Wirehouse Firms
Learn the ins and outs of the wirehouse channel, including news, analysis and more on Bank of America-Merrill, Morgan Stanley, Wells Fargo and UBS.
FINRA Disciplines Merrill, LPL, National Financial, Van Kampen
By Marlene Y. SatterFINRA took disciplinary action against Merrill Lynch, LPL Financial, National Financial Services and Van Kampen Funds. Merrill was censured and fined $400,000 on findings that it failed to enforce its anti-money laundering rules.
September 12, 2011
BofA to Slash 30,000 Jobs, $5 Billion a Year in CostsBofA's restructuring comes six days after Sallie Krawcheck was let go as head of wealth management, but company says it will continue to hire FAs.
September 06, 2011
Broker Population in ‘Shocking Decline,’ Expert SaysIndustry insiders are alarmed by the overall decline in the U.S. broker population, despite data released by Cerulli Associates in late August that showed only a moderate pace of reduction.
September 02, 2011
Can Bank of America Survive Another Beating?The once nearly orphaned Merrill Lynch is BofAs most successful business unit and it is its corporate parent that looks to be near the precipice.
September 01, 2011
Raymond James Upbeat on RecruitingRaymond James Financial reported net income of $46.8 million, or $0.37 per share, for the period ended June 30 vs. income of $60.7 million, or $0.48 per…
September 01, 2011
Scramble for AssetsThough industry efforts will likely serve to soften the Dodd-Frank Wall Street Reform & Consumer Protection Act that President Obama signed into law…
September 01, 2011
Q2 ’11 Earnings: Mixed Wirehouse Results as Wealth-Management Units Improve SalesBank of America said it had a net loss of $8.8 billion, or $0.90 per share, for the second quarter, compared with net income of $3.1 billion, or $0.27…
August 31, 2011
BofA Adds 38 Advisors to Merrill EdgeBank of America has hired 38 Merrill Edge advisors serving mass-affluent clients in and around Washington, D.C., Baltimore and Philadelphia. The hiring is part of BofA-Merrills plan to nearly double the number of Financial Solutions Advisors to 1,000-plus by year-end.