Bank of America
Merrill shifts Southeast division executive Eric Schimpf to co-head advisor development programs with BofA consumer bank executive Matt Gellene to “ensure strong connectivity with the broader bank.”
Quarter-century Merrill veteran with $350-million book moves to advisory boutique founded last year by ex-Merrill complex manager Jim Hughes, ex-NYSE CEO Duncan Niederauer and ex-Blackstone banker James Didden.
Morgan Stanley on Friday nabbed Merrill teams producing more than $10 million in New York and Fort Lauderdale.
Industrywide tradition of letting product providers wine and dine brokers and their clients is reversed by Merrill Lynch, which said employees must “avoid even the perception of a conflict of interest.”
Advisors were unable to wire funds or take notes on client accounts while self-directed clients had trouble trading.
High-profile Washington State broker Phil Scott moved his 11-person team on Tuesday to First Republic.
Yearning to “drive the ship” himself after almost four decades at Merrill, broker managing $360 million for 56 families strikes out on his own.