Two wirehouse firms have announced strategic hires this week, deepening their wealth management footprints in key U.S. markets. BMO Wealth Management appointed a former Northern Trust executive to oversee its San Diego operations, while Merrill Lynch recruited a veteran team from UBS in South Florida, underscoring the ongoing talent war among large brokerages.
BMO Taps Northern Trust Alum for San Diego Expansion
Ali Nafii has joined BMO Wealth Management as managing director for its San Diego market, a role the firm sees as pivotal to its California growth strategy. Nafii brings nearly 20 years of wealth management experience, most recently serving as senior managing director at Northern Trust Wealth Management, where he led the San Diego wealth division starting in 2024. He had been with Northern Trust since 2015, following earlier stints at Jarislowsky Fraser Global Investment Management in Montreal.
Nafii reports to Clark Pingree, BMO's west regional president, who described the hire as part of a "strategic investment in San Diego." Michele Havens, head of U.S. wealth management at BMO, said the firm aims to "densify" in markets where it already has commercial banking relationships, layering wealth management services alongside them. BMO's California push focuses on leveraging existing corporate ties to capture high-net-worth clients.
Merrill Bolsters South Florida Presence with UBS Raid
Meanwhile, Merrill Lynch announced the addition of managing director David Warren and his team from UBS Private Wealth Management, placing them within its South Florida & Islands Market under Senior Market Executive Jerry Castro. Warren, a 30-year industry veteran, oversees $645 million in client assets and generated approximately $5.3 million in annual production at his prior firm. His practice targets high-net-worth and ultra-high-net-worth clients, including family offices, and sits within Merrill Private Wealth Management, led in Florida by Regional Managing Director Josh Moody.
Warren's team has appeared on the Forbes Best-in-State Wealth Advisors list for seven consecutive years, from 2019 through 2025. Originally from New Zealand, Warren began his career as a financial advisor in New York City in 1995. He is joined at Merrill by Ana Orriols, relationship manager; John Fearnow, senior private wealth client associate; and Sofya Preobrazhenskaya, private wealth client associate.
The hire is part of a wider Florida buildout for Merrill, which recently tapped John Inhouse to lead a newly formed West Florida market while giving other regional leaders expanded responsibilities. Warren's move also highlights ongoing retention challenges at UBS, which lost $9 billion in advisor assets in Q3 2025 alone. The wirehouse has been working to regain its status in the U.S. wealth space, with last month's approval of a national bank license setting the stage for a possible turnaround.
For advisors tracking talent flows, these moves echo recent trends. BMO's California expansion mirrors similar efforts by other firms to deepen regional wealth management capabilities. Meanwhile, Merrill's Florida hires align with its broader strategy to capture affluent clients in the state, as seen in recent additions like the $560 million father-son team and the $450 million duo from Morgan Stanley.
