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Registered Rep.
October 31, 2008
French & Churchill |
If Bank of America Signs Protocol, It's Business As Usual. If Not, Maybe Not But Merrill Lynch advisors may not know whether BofA will sign it before they have to sign their own retention agreements.   |
Registered Rep.
October 30, 2008
Churchill & French |
Merrill Lynch Says Broker Protocol Still Intact, Clarification Forthcoming Merrill Lynch financial advisors put off by non-compete language in the retention package they received last week -- who must now decide whether to sign it -- are getting assurances from Merrill that it's not as bad as they think. |
On Wall Street
December 1, 2008
Frances A. McMorris |
Bank of America Gets on Board Bank of America finally gave in and agreed to join the industry-wide protocol in an effort to prevent an exodus of Merrill Lynch financial advisors. |
Registered Rep.
November 4, 2008 |
Top Merrill FAs Playing Hardball With Retention Package They have taken the first step towards getting changes made by collectively hiring a lawyer, who "ripped the retention contract to shreds." |
Registered Rep.
November 6, 2008 |
Bank Of America To Sign Protocol, Herd Still Weighing Options Bank of America intends to sign the so-called "broker protocol," an agreement signed by most of the brokerage firms and RIAs stipulating what client information is acceptable for a departing financial advisor to take without getting sued by the former employer. But when? |
Registered Rep.
November 14, 2008 |
Update: 6,200 Merrill FAs Sign BofA Retention At Deadline Merrill says that only about half of the firm's nearly 17,000 advisors were eligible in the first place, and that they are responsible for about 75 percent of the firm's production. |
Registered Rep.
February 26, 2010
Christina Mucciolo |
Some Predict Broker Protocol Overhaul Some lawyers and executives anticipate an overhaul to the broker protocol agreement, which has gotten unruly with the growing number of signatory firms, the rising number of exceptions attached to the agreement and the high rate of advisors switching firms these days. |
On Wall Street
September 1, 2009
Helen Kearney |
On Life Support a Year Ago, Merrill Pays for Top Producers Merrill, under BofA, seems to be on the hunt to add to its ranks, and it's offering a very competitive package that has almost unlimited upside for top producers. |
Registered Rep.
October 27, 2008
John Churchill |
Separate BofA Retention Package Targets Top Half of BofA force Only 50 percent, or roughly 1,000 of the 2,000 Bank of America Investment Services financial advisors, will see a retention bonus. |
On Wall Street
April 1, 2011
Lorie Konish |
U.S. Trust Defends Garden Policy, Codifies Processes Bank of America Corp. gave its U.S. Trust advisors notice in February that they were subject to "garden leave restrictions" if they left, sending shock waves through the industry. |
Registered Rep.
November 8, 2010
Kristen French |
Merrill Strengthens Golden Handcuffs For New Hires, Recruits Small Fry To receive all of his recruiting bonus money, a new hire must now stick around for 14 years, instead of nine, and all of the back-end money is now deferred, where a big portion used to be in cash. |
Investment Advisor
May 1, 2011
Melanie Waddell |
Is the Protocol Long for This World? With Wall St. firms carving out 'exceptions,' Patrick Burns asks if a weakened Protocol can survive |
Registered Rep.
October 14, 2010
Kristen French |
Merrill Brokers Had "Good Reason" To Leave, And Got $1.2 ml For It Two former Merrill brokers won $1.167 million in an arbitration award from Merrill Lynch for deferred compensation benefits |
Registered Rep.
June 14, 2012
Mindy Diamond |
Broker Protocol Booming As firm-switching among brokers rose to record levels over the past four years, the number of signatories exploded, growing almost 40 fold. Many of the new signatories are RIAs. |
Investment Advisor
February 2009
Thomas D. Giachetti |
The Skinny on the Protocol The law is fairly clear that a departing advisor should not bring any customer information to a new employer. |
On Wall Street
April 1, 2010
Howard J. Stock |
Back Office Move Has Advisors Up In Arms -- Some Bolt Questions surround what will happen to BAI clients when Merrill moves their accounts from National Financial to Merrill Lynch. |
Registered Rep.
August 29, 2014
Mindy Diamond |
Ten Years of Myths and Moving Why advisors need to purge common "myths" from their thinking about changing jobs. |
Registered Rep.
September 15, 2008
Kristen French |
Merrill Lynch Sells Itself To Bank of America: Update 3 The biggest question, now that BofA has agreed to buy Merrill Lynch, is what Bank of America will do to hold onto Merrill Lynch's dearest asset -- its approximately 17,000 financial advisors. |
Registered Rep.
October 11, 2010
Susan Konig |
Advisor Movement Should Pick Up in 2011, Experts Predict Aggressive and lucrative recruitment packages essentially prompted anyone who wanted a big check to move last year, Diamond says. |
Registered Rep.
June 4, 2009
John Churchill |
Merrill Lynch's Dan Sontag Out? Salaried Merrill Brokers? Not so Fast According to a story posted yesterday on Clusterstock.com, a financial blog, Dan Sontag, head of Merrill Lynch's global wealth and investment management unit, is about to be pink-slipped. |
Registered Rep.
October 24, 2008
John Churchill |
Merrill Retention Is Adequate for Top Dogs, Scanty for Lower-Tier Producers The long-awaited Merrill Lynch retention package has arrived. Not surprisingly, top producers will probably be pleased, but others may not. |
Registered Rep.
August 25, 2006
Kevin Burke |
Merrill Fighting Back Against Recent Defections The recruiting war for top brokers remains fierce. The latest evidence of the fight to win million-dollar producers involves the industry's biggest firms. |
Registered Rep.
September 1, 2004
David A. Gaffen |
Parting is Such Sweet Sorrow You won't have to steal client addresses and phone numbers any more when switching firms --- that is, if you work for Merrill Lynch, Smith Barney or UBS Securities. |
Registered Rep.
June 1, 2010
John Aidan Byrne |
Bank of America Ramps Up Online Brokerage Bank of America is making a push into electronic brokerage services, a menu that includes free online trading and a new platform called Merrill Edge, set to debut in late June. Some say the new services will steal business from Merrill advisors. |
Registered Rep.
April 1, 2007 |
Broker Protocol for All? A judge's decision may make it a lot easier for brokers to leave protocol firms at a time when recruiting wars and transition packages are at their peak. |
Registered Rep.
March 1, 2007
Mindy Diamond |
Of Myths and Moving: Revisited The thought of changing firms is a big step for any financial advisor. But don't let cloudy thinking get in your way. Make sure you stop paying heed to old Wall Street myths. Don't fear change. Embrace it. |
Registered Rep.
April 1, 2003
David A. Gaffen |
Your Book or Your Life! What would you do if you lost your book? Where would you turn for new customers? Where could you be hired? Those are questions that keep many advisors up at night. |
Registered Rep.
October 10, 2008
John Churchill |
McCann: Merrill Managers Get No Retention, FA Package Due in Two Weeks Merrill's president revealed that managers will get no retention package and only the top third of financial advisors will be getting a deal. |
Registered Rep.
October 1, 2006
Halah Touryalai |
Morgan Joins TRO Pact Morgan Stanley has officially opted to join the inter-brokerage pact, first created in the fall of 2004, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them. |
Registered Rep.
September 13, 2006
Halah Touryalai |
Morgan Joins Inter-Brokerage TRO Pact This firm has officially opted to join the inter-brokerage pact, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them -- as long as they are moving to another firm named in the pact. |
Registered Rep.
September 17, 2008 |
Merrill Reps: Waiting For Retention News Brokers were told they would be offered retention packages, but no further details have been offered so far. |
Registered Rep.
March 23, 2006
Kristen French |
Merrill To Gorman: Quit Poaching Our Reps And BOMs Is James Gorman, the new head of retail at Morgan Stanley, brazenly poaching employees from his old firm, Merrill Lynch? A judge apparently thinks so. |
Registered Rep.
March 15, 2012
Kristen French |
Did the $5 Debit Card Fee Prompt the Merrill Exodus? Bank of America Merrill Lynch has been bleeding top brokers in the past six months, just as many industry observers predicted. |
Registered Rep.
August 4, 2009
French & Churchill |
Dan Sontag Departs Merrill Lynch Much beloved by Merrill financial advisors, Dan Sontag is stepping down as head of Merrill Lynch Global Wealth Management. |
Registered Rep.
June 27, 2006
Kevin Burke |
You Leaving Me?--Mother Merrill Asks Some Top Producers If They're Fixin' to Depart If you are one of Merrill Lynch's best financial consultants and you have been flirting with other brokerages or financial-planning firms, watch out: You could get hit with a Merrill loyalty statement. |
Registered Rep.
August 10, 2004
David A. Gaffen |
Fleeing Brokers Can Take Some Client Info Three of the nation's largest brokerage firms have agreed to make it easier for registered reps to take clients with them when they change firms, eliminating a lot of the cloak-and-dagger antics that brokers often suffer when making a move. |
Registered Rep.
August 13, 2007
Halah Touryalai |
Merrill Grabs Advisors Producing $5.5 million From Rival UBS Merrill Lynch won big last week in the aggressive industry-wide recruiting war for top advisors. |
Registered Rep.
June 2, 2003
David A. Gaffen |
Vermont Judge Rules Against a Merrill TRO A federal judge in Vermont has ruled against Merrill Lynch's attempt to prevent two former brokers from contacting clients they held while at the firm. |
Registered Rep.
August 26, 2010
John Aidan Byrne |
Neck And Neck, Morgan and Merrill On Hiring Sprees Both firms say they plan to add net financial advisors in 2010, adding to stated plans to sign up 2,000 trainees each this year. |
Investment Advisor
March 2010
James J. Green |
Merrill Discovers Retirement It appears that Merrill Lynch, now ensconced in Bank of America, has realized the importance of retirement planning to its clients and potential clients, and is moving to better position its army of financial advisors to compete in the space. |
Investment Advisor
January 2010
James J. Green |
BAIS Moves Reps to Merrill Banc of America Investment Services (BAIS), Inc., transitioned its registered representatives to Merrill Lynch, and then requested that FINRA withdraw BAIS's broker/dealer registration. |
Registered Rep.
December 11, 2002
Ross Tucker |
Merrill Program Seeks to Boost Women and Minority Advisors Executives from Merrill Lynch's global diversity group say the firm has to do a better job in retaining and boosting the performance of women and minority financial advisors. |
Registered Rep.
November 9, 2009
Kristen French |
BofA Pressures Merrill FAs To Sell Bank Products Some of Merrill Lynch's 15,000 financial advisors are feeling pressure to sell parent company Bank of America's checking and savings account products -- and they're not happy about it. |
Registered Rep.
January 6, 2009 |
Sontag Takes McCann's Job At Merrill More shocking to Merrill Lynch advisors than the sudden departure of their leader is the disappearance of the "MER" logo from their computer screens. |
Registered Rep.
June 1, 2012
Jerry Gleeson |
Rep.'s Annual Compensation Report 2012: The Chink in the Ka-Ching Small household accounts have always been the bane of brokerages' existence, and advisors who work with such clients do so at the peril of their own compensation. |
Registered Rep.
October 30, 2008 |
Merrill's Retention Package: Just For White Guys? Stowell & Friedman, a Chicago-based law firm, files a suit against Merrill Lynch claiming African-American and female brokers at the firm have been largely excluded from its retention-bonus plan. |
Registered Rep.
February 8, 2006
Kevin Burke |
Merrill Brokers to Get Less Money Now, More Later--If They Stay Merrill Lynch has changed the way it pays its brokers to include more deferred compensation and less cash. The new package rewards brokers who stay a long time, while penalizing those that don't. Its aim is reducing turnover, but may also improve the firm's earnings. |
Registered Rep.
April 20, 2010
Kristen French |
Merrill Won't Seek Growth Through Top Tier Advisor Hires Merrill Lynch plans to grow primarily by investing in current advisors and hiring rookies, said Merrill Lynch president of Global Wealth and Investment Management Sallie Krawcheck on Tuesday. |
Registered Rep.
September 15, 2005
John Churchill |
Merrill Gets Advest Cheap Merrill Lynch reportedly paid $400 million for the purchase of the Advest Group from AXA. The purchase includes the private client group, an asset management arm and a capital markets group. According to analysts, Merrill got the firm cheap. |
Registered Rep.
April 15, 2009
Kristen French |
Bank of America Launches Client Referral Program It's one of several referral programs the bank is putting together as part of its integration with Merrill Lynch, including one that would offer leads from the commercial banking division to certain Merrill Lynch advisors. |
