Merrill fires $2.5 billion-plus adviser

Merrill fires $2.5 billion-plus adviser
A top broker in California, Marc D. Lowe was dismissed earlier this month for "inappropriate workplace behavior;" circumstances still unclear.
JUL 15, 2015
Bank of America Merrill Lynch fired a top broker in California earlier this month, citing "conduct involving inappropriate workplace behavior, resulting in loss of management's confidence," according to documents filed with state regulators by Merrill Lynch. Marc D. Lowe, a senior vice president on a team that oversaw $2.5 billion in client assets in Los Angeles, confirmed that he was no longer at the firm but declined to elaborate on the reasons behind his departure. A spokesman for Merrill Lynch, William P. Halldin, confirmed that Mr. Lowe was no longer with the firm but declined to comment. The disclosure, which was made in a Central Registration Depository Snapshot, a detailed employment record available through state securities regulators, shows he was discharged on July 9. Sources say the reasons behind his departure are still unclear, but added that there were disagreements between Mr. Lowe and senior management at the firm. Mr. Lowe's BrokerCheck record with the Financial Industry Regulatory Authority Inc. shows that he is no longer registered with Merrill Lynch but does not show any termination for cause or any other disclosure events or client complaints. Mr. Lowe is still looking for a new firm, sources said. In 2011, Mr. Lowe was ranked No. 24 on a list compiled by Barron's of top advisers in California. He was said to be managing $5 billion in assets. Sources noted, however, that the managing director on the team, John Vilardo, may have overseen a large portion of the assets the team was managing. The rest of Mr. Lowe's 12-person team, including Mr. Vilardo and several other advisers and support staff, remains at the firm, according to their website. Mr. Lowe is a legacy Bank of America adviser and worked with Banc of America Investment Services Inc. until he registered with Merrill Lynch in 2009, according to BrokerCheck. An industry recruiter, Mark Albers, who was a former complex director with Merrill Lynch in San Diego, said the team built its business while at the bank by working with a number of high-net-worth families. “The Vilardo team has a reputation of being professionals, and they have done a really good job of working with clients,” Mr. Albers said. “The loss of one guy is unfortunate. It appears to be some HR issue, but we'll never know.”

Latest News

Is Wall Street's AI risk analysis right for RIA portfolios?
Is Wall Street's AI risk analysis right for RIA portfolios?

Anthropic's Millennium partnership moves AI from reactive tool to proactive risk monitor — but other wealth tech leaders question its fit for RIA practices.

AI is resetting trust in wealth services, says Advisor360's new CEO
AI is resetting trust in wealth services, says Advisor360's new CEO

Milind Mehere offers perspective on why ambient AI, not smarter models, will define the next decade of wealth tech.

Ex-indy rep turned phony finfluencer gets two years in prison
Ex-indy rep turned phony finfluencer gets two years in prison

Kenneth Thom, 42, reinvented himself as a finfluencer known as “K Money.”

Trump sued over Truth Social's paid early-access data feed
Trump sued over Truth Social's paid early-access data feed

A press-freedom lawsuit filed in Manhattan challenges the president's $100,000-a-month Truth API service used by trading firms.

Zero-fee IRAs quietly cost savers up to $1,400 a year, PensionBee study finds
Zero-fee IRAs quietly cost savers up to $1,400 a year, PensionBee study finds

Research reveals six hidden costs inside "zero-fee" IRAs, with one investment mistake potentially amounting to $170,000 over a 30-year period.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income