New survey of brand familiarity finds discount brokerage giants trouncing wirehouses in “unprompted” name recognition across a wide wealth spectrum of investors.
Supervisory analysts who reviewed brokers’ emails alleged they often worked extended hours and on weekends but were illegally classified as exempt from overtime pay.
Merrill Lynch hired a longtime complex manager from Wells Fargo to oversee its Louisville-area offices but has eased out another manager in Scottsdale.
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.
Firms settle charges from the Financial Industry Regulatory Authority that they sold more expensive classes of education savings plan investments when others were available.
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.
Two brothers and a son producing about $4 million returned to Wells Fargo after a decade with the Thundering Herd.
Three brokers who managed $497 million at Merrill moved Friday to open a new Stifel office in Connecticut.
Merrill brokers overseeing $650 million for private wealth clients of a big equity comp consulting team bolted to UBS two weeks ago, while a 13-person UBS team in the Northwest managing $1.4 billion set up an independent RIA last week.
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.