'If ... you've got a client sitting on a lot of cash earning zero, I would hope you're telling them to put it into Treasuries or something,' Gorman said.
CEO Brian Moynihan calls the wealth management group 'the least efficient business in the platform.'
'The bank is trying to keep advisors who would have left anyway and keep revenue in house,' one recruiter notes.
The marketplace for registered investment advisors saw 'a rebound to levels of deal activity not seen since early 2022,' according to Echelon Partners.
'Kudos to those guys for getting the deal done ... but it's jaw-dropping that's what they're getting paid,' one industry executive says.
"It’s frustrating to see Finra charging brokers after the nail is in the coffin of [clients'] portfolios," one attorney says.
The new firm picks up advisors from Edward Jones and Wells Fargo.
Meanwhile, Cetera's owner Genstar is reinvesting in the firm.
Kistler-Tiffany Advisors has been working with clients for nearly 50 years.
Galvin cites Fidelity's “half-hearted and lackadaisical attitude” on approving clients to trade risky securities.
