Bank of America
Separately, in another indie move, a Merrill broker joined a Maryland firm affiliated with Wells Fargo Financial Network.
Nathan Marsden, a veteran complex manager in Michigan, takes over for Brett Thelander, who resigned last month to join Rockefeller Capital after a garden leave.
Bank of America Corp. is confident in its growth prospects even as competition intensifies from fintechs including Walmart Inc.’s startup.
Bank of America Corp.’s wealthiest clients are flying south to Florida. It’s meeting them there.
Brett Thelander, a career Merrill manager who was running its ‘Mid-America’ private wealth region, will join Rockefeller after a 90-day garden leave, two sources said.
Bank of America Corp. increased margin requirements to 100% for wealth-management and self-directed brokerage clients to trade certain stocks, as firms impose limits amid wild price swings sparked by investors on social media.
Net new assets rebounded and customer balances hit a record thanks to rising markets and a renewed focus on prospecting by Merrill’s “thundering herd.”
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.