Merrill, previously branded as Merrill Lynch, is an American investing and wealth management division of Bank of America.
Merrill’s president, on a quarterly pre-recorded call to brokers, singled out “competitive” attrition as an area “needing focus from leadership,” also noting that it was “higher this quarter than we’d like to see.”
Merrill had settled an underlying claim for $19,503 and asked the arbitrator to deny the broker’s expungement request.
The St. Louis firm scored veteran hires from Merrill and Wells in the Las Vegas area and Newport Beach, Calif. Wells, meanwhile, hired from Stifel a $2 million-producing duo from an Austin, Texas suburb.
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.
Client’s lawsuit alleges that Merrill failed to supervise advisor, who convinced client and his ailing wife to pour almost $5 million of their retirement savings into a Key Biscayne liquor store.
Chad Goodchild and Jacob Schlict, who had spent their entire brokerage careers with Merrill Lynch, left the wirehouse to start their own New York RIA through TruClarity Wealth Advisors.
One well-known plaintiff lawyer who represented Black advisors who settled with the wirehouse in 2013 characterized the new lawsuit as “a copycat.”
“I like this—working from home in shorts and a t-shirt,” a veteran Merrill broker said.
Tennessee broker who joined Merrill in 1990 accepted a three-month suspension and $5,000 fine for allegedly recommending early rollovers of unit investment trusts.