Two terminations at a pair of the industry's biggest firms took center stage with advisers this week. Word of
LPL Financial axing a Houston branch manager made waves, as did
a pledge of legal action from a $2.5 billion team of
Bank of America Merrill Lynch advisers that had been asked to leave the company.
This week also featured
InvestmentNews' big
exclusive interview with Bill Gross, covering his exit from Pimco and his fresh start with Janus
Capital Group.
And the issue of bringing more female advisers and clients into the industry drew headlines, thanks to an
InvestmentNews Women Adviser Summit, as well as
new comments from former Bank of America Merrill Lynch executive Sallie Krawcheck.
Terminated Merrill Lynch duo plans to fight back
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Initial reports of Merrill Lynch
asking a $2.5 billion private banking duo to leave the firm grabbed lots of advisers' attention, and so too did the latest developments this week. According to Mason Braswell's reporting, the pair is
poised to launch legal action against Merrill, claiming they were wrongfully terminated. Stay tuned for what might become a contentious legal battle between firm and ex-employees.
Bill Gross' drive to beat his competitors remains strong
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Bill Gross
told reporter Trevor Hunnicutt that he's still "in it to whip the pants off anybody competing on the same football field," channelling his inner Peyton Manning. He's hoping to recreate the Denver Broncos quarterback's late-career revival at Janus Capital Group, where he says he'll be much more investment focused. Mr. Gross also took some time to
answer a few advisers' big questions about his next chapter. And if you still can't get enough of all the Pimco-Bill Gross drama, we put together
this handy landing page that collects all our recent coverage.
LPL terminates star adviser Jeb Bashaw
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Once rated the top financial adviser in Texas,
Jeb Bashaw (pictured) was terminated by LPL Financial for allegedly "failing to follow firm policies and industry regulations." The dismissal of the star Houston branch manager
spurred a healthy dialogue in our comments section, and has many advisers wondering what went on to lead to Mr. Bashaw's dismissal.
The business case for investing in women
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Getting more women involved in financial services remains a challenge to the industry, though plenty of work is being done to change it. Case in point: this week's
Women Adviser Summit, held by
InvestmentNews. The Summit featured great insights from people like Pax World Management's Kathleen McQuiggan, who
made the case for buying into companies that have greater numbers of women in management roles. And Sallie Krawcheck
reiterated the need for advisers to connect with women clients beyond just marketing to them, since women are a growing economic power in the United States.
