Wirehouse raises profit margin goals, and CEO says it won’t be done through compensation grid changes.
Attrition of veteran brokers fell in the fourth quarter, sustaining Merrill Lynch’s decision to remain in the Broker Protocol and continue recruiting less experienced advisors.
Fourth-quarter net income at Bank of America’s global wealth and investment management division fell, but client assets rose to a record $4 billion.
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.
Merrill Lynch accepts censure and fine of $150,000 for allegedly executing muni bond trades in amounts below minimum denominations and failing to disclose the consequent liquidity risks to 20 customers.
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.
Five advisors left the Thundering Herd near Dallas on Tuesday after seven years for the “advisor-led” employee channel of Wells Fargo Advisors.