This Week’s Top: Merrill Ousts Private Wealth Pair, 1,400 Advisory Firms Got PPP Relief, and More

1. Merrill Fires Multi-Million-Dollar UHNW Pair for Cheating
   Allegations against one San Francisco broker included selling away, while both advisors appeared to let underlings complete mandatory training modules.
2. Over 1,400 Advisors Received U.S. Stimulus Loans of At Least $150,000
   Government-backed PPP loans for financial planners have been attacked as inappropriate, unethical and self-damaging, but many independent advisers applied and took the payroll loans.
3. Merrill Parts Ways with Veteran Manager in Michigan
   Producing manager who had overseen Grand Blanc office since 2007 left abruptly last week after allegations of inappropriate behavior, according to two sources.
4. Whoops! Morgan Stanley Retracts Brokers’ Direct Deposits
   Wirehouse alarmed some brokers Friday with a withdrawal of monthly pay, blames ADP for glitch.
5. Merrill Lynch Curbs New Investments in BlackRock-managed SMAs
   The decision to “soft close” managed commission accounts that Merrill has offered for 36 years and that hold $45 billion reflects Reg BI-era restrictions, the firm said.