Bank of America
Brian Sepe, a former divisional and Latin American wealth head at Merrill, argued that firm’s mortgage fraud during the financial crisis eviscerated the worth of his company stock and options.
Wealth Management President Andy Sieg says experienced advisors averaged 5.5 net new households in 2019, helping to produce record profit.
Brokers who now conduct customer business through a Blackberry app on their personal phone will have to carry a second device.
Teams that were jointly producing about $8 million of fees and commissions on about $950 million of client assets jump to the wealth boutique run by former wirehouse execs.
A producing manager in Arizona and a Forbes-ranked team in Scottsdale and Dallas that won internal recognition for their account growth metrics left over solicitation practices “inconsistent with Firm standards.”
Bank of America’s corporate clients want to make payments the same way they handle their personal money — by mobile phone.
In a move to keep senior brokers’ clients and compete with UBS and Morgan Stanley, Merrill adds 5 to 75 percentage points to payouts of those who transition their books internally.
Arbitration panel orders Merrill to compensate a Minnesota advisor it fired after his longtime partner was charged with bank fraud and recommended cleansing of his regulatory records.
Three brokers who managed $497 million at Merrill moved Friday to open a new Stifel office in Connecticut.
Bank of America expects to place several thousand Merrill Edge “financial solutions advisors” to work alongside Merrill Wealth brokers in branches over the next few years, a bank executive said.
James Cadet, a former branch, complex and regional sales manager at UBS, was most recently heading a teaming and practice management unit that has been downsized.