News
Merrill’s New Household Growth Fell 40% in 2020–Sources
Merrill brokers added about 20,000 net new households last year, compared to 35,000 in 2019, but given the pandemic executives say they are pleased.
Arete Wealth to grow by over $1B with Center Street acquisition
New year brings expansion & opportunity to notable nationwide firms
Wells’ Wealth Profit Climbs Despite Continued Broker Attrition
The firm’s profit rose 157% compared to the year-ago quarter even as its sales force fell another 2% in the quarter to 13,513.
Morning Brief: Wells Readies Asset Management Sale
Stories of interest from around the web
Rockefeller, RBC Lure Merrill, UBS Teams in Midwest
Rockefeller hires its second Merrill team in Chicago while RBC recruits two teams with $900 million combined from the same UBS branch in Nebraska.
Fired Merrill Broker in Beverly Hills Barred by Finra
Broker declined to cooperate with regulator’s investigation into Merrill’s claim that he made inappropriate investment recommendations.
Morgan Stanley Rehires $3.3-Mln UBS Team in North Carolina
Family-led team of four advisors who managed $386 million returned to Morgan Stanley, where they began their careers after more than nine years at competitor.
Rising Bond Yields Could Upset Stock Boom
As benchmark Treasury yields rise amid expectations for stronger growth, the key question on investor minds is how high can they climb before spoiling the global risk-asset rally.
Morning Brief: Citi to Merge Private/Mass Affluent Wealth Businesses
Stories of interest from around the web
Morgan Stanley Sues $6 Million Team at RBC over Client Calls
New Jersey advisors “flagrantly” violated their employment agreements by calling former clients and using confidential information, wirehouse says in new lawsuit.
Edward Jones Profit Jumped 18% in 2020, Broker Count Fell in Q4
Biggest brokerage firm by number of advisors says its force fell by more than 100 in fourth quarter, but 2020 revenue and profit grew due to rising markets and expense cuts.
