Yearning to “drive the ship” himself after almost four decades at Merrill, broker managing $360 million for 56 families strikes out on his own.
A 21-year Edward Jones lifer producing $1.3 million left Friday to join an independent firm giant affiliated with Wells, while RBC added two Merrill teams collectively managing $340 million.
In what may acknowledge the difficulties of litigating during the coronavirus crisis, Fidelity and former broker reached an agreement on calling his former clients.
It also promoted an associate complex manager in Bethesda, Maryland, to manage a large Potomac branch, which has about 20 advisors overseeing over $5 billion in client assets.
Brokers joining Merrill’s Accelerated Growth and Community Markets programs as of September will get a fixed salary for five years, in addition to grid payout, up from a three-year guarantee currently.
Accuses advisor who was managing $356 million of breaching his employment contract by soliciting clients and offering at least one of them lower fees.
A three-decade Merrill veteran who was managing $419 million in assets joined Morgan Stanley in Ohio last Friday as the wirehouse has accelerated hiring.
Merrill Lynch Wealth president told managers this week that brokers who averaged 5.5 net new account openings last year should be able to raise the total to eight with the help of new technology.