Bank of America
The automated platform managed accounts platform loses some mojo with the Trump administration’s fiduciary rule maneuvers.
John Parisi, who markets himself as Annika Sorenstam’s advisor and is a repeat Top Barron’s honoree, goes independent with half of his team in tow.
Merrill Edge to stop selling “advised” brokerage accounts as of January, while Merrill Lynch brokers will not be able to recommend transfer of IRAs and qualified annuities to Edge advisory accounts after next week.
Executives do not expect “significant” attrition in the face of more restrictive retirement account policies.
Brokers will not be able to use DOL’s fiduciary contract exemption to charge commissions on IRAs and other retirement products.
Class-action claim seeks more than $5 million for CAs who worked at the firm since 2013.
Depressed commission and fee revenue underscores Bank of America’s push for brokers to sell loans and deposits.
Upping the pressure on Merrill Lynch Wealth head John Thiel to sell more bank products to the firm’s wealthy clientele, Bank of America is giving senior Merrill branch executives responsibility for local commercial banking offices.
Robert Bowman has been awarded 21,660 shares of Bank of America stock by an arbitration panel.