 percent in client assets in its Advisor Services unit in the second quarter of 2010 versus last year. And Fido today announced that it bagged $7bn in new assets from 95 individual brokers and teams in the first half of 2010.

Meanwhile, UBS continues to limp along, although with less of a hitch in its giddyup. Morgan Stanley Smith Barney and Merrill also posted less than stellar results in FA headcount and client AUM.

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