“I think there are wealth management opportunities for us in the U.S. as we move from simply managing money with ultra-high net worth clientele that have been our traditional [private wealth management] PWM business to a more mass affluent structure,” the CEO said.
The six-person group led by Christopher D. Jacobs had managed $520 million in assets, according to two sources familiar with their practice.
Charles Schwab Corp. reported record earnings per share in the third quarter as clients opened new brokerage accounts and traded more amid volatile markets.
Some advisor departures in the third quarter were part of the company’s planned shuttering of its servicing of international clients.
Bank of America’s wealth business notched record revenue and assets despite steadily declining headcount.
The $300 billion added year-to-date reflects the success of a “multi-pronged” approach and net positive recruiting, CEO James Gorman told analysts.
The federal agency should refine distinctions between brokers and investment advisors to ensure that brokers are held to higher standards, Rick Fleming said.
Barney Greengrass, a scion to the New York bagel empire by the same name, is hoping a court will revive his $13 million claim that another employee poached his largest client.
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.
UBS Group AG Chief Executive Officer Ralph Hamers is creating a new bank-wide team to use more artificial intelligence and data analytics to drive the bank’s digitization.