Wells Fargo & Co. is revamping its wealth management franchise and such changes often lead to a reduction of the number of financial advisers at large enterprises.
Merrill Lynch reported a 6% dip in adviser head count and said that 80,000 clients are now using its self-directed investing platform.
Orlando Garcia and Miguel Viyella join the firm's employee unit in Coral Gables, Florida.
The bank said it will no longer offer the product to customers as part of an effort to simply its offerings.
Two former reps say African Americans received less pay, support than others at the firm.
The investment bank was notified of the breach by a vendor that provides account maintenance for the stock plan business. The files did not contain passwords that could be used to access financial accounts, according to a company memo.
The Raleigh, North Carolina-based aggregator has grown to $60 billion under management and $600 billion under advisement, and claims "no end in sight."
Despite payout rates and branding that suggest higher levels of support, the top brokerage firms are not meeting adviser expectations, according to a recent survey of over 3,000 advisers.
Joseph Myer has formed Veritas Capital Management in Ashburn, Virginia, and is affiliating with LPL through Gladstone Wealth.
Steven Carlsen and Sathya Chey are forming a firm, Arise Private Wealth, in Rolling Hills Estates, California.
The bank hasn't set a date for returning to the office. Employees can start applying for hybrid work once local pandemic rules allow them to return full-time to the office.
Bill Wade and Reid Berry are opening an office in Brentwood, Tennessee.
The four advisers in Salt Lake City, who operate as Williams & Townsend Wealth Management Partners, are joining the firm's employee unit.
The firm said the goal is to help create a normal office environment, without a need for face masks and physical distancing.
Led by Tony Esses, the group based in Coral Gables, Florida, focuses on Argentinian investors.
The six-adviser group led by Larry Boggs is forming Boggs & Co. Wealth Management in Cumberland, Maryland.
The banks told U.S. employees they'll receive a floating paid day off to mark the holiday commemorating the end of slavery in the U.S., which President Biden signed into law Thursday.
The four-adviser Seidler Cattich group is joining the firm in San Francisco.
The six-adviser team, Puzzle Wealth Solutions, is affiliating with LPL Financial through OSJ Gladstone Wealth Partners.
Driving the recruiting overhaul at wirehouses over the past few years has been the tremendous expense of recruiting experienced financial advisers.
