Bank of America
The continuing flow of experienced brokers out of Merrill Lynch, even during the coronavirus crisis, appears to have driven managers to offer their clients longer and deeper fee waivers than are typical, according to headhunters and competitors.
To avoid 1% payout cut, Merrill lowers brokers’ new account requirement to three households for 2020, and one as of June 30, acknowledging impact of Covid-19 constrictions.
The artificial-intelligence program has come to recognize 60,000 coronavirus-related terms as customers seek to manage their cash flow, increase savings and watch their spending during the pandemic.
In pilot since late last year, the “client engagement” workstation is designed for comprehensive views of multiple client portfolios and will be the mandatory desktop tool for all advisors and client associates in November.
Rules that the firm’s disclosures about cash sweep rates were sufficient for self-directed Merrill Edge investors but leaves door open for a potential refiling on suitability issues.
Settles with Finra by agreeing to reimburse customers for failing to give fee rebates and sales charge waivers on mutual fund sales over six years.
Firm advances its foray into Texas by hiring its second multi-million-dollar team in the Lone Star state in two weeks.
Bank of America-owned broker creates new roles and titles to encourage sales associates to take on broader roles and consider becoming advisors.
Stock market gains haven’t changed Merrill clients’ retreat to low-yielding cash deposit accounts, says Merrill Wealth President Andy Sieg.
Bank of America Corp. is making plans for employees to return to their offices in phases.
Arbitrators say Long Island advisor waited too long to file claims for damages over the value of Merrill stock and options that plummeted because of alleged financial-crisis fraud.