Bank of America
Merrill brokers added about 20,000 net new households last year, compared to 35,000 in 2019, but given the pandemic executives say they are pleased.
Former broker pled guilty to stealing roughly $4.2 million over 10 years.
Within three weeks, a four-broker team producing $4.1 million and a three-broker, $3.6 million team left Merrill in Mill Valley for Wells Advisors in nearby San Rafael.
Firm agrees to pay $26.3 million in fines and restitution to customer of ex-broker Charles Kenahan for unauthorized and excessive trading allegations.
Merrill maintains growth requirements at reduced Covid level, relaxes team hurdle, keeps grid payouts steady, but cuts pay on client cash and eliminates it on accounts under $250,000.
Brokers Tuesday morning say they cannot get confirmations of trade executions or complete wire transfers, and self-directed Merrill Edge customers said they can’t access their accounts.
Group in Los Angeles led by John McNamee is at least the third multi-million Merrill team to join the San Francisco bank since August.
James Taylor, a top Next-Gen adviser who Merrill had tapped as 2021 head of its advisors’ “council to management,” took his 13-person team to Morgan Stanley on Friday.