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Former Merrill Lynch broker convicted of wire fraud

May 2, 2017

A former Merrill Lynch financial adviser in New Jersey was convicted in federal court for defrauding a client out of his retirement savings and using the funds for his own benefit. Acting U.S. Attorney William E. Fitzpatrick said that Jesse...

Merrill Lynch veteran moves to Raymond James

April 27, 2017

Walter H. Stamper III, who managed $147 million in assets at Merrill Lynch in Chattanooga, Tenn., has joined the employee broker-dealer of Raymond James. Mr. Stamper has been with Merrill Lynch for his entire career, since joining the firm in...

Morgan Stanley snags national sales director Jeffrey Tucker from Merrill Lynch

April 25, 2017

Morgan Stanley has recruited Jeffrey Tucker from cross-town rival Merrill Lynch as its new national sales manager. Mr. Tucker is a financial services industry veteran who most recently held a regional director role of metro New York at Merrill....

UBS, Merrill Lynch advisers form $500 million RIA team

April 24, 2017

Three brokers from UBS Financial Services and one from Merrill Lynch in Colorado Springs, Colo., have formed Resolute Investment Advisors and affiliated with HighTower. The firm's principals — Todd Baker, Bradley S. Harvey and Jack T. York,...

Ex-Merrill Lynch broker pleads guilty to $8.7 million bank fraud

April 19, 2017

A veteran Merrill Lynch broker based in St. Paul, Minn., pleaded guilty to two counts of bank fraud at the end of last month for his part in an elaborate, long-running scheme that bilked two banks out of $8.7 million. The broker, Jeffrey Kluge,...

With DOL fiduciary rule looming, Merrill sees surge of AUM

April 18, 2017

Merrill Lynch, Bank of America's wealth management business, saw a surge in advisory assets in the first quarter of 2017, months after the company said it was eliminating charging commissions in new retirement accounts as a response to the Department...

Merrill Lynch plans to hire more young advisers

April 10, 2017

The "thundering herd" is looking to add more thunder, according to Andrew Sieg, head of Merrill Lynch Wealth Management. Speaking to the Securities Industry and Financial Markets Association's Private Client Conference in Arizona last week,...

UBS loses another Puerto Rico bond claim, this time for $4.4 million

March 31, 2017

UBS Financial Services Inc. has lost yet another multi-million dollar Finra arbitration award stemming from the sale of Puerto Rico bonds and closed-end funds. According to the arbitration award, which was decided on Wednesday by a three-member...

Merrill Lynch shakes up wealth management organization, leadership roles

March 29, 2017

Merrill Lynch told its 14,600 advisers Wednesday that it was instituting a broad restructuring of its wealth management group to meet its goals-based strategy and to operate more effectively as a business. In a memo, Andy Sieg, head of Merrill...

Wells Fargo Advisors' Intuitive Investor robo-adviser technology files ADV registration

March 27, 2017

Wells Fargo Advisors revealed details of its plans to launch a robo-adviser in a filing with the Securities and Exchange Commission on Monday. The service will require a minimum investment of $10,000 and charge a 50 basis point fee, the firm...

Merrill Lynch and Morgan Stanley: A tale of two fiduciary 401(k) business models

March 24, 2017

The wealth management units at Merrill Lynch and Morgan Stanley within the past few weeks announced substantive changes to their respective 401(k) businesses, and while each approach shares common ground they also differ in notable ways. Where...

Morgan Stanley eliminating commissions, finder's fees in 401(k) plans

March 24, 2017

Morgan Stanley Wealth Management is eliminating commission payments and finder's fees for its advisers servicing 401(k) plans, shifting entirely to a level compensation arrangement based on plan assets, according to a source with knowledge of...

Merrill Lynch woos $343 million Morgan Stanley team

March 23, 2017

A four-person adviser team that managed $343 million in assets at Morgan Stanley has joined Merrill Lynch in Glen Rock, N.J. Advisers Michael Greenstone, John Araneo, Margie Manning and Anita Srivastava, as well as associate Dara Hubbard, have...

Merrill Lynch outlines plans for its 401(k) fiduciary platform

March 15, 2017

Merrill Lynch Wealth Management outlined plans Wednesday to transition its defined-contribution-plan business over to a fiduciary model, coming several months after the firm announced similar plans for its retail retirement business and as the...

Merrill Lynch may be positioning itself for more commission flexibility in the future

March 10, 2017

Merrill Lynch's announcement that it may offer commissions in retail retirement accounts in limited circumstances may be an indication that it is giving itself some flexibility in case the Department of Labor's fiduciary rule is repealed, according...

The bull market for wirehouse recruiting deals is over. What will happen next?

March 10, 2017

For years, wirehouse executives privately complained about the high cost of recruiting experienced advisers. Yet the transition packages, commonly called "up-front money," only became more and more lucrative. Shrewd advisers would often play...

DOL rule slows down wirehouse recruiting and crimps bonuses ​

February 27, 2017

After months of secretive planning, seven teams of financial advisers had new business cards and client lists in hand, poised to dump their employers and join Morgan Stanley with more than $500 million of assets in tow. But the wealth managers...

Merrill Lynch cuts its top rate on fee accounts

February 24, 2017

Merrill Lynch has lowered its top charge on fee-based accounts to 2.2% from 2.7%, a move that could save smaller investors as much as $5,000 a year, The Wall Street Journal reports. The reduction affects clients with under $1 million in assets...

Breakaway UBS, Morgan Stanley teams form $750M RIA

February 23, 2017

Advisory teams from Houston offices of UBS and Morgan Stanley that collectively managed $750 million have formed Icon Wealth Partners and affiliated with Dynasty Financial Partners. The new firm is headed by Mark McAdams and Steve Schwarzbach,...

Morgan Stanley mulls moving New York City headquarters

February 10, 2017

Morgan Stanley is said to be considering moving its headquarters from a building in Times Square to the Hudson Yards site now under construction on the Far West Side of Manhattan. The site, built on air rights over a Long Island Rail Road train...

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