Merrill Lynch fires Chicago star broker Bruce Lee

A perennial member of Barron's list of top financial advisers, his team managed nearly $3 billion in client assets

Apr 24, 2018 @ 2:18 pm

By Bruce Kelly

Merrill Lynch star veteran broker Bruce Lee, whose Chicago team managed nearly $3 billion in client assets, was fired for unknown reasons, according to sources with knowledge of the move.

Mr. Lee, who was fired on Friday, was a perennial member of the closely watched Barron's lists for top financial advisers across the United States. Just this year, Barron's ranked Mr. Lee No. 79 on a list of "Top 100 Financial Advisors" in the country. According to the list, Mr. Lee and his team had $2.9 billion in client assets, and Mr. Lee's typical client had a net worth of $100 million.

"That's huge," said Casey Knight, an industry recruiter, after being told of Mr. Lee's departure from Merrill Lynch. "He's been on the Barron's list forever."

Mr. Lee, who could not be reached to comment, was part of Merrill's elite Private Banking and Investment Group, PBIG.

Bill Halldin, a spokesman for Merrill Lynch, confirmed that Mr. Lee no longer worked for the firm but declined to comment further.

Broker-dealers have several weeks to report the reasons why an employee was fired. According to his BrokerCheck report, Mr. Lee is still registered with Merrill Lynch.

Mr. Lee started his career at Bear Stearns in 1986, according to BrokerCheck, before landing at Credit Suisse in 2004. Mr. Lee worked there until 2011 before moving to Merrill Lynch. He has worked for eight firms in his career with only one customer complaint, in which a client in 2013 alleged unsuitable investment recommendations. The investor complaint was eventually denied, according to Mr. Lee's BrokerCheck profile.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How to improve productivity

Expanding your business can be a challenge for advisers. Tim Welsh of Nexus Strategy offers some helpful strategies to take your practice to the next level.

Latest news & opinion

Fight for New Jersey fiduciary rule yields doomsday rhetoric from both sides

Stakeholders warned of a 'crisis' and 'decimation of our financial system' at a public meeting held by the New Jersey Bureau of Securities.

The Women’s Issue

News, video and expert opinion about women in financial advice

Meet the 2018 Women to Watch

These female financial advisers and other industry leaders are recognized for their successes and support of other women in the financial advice business.

Some good news about female recruitment in financial advice

Each of four core advisory positions tracked in InvestmentNews' benchmarking study has seen an uptick in women entrants.

10 ETFs that are up more than 35% this year

Amid the stock market carnage, there are still some funds posting big gains.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print