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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.  |
On Wall Street December 1, 2011 |
Who's News Morgan Stanley Smith Barney hired three advisors from UBS Financial Services... Bank of America Merrill Lynch hired Morgan Stanley Smith Barney advisors Raymond Stacy and Christopher Pieper... Wells Fargo Advisors hired advisor Zoran Vaz...  |
On Wall Street September 1, 2009 Frances A. McMorris |
She's Back! Krawcheck Takes On Merrill Sallie Krawcheck has made her return to the financial advisory world with a splash. As the new head of Bank of America's Global Wealth Management and Investment Management unit, she takes Merrill Lynch under her wing.  |
Registered Rep. October 5, 2009 Kristen French |
Citi Bank Brokerage Converts To All Fees Citigroup announced that it would convert its small North American bank brokerage business completely to a fee-on-assets-based fiduciary advice system, and would stop collecting commissions on stock and fund sales.  |
Registered Rep. January 20, 2010 Halah Touryalai |
Wealth Management Has Strong Fourth Quarter At Morgan, BofA Neither Morgan Stanley Smith Barney nor Bank of America ended 2009 with a bang in the earnings department. But their wealth management units were pockets of strength.  |
Registered Rep. August 26, 2009 David A. Geracioti |
Is McCann Close to a Deal with UBS? Bloomberg is reporting that Bob McCann, the former head of Merrill Lynch's brokerage unit, is nearing a deal with his old employer that will allow him to take a job running UBS's wealth management unit.  |
On Wall Street February 1, 2010 Frances A. McMorris |
When Firms Collide: Is Culture Clash Inevitable? Merged companies have been integrated and new executives have taken up their posts, but everyone is still trying to adjust.  |
Registered Rep. April 17, 2009 Halah Touryalai |
Smith Barney Losing Advisors, Client Assets But while Smith Barney is losing reps, it also appears to be recruiting heavily.  |
Registered Rep. August 29, 2010 Jerry Gleeson |
Merrill, MSSB Invest in New Technology Wirehouse firms continue to upgrade their advisor workstation technology following the recent consolidation among firms.  |
Registered Rep. November 1, 2004 John Churchill |
Shaky Third Quarter Gives Advisors Pause The last quarter hasn't been great for retail brokerages. Low trading activity and geopolitical uncertainty kept investors on the sidelines, and advisors are feeling the pinch.  |
Registered Rep. February 7, 2012 John Aidan Byrne |
UBS' U.S. Brokerage Boosts Profits, Boasts Most Productive Advisors Despite global market conditions that lowered asset-based fees and transaction-based income, UBS Wealth Management Americas ended 2011 on firmer footing, earning $573 million for the year on revenues of $5.96 billion.  |
Registered Rep. January 14, 2011 Kristen French |
Some MSSB Advisors Upset by Johnston's Departure Morgan Stanley CEO James Gorman announced Thursday that Greg Fleming, head of the firm's asset management business, will replace Charles Johnston as head of wealth management.  |
On Wall Street December 1, 2009 Pat Olsen |
Bill Morrissey Bill Morrissey, of LPL Financial, talks about his 23 years in the securities business.  |
Registered Rep. October 22, 2009 Christina Mucciolo |
MSSB Plans to Double Size of U.S. Division For Ultra Wealthy Morgan Stanley Private Wealth Management will exclusively serve clients with a minimum of $20 million in assets.  |
On Wall Street July 1, 2011 |
Who's News UBS Wealth Management Americas hired a two-member Bank of America Merrill Lynch team... HighTower Advisors hired a three-member Morgan Stanley Smith Barney team... etc.  |
Registered Rep. October 5, 2009 Kristen French |
Merrill Launches Branding Campaign; Recruiting Net Positive The new campaign Monday will cost the firm $20 million in the fourth quarter, the most Merrill has ever spent on marketing.  |
On Wall Street January 1, 2010 Frances A. McMorris |
Musical Chairs Management: Will Change Be Real? It's a new year with new management installed at the biggest brokerage firms.  |
Financial Advisor March 2012 |
UBS Reeling In Merrill Advisors The big four wirehouse firms are always trying to poach top talent from their rivals, but UBS Wealth Management seems to be doing a particularly job good job of late when it comes to snagging advisor teams from Bank of America/Merrill Lynch.  |
On Wall Street October 1, 2010 Lee Conrad |
Merrill and Morgan Slug It Out With integration behind it, just how does the new Merrill fare against its closest competitor, Morgan Stanley Smith Barney?  |
On Wall Street April 1, 2010 |
Who's News People: David S. Lynn joins Morgan Stanley Smith Barney... UBS Private Wealth Management promotes Frank Minerva to COO... Philip Fett joins JPMorgan Chase... more...  |
BusinessWeek September 2, 2010 Moore & Mildenberg |
In the Battle of the Big Brokers, Merrill Is Winning Merrill Lynch earns higher profits with fewer advisers, thanks to a smooth integration with Bank of America and more cross-selling.  |
Registered Rep. November 18, 2005 Kristen French |
Smith Barney Cuts Pay for Smaller Brokers The new pay scale was announced to brokers internally in October and will take effect in January.  |
On Wall Street March 1, 2012 |
Who's News UBS Wealth Management Americas has hired six financial advisors... Morgan Stanley Smith Barney hired Merrill Lynch advisors Philip Ressa and Justin Cho... Barclays Wealth has hired eight financial advisors...  |
Registered Rep. July 14, 2008 Halah Touryalai |
Morgan Stanley Offers $50 million In Overtime Settlement The settlement covers all financial advisors, trainees, producing branch managers, assistant branch managers and sales managers who live outside of California and were employed with the New York-based firm between Sept. 1, 2002, and April 21, 2008.  |
On Wall Street February 1, 2012 |
Who's News New hires for Merrill Lynch Wealth Management, Morgan Stanley Smith Barney, UBS Wealth Management, and Raymond James.  |
On Wall Street October 1, 2011 |
Who's News Bank of America Merrill Lynch hired Wells Fargo advisor Adam Gurien... Morgan Stanley Smith Barney has hired a team of Wells Fargo Advisors...Raymond James & Associates hires three advisors in Hingham, Mass... more...  |
Registered Rep. February 1, 2005 |
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc.  |
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.  |
On Wall Street October 1, 2009 Frances A. McMorris |
Can Clients Really Count on a Recovery? Do your clients agree that the sun is beginning to rise after this brutal economic storm? And if the recovery is indeed in place, then where should your clients be putting their hard-won assets, which have taken such a beating in recent months?  |
On Wall Street August 1, 2011 Lorie Konish |
Expect a New Wave of Advisor Movement Even with rumblings that Wall Street firms could brace for cost cuts and layoffs this summer, competition for top wealth management talent is poised to remain strong.  |
Registered Rep. December 7, 2015 Gregory J. Fleming |
View From the Top: The Durability of Wealth Management The two powerful forces that are changing every aspect of our lives, technology and demographics, will also change the wealth management business profoundly over the next quarter century.  |
Registered Rep. January 13, 2009 David Geracioti |
Citi, Morgan Stanley Agree To Form Joint Venture; Reps Will Receive Retention Bonus--Gorman Says: "We're Not Stupid" The combined retail brokerage units will become the largest financial services firm in the world and be a "force to be reckoned with." The combined entity will have more than 20,000 Financial advisors and an estimated $1.7 trillion in client assets.  |
Financial Advisor January 2009 Eric Rasmussen |
Revenge Of The Wirehouses Large Wall Street firms dangle big incentives to hang onto advisors.  |
Registered Rep. December 1, 2002 Ross Tucker |
Happy Holidays! You're Fired. The ax will fall at year's end for some 700 of 13,500 Morgan Stanley brokers. Some branches will be closed entirely.  |
Registered Rep. October 1, 2010 John Aidan Byrne |
Who Will be Number One Among the Wirehouses? A good old-fashioned Wall Street fight for retail assets -- and a fierce tussle over which firm can call itself the Number One retail wealth management firm on Wall Street -- is brewing.  |
Registered Rep. September 30, 2013 Megan Leonhardt |
Wirehouse Evolution Far from a dying model, the big brokerages are changing their game.  |
Registered Rep. April 19, 2006 Kevin Burke |
Merrill's Brokerage Earnings Up Pretax earnings at Merrill Lynch's global private client group rose 27% in the first quarter ending March 31 to $646 million, up from $510 million in the same period a year ago. As might be expected, the division's headcount increased along with profits.  |
Registered Rep. June 1, 2009 David Geracioti |
Can You Say, "Morgan Stanley Smith Barney?" The Joint Venture Launches Today The deal merging Citi's brokerage (Smith Barney) with Morgan Stanley's Global Wealth Management Group is closed -- ahead of schedule.  |
Registered Rep. June 30, 2010 Christina Mucciolo |
Clients, though Mostly Satisfied, in the Dark about FA Fees, Says Study Overall advisors and investors are still confused about what the advisors' fiduciary responsibility is exactly.  |
Registered Rep. February 1, 2006 Kevin Burke |
Hired and Fired Up The biggest brokerage businesses are showing that even in a modest market upswing they now have in place a strategy for delivering stronger and steadier sales and earnings growth.  |
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.  |
On Wall Street October 1, 2011 Lorie Konish |
Will Bofa's Leadership Change Hurt the Thundering Herd? In one fell swoop, Bank of America changed the face of its wealth management leadership when it announced the departure of the unit's top executive Sallie Krawcheck.  |
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. March 1, 2005 John Churchill |
Earnings Forecast: Clouds Give Way to Sun The past year's earnings troubles belie the brokerage industry's sunny prospects for 2005. For advisors, the industry's recent troubles have translated into fewer jobs, but many firms are recruiting aggressively again.  |
Registered Rep. March 3, 2008 Christina Mucciolo |
Krawcheck Says Advisors Not Forced Into Wealth Silos: UPDATE Citigroup's reorganization of its private bank and Global Wealth Management division, announced Tuesday, will absolutely not force advisors into silos based on client wealth.  |
Registered Rep. December 1, 2011 Kristen French |
Broker Report Card 2011: It's Getting Better All the Time Registered Rep.'s 21st annual Broker Report Cards showed advisor satisfaction ratings creeping higher this year across the board -- on everything from compensation and benefits, compliance support and sales support to products.  |
Registered Rep. March 9, 2011 Kristen French |
Morgan Stanley Cutting 200-300 FAs And Trainees The firm's wealth management division, Morgan Stanley Smith Barney, should end the quarter with about 17,800 advisors, still the largest brokerage force in the U.S. by headcount.  |
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.  |
On Wall Street October 1, 2012 |
Merrill Hires Lee Miller, Andrew Pleat and Mark Kean from UBS Morgan Stanley nabbed nine new advisors... Leaving Morgan Stanley, Jeff Smith joins Janney Montgomery Scott... Stifel Nicolaus has opened a new private client office in Madison, Ct...  |
Registered Rep. May 31, 2013 Megan Leonhardt |
Sizing Up the Street In the latest earnings cycle, here's how the wirehouses stacked up.  |