Planned job cutting by parent BNY Mellon could sweep away jobs at the custodian that's a mainstay for independent B-Ds. .
So why aren't more advisers going after these clients?; 'very attractive investor class'
Economic growth has stalled. The employment picture is still stunted. Major global economies are plagued by debt woes. Each factor, and others, has prompted the markets to plummet more than 10% in less than ten days. Is another recession around the corner? A number of advisers think it's a good possibility now.
Bank of America Merrill Lynch has brought on six new financial advisers in Texas, Pennsylvania and California.
Bank of America Corp. continues to invest in its wealth management division while reining in other lines of business to prepare for new Basel III capital requirements
Analyst Richard Bove says Gorman's target for brokerage a stretch — and then some; 'phenomenal job'
In the financial advice-seeking population, about a quarter of households use multiple financial advisers. For those households with investible assets of between $2 million and $5 million, the proportion increases to 33%. And 58% of investors with more than $5 million in assets have multiple advisory relationships.
Addressing an issue that many thought had been resolved several years ago, Massachusetts last week filed an administrative complaint against RBC Capital Markets LLC and one of its former brokers, Michael Zukowski, for “dishonest practices in selling leveraged and inverse leveraged ETFs"
Financial adviser turnover at the four wirehouses — Morgan Stanley Smith Barney LLC, Bank of America Merrill Lynch, UBS AG and Wells Fargo & Co. — dropped to near-historic lows over the past 12 months
