Details of sale to one or more P-E firms could be announced as early as today.
Wirehouse said gross new household acquisitions by experienced advisers were up 71% in the first half of the year.
Company also set aside $114 million over fees for rich clients.
Sales could hit $5.1 billion this year, up from $4.2 billion in 2017, according to Robert A. Stanger & Co. Inc.
GPB, which offers private placements, also cut the distribution rate on one of its funds
The 32-year industry veteran, whose team at Merrill had $2.9 billion in assets, launches Keebeck Wealth Management in Chicago.
Industry plaintiffs who succeeded in vacating the regulation filed a motion seeking no further action.
How will the four wirehouses react to this news?
The Senior Safe Act and new Finra rules are the latest initiatives to encourage advisers to intervene in cases of elder financial fraud. But the measures don't guarantee advisers won't be sued.
Efforts to protect seniors from fraud, exploitation may invite legal battle.
