Sandy Galuppo, already fired by Merrill, agrees to one-year industry suspension and $10,000 fine, illustrating growing employer and regulatory scrutiny of ethical lapses.
Attacking the grid, the Bank of America brokerage unit adds 2% to payout for hitting new-money and new-account targets—and deducts 2% for brokers failing to grow.
Independent advisory firms, broker-dealers, and regionals that were hiring steadily from wirehouses have the most to lose if the big firms protect their flanks through litigation.
First Republic lures longtime brokerage team of Jeff Sherman and Art Karabelas, who have worked together at Lehman and JPM, and points in between, for about two decades.
John Hogarty, chief operating officer of Bank of America’s wealth business and a defender of Merrill’s compensation plans, to retire at yearend.
Newly aggressive U.S. brokerage unit of Canadian bank hires another big team from a wirehouse.
Firm tells managers that as of Friday it will drop out of the Protocol for Broker Recruiting, opening the gates to potential litigation if people who leave contact clients within a year.
In its first TV advertisements since 2013, Merrill Lynch Wealth Management is prompting viewers of the Dodgers-Astros games to reach out to advisors with questions about retirement.
Recent dismissal of a lifetime broker at the firm for indicates increasing sensitivity of big firms to compliance issues that managers may once have tried to quietly resolve.
Broker claims he was eased out of referral program after a client of his branch manager requested his help.