Merrill, previously branded as Merrill Lynch, is an American investing and wealth management division of Bank of America.
Bank of America’s wealth business notched record revenue and assets despite steadily declining headcount.
Project Thunder Week 7: Merrill Touts New Bank of America Rewards Program for High-Net-Worth Customers
In the penultimate week, the wirehouse also promoted simplified approval for hosting seminars and new tax services to help brokers “improve after-tax results” for customers in Merrill advisory programs.
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.
The group includes seven advisors who had managed almost $1 billion in assets, according to a source.
The terms of the pact were not disclosed.
A three-person team led by 37-year industry and 16-year Merrill veteran Jon Blair with $1.35 million in production moved to Raymond James’ Frisco office.
The firm pulled clients from around 200 trainees in the new Advisor Development Program and will distribute them to established Merrill brokers.