Bank of America
Merrill Robo Debuts as Pressure for Broker Referrals Dissipates
The automated platform managed accounts platform loses some mojo with the Trump administration’s fiduciary rule maneuvers.
Major Merrill Advisor in NJ Jumps After 18 Years as Trader and Broker
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.
Bank of America Doubles Down on Commission Ban at Brokerage Units
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.
Merrill Wealth Reports Lower Q3 Revenue and AUM But Higher Profit
Executives do not expect “significant” attrition in the face of more restrictive retirement account policies.
EXCLUSIVE: Merrill to End Commission-Based Retirement Business on Retail Accounts
Brokers will not be able to use DOL’s fiduciary contract exemption to charge commissions on IRAs and other retirement products.
BofA Plans to Roll out Robo-Advisor in Q1 2017
“Merrill Edge Guided Investing” will open to referrals from Merrill Lynch advisors later in 2017.
Former Client Associates File Overtime Pay Suit Against Merrill
Class-action claim seeks more than $5 million for CAs who worked at the firm since 2013.
Advisor Productivity Falling Across the Board
Revenue per broker across the five biggest firms off 3% in the second quarter.
Merrill Wealth Management Ekes Out Q2 Profit Thanks to Lower Bonuses
Depressed commission and fee revenue underscores Bank of America’s push for brokers to sell loans and deposits.
BofA Escalates Cross-Selling Pressure by Promoting Merrill Managers
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.
Ex-Merrill Sales Boss Prevails in Arbitration, Wins Withheld Shares
Robert Bowman has been awarded 21,660 shares of Bank of America stock by an arbitration panel.