Bank of America
Bank of America CEO promises greater digitization of wealth management, and increased push of “lower affluent” clients to Merrill Edge in bid to lower expenses.
John Hogarty, chief operating officer of Bank of America’s wealth business and a defender of Merrill’s compensation plans, to retire at yearend.
Asset-based fee accounts helped generate 6% revenue rise in third quarter at Bank of America’s global wealth and investment management division.
Long-time Merrill Lynch+ signature credit card is discontinued in favor of new Bank of America rewards offer.
Brian Moynihan expects Merrill’s no-commission retirement account policy to continue, regardless of DOL rule modification, and wants to continue hiring policy.
Nelson Peltz’s battle with Procter & Gamble and other big-company earnings could stimulate trading volume.
Executive lost his New York Metro division post a month ago when Andy Sieg reorganized Merrill’s national sales structure.
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.