Deferring to coronavirus challenges, Morgan Stanley delays grid changes that will lower some advisors’ pay, and Wells postpones fee it plans to charge customers who keep less than $500,000 in brokerage accounts.
Bank of America’s Merrill Edge was the second brokerage firm to suffer client account access issues on Wednesday.
UBS bids adieu to L.A. complex manager Ron Meraz and recruits junior brokers from Merrill Lynch in Las Vegas who had a $116 million book.
Due to the crisis, broker teams will not have to enlist 30% of households in bank and advisory accounts by June 30 to qualify for enhanced payouts.
Brokers say clients are generally not panicking, but having to work from home amid wildly turbulent markets and reports of infected neighbors and colleagues is testing everyone.
Louisiana lawsuit underscores banks’ attempt to curb client solicitation by brokers who allegedly built their books passively rather than cold-calling.
J.P. Morgan Securities trio in New York producing $9.5 million, $4.5 million Wells advisor in Pennsylvania and Merrill veteran in DC jumped last week amid market tumult.
FactSet, the main feed of market data to Merrill Lynch brokers, went down early Monday due to overwhelming market volume, Robinhood failed again and a Wells advisor is quarantined.