Bank of America Merrill Lynch took a hit in the fourth quarter due to rising expenses and lower interest income, though CEO Brian Moynihan offered a vote of confidence that brokerage chief John Thiel is managing expenses well.
Large wirehouse voices concerns over fund performance, management.
On today's <i>Breakfast with Benjamin</i>, are investors ready to run back into precious metals? Plus: What a breakup of JPMorgan Chase would look like, seeing 2015 through the eyes of Jeffrey Gundlach, and the pros and cons of living in a state with no income tax.
Three elite advisers with Merrill Lynch's Private Banking and Investment Group jumped to Morgan on Friday.
One goes to Stifel, the other to UBS. Both had ties to Merrill's elite private banking and investment group that serves ultra-wealthy clients.
Advisers could earn more deferred pay, but minimum ticket size for payout on equity trades upped to $125.
Coming off a 41% rise in quarterly profits in its wealth unit, Wells Fargo could be interested in an acquisition. Mason Braswell reports.
Wirehouses are now focusing on a new market segment in their talent searches: bank channel recruits. Why the change in sentiment for advisers once considered too risky?
Firms failed to disclose some brokers' bankruptcies and other issues to regulators.
Morgan Stanley fired an employee in its wealth management group who had stolen client data and posted some of it online. The theft affected up to 10% &mdash; 350,000 &mdash; of the firm's 3.5 million wirehouse clients.
A team of elite advisers who was <a href="http://www.investmentnews.com/article/20140919/FREE/140919904" target="_blank">fired last month</a> by Bank of America Merrill Lynch over private securities transactions has found a new home. <i>(Plus: The team <a href="http://www.investmentnews.com/article/20141007/FREE/141009940/terminated-2-5-billion-merrill-lynch-team-plans-to-fight-back" target="_blank">plans to fight back</a>.)</i>
President of Morgan Stanley's wealth management unit discusses how these demographics will shape the future of wealth and the work force.
Wells Fargo Advisors capped off 2014 with relatively strong numbers, as fourth-quarter earnings at its wealth division were up 5% year over year, despite costly investments in technology and higher broker commissions.
Consultancy says fund houses must pivot to independent advisers and new products to drive growth.
Former broker Michael Hadden says wirehouse mislabeled customers' risk tolerance when selling potentially unsuitable products
Former brokerage executive Sallie Krawcheck downplayed the rise of wirehouse breakaways, telling a conference of advisers that wirehouses have more important things to worry about.
The moves mark a reversal from firm's efforts to defer more pay to tie bankers to the firm and reduce immediate costs.
Independent advisers get a dose of inspiration as Tony Robbins continues to champion their cause
Firm's managed accounts can make greater use of products like bond mutual funds and ETFs over individual bonds in model portfolios.
Wirehouse settles class action claim the firm wrongly withheld incentive compensation from two former advisers who changed firms.
