Andy Sieg, head of wealth management, told senior managers that the wirehouse has no intention of joining Morgan Stanley and UBS in pulling out of the accord at this time.
If advisers serve enough wealthy clients, their compensation award will come as percentage of revenue, instead of flat amount.
United Development Funding alleges Mr. Bass made false claims that damaged its business
Recruiters say Merrill Lynch, like Morgan Stanley and UBS, has already moved away from the traditional recruiting model and is more apt to leave the protocol than Wells Fargo.
Chairman says it's important that the SEC be involved in coming up with a fiduciary standard that will make investors happy.
Smaller shops have benefited from the broker protocol at the expense of larger firms like UBS, experts say
Thomas Butch is stepping down, and COO Shawn Mihal is filling the void.
Wirehouse is the second to dump the industry agreement that was created more than a decade ago to limit lawsuits against brokers when they leave firms.
The illiquid product's three-year decline is partially due to new regulations and poor performance.
The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.
