BofA Misses Q1 Estimates; Wealth Profits Fall 11%
Merrill Lynch boosts its advisor force and faces higher compensation and related costs.
Baird Adds $350M Ex-Schwab Rep
Meanwhile, Raymond James and Ameriprise pick up teams from Morgan Stanley and Stifel.
Algorithms Will Make JPMorgan Less Bad
JPMorgan is using algorithms "to identify rogue employees" to minimize costs and maximize ROE (and bonuses). That happens to coincide with regulatory goals.
Q1 Earnings Outlook: Grim Overall but Not for Financials
First-quarter earnings are expected to suffer the biggest decline in more than five years, but financial company earnings are forecast to rise.
Merrill Adds Janney Advisor, Ameriprise Picks Up 3 Reps
The advisors come on board the two firms in Pennsylvania, Texas, Florida and New York.
Come April, if not earlier, taxes occupy a huge space in your clients’ brains. If you’re providing tax advice, taxes are taking up valuable real estate in your brain, too, if they haven't taken over entirely.
Ex-NFL Star Sues BofA for $20M
Dwight Freeney, a former Colts and Chargers player, accuses the bank of getting him caught up in a con game.
Wells Adds 5 Reps as Raymond James Grabs One of Its FAs
In other news, U.S. Trust shares the names of its latest recruits, and two divorce-focused groups merge.
New Hire Roundup: Morningstar Names Ptak Head of Global Manager Research
Meanwhile, Wesley Long, former head of private client services at Wedbush, joined Index Fund Advisors to lead its wealth advisors.
Ameriprise Agrees to $27.5M 401(k) Settlement
The broker-dealer was accused of charging its employees high fees and using expensive proprietary funds.