Bank of America
Asset-based fee accounts helped generate 6% revenue rise in third quarter at Bank of America’s global wealth and investment management division.
Long-time Merrill Lynch+ signature credit card is discontinued in favor of new Bank of America rewards offer.
Brian Moynihan expects Merrill’s no-commission retirement account policy to continue, regardless of DOL rule modification, and wants to continue hiring policy.
Nelson Peltz’s battle with Procter & Gamble and other big-company earnings could stimulate trading volume.
Executive lost his New York Metro division post a month ago when Andy Sieg reorganized Merrill’s national sales structure.
The automated platform managed accounts platform loses some mojo with the Trump administration’s fiduciary rule maneuvers.
John Parisi, who markets himself as Annika Sorenstam’s advisor and is a repeat Top Barron’s honoree, goes independent with half of his team in tow.
Merrill Edge to stop selling “advised” brokerage accounts as of January, while Merrill Lynch brokers will not be able to recommend transfer of IRAs and qualified annuities to Edge advisory accounts after next week.
Executives do not expect “significant” attrition in the face of more restrictive retirement account policies.
Brokers will not be able to use DOL’s fiduciary contract exemption to charge commissions on IRAs and other retirement products.