BofA Wealth Profits Jump 10%: Q3 Earnings
The unit is set to have a new leader in 2017, when it will no longer offer commission-based retirement accounts.
Merrill Grabs $2B Team From Morgan, Loses $800M Group to Janney
BofA-Merrill Lynch adds eight advisors in the state of Washington, while Janney picks up five reps in Connecticut.
John Thiel, Head of Merrill Lynch, to Step Down
Thiel says he will stay on as an advisor; the new chief will be Andy Sieg, head of Global Wealth & Retirement Solutions.
Merrill Lynch to Enter Robo-Advice Race
Merrill Edge plans to introduce a robo-advice offering later this year that combines online investing technology with human advisors.
Recruiting Roundup: Wells Fargo, Merrill Nab Morgan Stanley Reps
Meanwhile Deutsche Bank Wealth Management and MV Financial share news on their latest hires.
BofA Fined by SEC for Lapses That Caused Mini-Flash Crashes
$12.5 million fine is largest ever for market abuse violations; weak trading controls led to stock drops of 99 percent.
Recruiting Roundup: Raymond James Nabs Two Morgan Stanley Teams
Two hybrid RIAs announce merger plans, as US Trust, Merrill, Ameriprise and other firms share their latest recruiting news.
Merrill Hires 3 New York Advisors From UBS
Bank of America-Merrill Lynch has recruited three veteran financial advisors from UBS with combined client assets of $750 million.
$550M Merrill Team Goes Indie With Dynasty in Florida
Also, Raymond James and Wells Fargo add several Morgan Stanley reps; Pavilion Financial to buy Jeffrey Slocum & Associates.
12 Best & Worst Broker-Dealers: Q2 Earnings, 2016
Like in Q1, profits for financial firms generally moved in the same direction, with one exception.