Broker had produced around $1.5 million at a Merrill branch in Napa, according to a source familiar with the move.
Credits on which brokers will not be paid will be capped at $4,000 of revenue a month, an attempt to rein compensation growth that has been exceeding revenue growth.
Team in Beverly Hills says they sought firm with reputation of “always acting in the best interest of clients.”
Morgan Stanley hired a 30-year veteran of UBS and PaineWebber in Roanoke, Va., while First Republic lures another million-dollar-plus Merrill Lynch team in Los Angeles.
Oppenheimer takes $6 million hit to put decade-old problem with the illiquid instruments behind it, while a California broker wins expungement of claim she sold auction rate securities without proper disclosure.
Jodi Rolland, a former Merrill division manager who most recently ran Bank of America’s Colorado market, is on a 90-day garden leave.
Firm has no plans to pull out of the Broker Protocol, a senior executive said after Merrill Lynch Wealth Management reported its highest third quarter of revenue since being bought by Bank of America.
New Jersey advisor with seven years of experience has convinced at least four former customers with more than $4 million to move by soliciting them in violation of his employment contract, J.P. Morgan claims.
Hearing for Indiana broker who pled guilty to securities fraud in January has been postponed until next year due to court calendar backup.
New restrictions on buying and selling micro-cap stocks apply across the Bank of America wealth franchise and could prompt other large broker-dealers to put in place similar policies.
Morgan Stanley poaches broker for its private wealth group at a time when it has been aggressive in defending its own territory from the competition.