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

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.

Latest News

Texas man says SEC and fund could make him pay twice
Texas man says SEC and fund could make him pay twice

A $141M judgment and a federal asset freeze collide over one shrinking pool

Osaic executives Kristy Britt and Greg Cornick to leave
Osaic executives Kristy Britt and Greg Cornick to leave

The firm's CFO and EVP of Wealth Management Solutions are the latest executives to exit the broker-dealer.

Estate planning becomes a client retention issue for financial advisors, survey finds
Estate planning becomes a client retention issue for financial advisors, survey finds

Clients are saying they would consider switching advisors if another professional offered estate planning services, according to a new Trust & Will survey.

Candidly adds AI agents for Trump Accounts, workplace benefits
Candidly adds AI agents for Trump Accounts, workplace benefits

CEO Laurel Taylor says the fintech's composable AI stack helps workers optimize dollars across Trump Accounts, 529s, 401(k)s, and other employee benefits.

BMO adds three advisors in Dallas amid Y'all Street wealth boom
BMO adds three advisors in Dallas amid Y'all Street wealth boom

The bank has swiped three private banking veterans from BNY as the city climbs the ranks of America's fastest-growing wealth hubs.

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

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.