Cynthia Hutchins takes on newly created role to help advisers deal with aging clients.
Brokerage firm set aside $1.2B in fourth quarter for litigation, misses return on equity goal.
Brokers' pay rises on higher transaction revenue and asset-based fees.
Merrill Lynch Pierce Fenner & Smith Inc. turns 100 today. At least, it would have, if it were a standalone entity, and not a government-rescued Too Big to Fail entity, forced into a shotgun wedding with Bank of America.
Merrill Lynch will reward teams that double their revenue in the five years after 2013 with a shared payout equal to 10% of the team's incremental revenue growth.
Morgan Stanley and Merrill Lynch say the days of paying big bonuses to lure each other's brokers and keep their own in place may be ending.
In 2014, Wells Fargo & Co. will require more revenue and set new targets for its largest group of advisers but will also give them more ways to top the hurdle.
Wirehouse agrees to settle SEC charges that it failed to inform investors that a hedge fund influenced the selection of collateral backing two debt products it was selling.
Productivity per adviser climbs 11.5%; market gains, asset flows boost the bottom line
The move could happen as early as the fourth quarter. How could this impact its thundering herd of advisers and brokers?
Regulator says firm misrepresented parts of a CDO deal, making disclosures false.
Next year, the wirehouse will increase expense accounts and other incentives to help advisers attract clients with the most money to invest.
Mary Mack, Wells Fargo & Co.'s new brokerage chief, plans to put more retail clients into managed accounts as the largest U.S. firms nudge advisers away from picking individual stocks.
Market performance, money flows push Wells Fargo Advisors' assets to record.
Plus: Elizabeth Warren vs. Wall Street, emerging markets see downside of credit boom, and the realities of alternative energy investments. All in Breakfast with Benjamin.
UBS AG, the world's largest wealth manager, said clients are shifting money to be managed directly by the bank or pay for advice in a reversal of previous outflows after it revamped services to boost profitability.
The driver of the car that killed actor Paul Walker was a Merrill Lynch wealth manager and had been named a top adviser in 2010, 2011 and 2012.
Bank of New York Mellon Corp. plans to sell Manhattan's 1 Wall St., the Art Deco skyscraper that serves as its corporate headquarters, and has hired brokers to find a smaller amount of space to lease elsewhere.
