Bank of America
Referral or Recommendation? Firms Walk Thin Regulatory Line in Sending Self-Directed Clients to Advisors
Firms can double revenues when clients make the transition, but nudging clients too aggressively could trigger SEC Reg BI or fiduciary requirements, lawyers say.
Bank of America has launched research coverage of cryptocurrency and digital assets due to “growing institutional interest” and the massive appetite among retail clients.
The firm pulled clients from around 200 trainees in the new Advisor Development Program and will distribute them to established Merrill brokers.
In its fifth week, the program is introducing a tool to allow brokers to view client information and call and text through a new mobile app.
One broker, Jason L. Seifert, was denied in his counterclaim that UBS made “errors and misrepresentations” prior to his 2011 hire that resulted in damage to his client relationships, reputation, income and “ability to succeed,” according to an arbitration award.
Through a program that began in November, Merrill specialists have been rapidly reaching out to customers of departing brokers to pitch clients on staying behind.
Matthew MacMichael, who had led the 300-advisor Evergreen Market since 2018, is taking on a producing role with former Merrill superstar Phil Scott’s team.
Bank of America Corp. joined JPMorgan Chase & Co. and Wells Fargo & Co. in closing offices for Juneteenth starting next year after President Joe Biden signed the federal holiday to commemorate the end of slavery in the U.S. into law.