Fund conversion takes a toll on UBS' fee revenue, but AUM and revenue per adviser hits a record as the firm sheds lower producers.
Largest firm by number of advisers cedes ground with 3% one-year drop; executives point to shedding of lower producers.
Bank of America CEO Brian Moynihan warned that adviser productivity and profit margins at Merrill may continue to fall as the firm sacrifices short-term profitability for long-term growth.
Merrill Lynch and U.S. Trust advisers can expect an even closer relationship with Bank of America Corp. when Terry Laughlin takes over for David Darnell as head of the BofA's wealth division later this year.
Attrition and breakaways have shrunk head counts at wirehouses, threatening the big four firms as they look to keep pace. </br><i><b>(Plus: <a href="http://www.investmentnews.com/section/specialreport/20150517/wirehouse052015" target="_blank">Our full Spotlight on Wirehouses special report</a>)</b></i>
New CEO says firm will also shrink investment bank because of "unsupportive" and "unfavorable" regulation.
Bank of America has dodged a high-profile, $20 million lawsuit brought by NFL star Dwight Freeney, who sued the company and his Merrill Lynch adviser, but the star's attorney says he plans to refile.
The carousel of wirehouse advisers continues to spin.
A top broker in California, Marc D. Lowe was dismissed earlier this month for "inappropriate workplace behavior;" circumstances still unclear.
Citigroup has agreed to pay $180 million to settle charges tied to two hedge funds the SEC said were improperly marketed and sold by private bankers and Smith Barney brokers.
A 68-year-old widower claims wirehouse did insufficient due diligence on the troubled money manager.
Results of the latest Bank of America Merrill Lynch fund managers survey.
<i>Breakfast with Benjamin</i>: The nation's biggest banks, like JPMorgan Chase, are lumping their broker-dealer units in with other 'non-essential' operations.
Thomas M. Rampulla's return to the U.S. comes after the firm recast itself as a patron of an industry that once saw it as a threat.
Wells Fargo Advisors picks up a Florida adviser with nearly $2 billion and UBS snags a four-person team in New York.
Despite increasing options in the independent space, majority of adviser moves are still among the big four.
Study estimates that between 12% and 20% of long-term packages signed after 2008 mergers will expire annually over the next four years.
Broker and wirehouse embroiled in a three-year dispute over a promissory note.
A decline in compensation expenses in the first quarter helped the wirehouse hit its 22% profit margin target three quarters ahead of schedule. <i>(Don't miss: <a href="http://www.investmentnews.com/gallery/20150406/FREE/406009999/PH/the-6-highest-paid-broker-dealer-executives" target="_blank">The 6 highest-paid B-D executives</a>)</i>
