Retention contracts at wirehouses winding down; more confidence in going indie
The door from the trading floor to the chief executive's office opens, and before it can close, the voice of a broker working the phones is heard, using a line that could have been lifted from the Shearson Lehman playbook of the go-go 1980s.
When John Thiel took over as head of U.S. Wealth Management for Bank of America Merrill Lynch in April, the 15,000 or so Merrill Lynch financial advisers breathed a collective sigh of relief.
While some aspects of recruiting activity in the brokerage industry appears to have slowed a bit in 2011, things have started to heat up as of late -- with a number of large teams recently changing place, according to data tracked by <i>InvestmentNews.</i>
Judge gives approval to certification; plaintiff's claim BofA misled shareholders about bonuses, losses
Researcher says slice could dip to 35% by 2013, down from 50% in 2007; some self-pruning
The latest compensation changes being made by Merrill Lynch Wealth Management to encourage brokers to go after wealthier clients could hurt broker trainees, small-market financial advisers and low-end producers.
Like E.F. Hutton, PaineWebber and Dean Witter, the venerable name of Smith Barney is likely to be relegated to the ash heap of Wall Street history
Whopping bonuses, exorbitant salaries encouraged risk-taking, leverage; 'poachers better paid than the game-keepers'
Sapient Private Wealth Management, a fee-based investment adviser in Eugene, Ore., last week joined Focus Financial Partners LLC, marking the eighth transaction completed by Focus this year
A handful of top-tier advisers and teams have changed firms in the last 30 days, according to our <a href=http://www.investmentnews.com/section/recruiting-moves&fromdate=20111019&todate=20111118&sortorder=aum%28desc%29>Advisers on the Move</a> database.
Bank of America Corp.'s David Darnell, the commercial banker put in charge of the lender's Merrill Lynch brokerage, promised employees he'll do anything including “get out of the way” to help them improve results.
As work begins on the final version of the Volcker rule, wirehouse financial advisers say that their high-net-worth clients would feel the biggest impact from any new regulations that placed investment restrictions on financial institutions
Management keen to boost productivity by thinning ranks; market share of four giants also dwindling
Bank of America Merrill Lynch brokers might want to pray a little longer and a lot harder after last week's sacking of Sallie Krawcheck, who headed BofA's wealth management division
The Headhunter wonders why Sallie Krawcheck's departure registered as an earth shattering day in the history of the retail brokerage business.
Swiss bank may also have to reduce headcount even further
Warren E. Buffett's $5 billion vote of confidence in Bank of America Corp. last Thursday notwithstanding, Merrill Lynch advisers have been forced to reassure clients over the past few weeks that their parent company is not headed for insolvency.
