The appointment last week of John Thiel as head of U.S. wealth management for Bank of America Merrill Lynch ends one chapter — and opens another — in the ever-changing management saga at the nation's second-largest wirehouse
After months of speculation, UBS today named Robert McCann as its new head of wealth management in the Americas
Bank of America's Global Wealth and Investment Management division — and specifically the Merrill Lynch brokerage operation — continue to benefit from improving markets.
Will head up BofA unit's institutional consulting group; wirehouse veteran
In the next crisis, the roles of Fannie Mae and Freddy Mac will be played by financial services giants
Are you familiar with the Wells Fargo Profit Formula program? It was designed and originally launched by Wheat First, the Richmond, VA based regional broker dealer bought out by First Union in 1997. Wachovia and First Union merged in 2001, and Wells saved Wachovia from collapse in 2009.
Once, big firms battled other big firms for the best advisory talent. Now, smaller firms are nipping at their heels as well.
The largest brokerage has seen its assets swell, while reps' productivity has soared. Those reps that are not producing? MSSB still plans to do some pruning.
Expedia tripped up travel agents. Mapquest routed map makers. Netflix killed the video stores. Now comes portfolios-to-go. The question: are these prepackaged investment models phenomenon or fad?
Sallie Krawcheck's short list said to include John Thiel; joined the brokerage as an adviser in 1989
The 200 to 300 financial advisers and trainees given their walking papers at Morgan Stanley Smith Barney LLC this quarter probably won't have much trouble finding new jobs, according to industry recruiters.
Assets to the RIA channel have more than tripled over the last ten years, a trend that is 'redefining the way investment advice is delivered'
On Wednesday and Thursday of this week, Complex Managers at Morgan Stanley Smith Barney were told to participate in a conference call (the Wednesday call was repeated on Thursday) which was entitled: Compensation Communication Day Training. The slides, delivered by Human Resources, detailed how 2010 bonuses were being structured.
Fleming's comp package included $1.4M in cash, and nearly $4M in deferred cash; took over at brokerage in January
Danny Sarch is entitled to pursue his blatant commercial self-interest through his regular attacks on Morgan Stanley Smith Barney, but he is not entitled to make false statements. In addition to inaccurate calculations regarding cash deferrals, his claim that “nobody ever suggested” branch manager bonuses “would be in anything other than cash” is untrue. <a href=http://www.investmentnews.com/article/20110125/BLOG01/110129981> (Read Mr. Sarch's Jan. 21 posting.)</a>
Then: Brokerage commissions for trades were high with a client routinely paying more than $1,000 for a large equity transaction.
A Wirehouse Adviser, Regional Firm Broker, and a Boutique Firm Adviser are sitting with me for dinner. None of them are particularly happy with their current firms.
