According to AdvisorHub, Rockefeller Global Family Office recently secured a 16-person team from Merrill Lynch, led by Christopher A. DiMedio, in a move aimed at bolstering its presence in the affluent Philadelphia suburb of Newtown. DiMedio, a 24-year Merrill veteran, and his team oversaw $2 billion in client assets and generated around $11 million in annual revenue at Merrill.

AdvisorHub reports that Rockefeller has been aggressively expanding its wealth management division since its 2018 entry into the retail sector. The firm aims to hire additional teams in the Newtown area, which is seen as a rapidly growing wealth hub in Pennsylvania. Executives claim that some teams who previously joined Rockefeller have doubled or tripled their revenue since making the switch.

Meanwhile, Merrill Lynch continues to recruit veteran advisors and reported its attrition rate had fallen below its historical average of 4 percent, signaling its effort to retain top talent.

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