April 17, 2021
This Week’s Top 5: Merrill Targets Seasoned Brokers in Key Markets, J.P. Morgan Advisors Replaces CEO, and More
- Merrill Looks to Selectively Recruit Veteran Brokers: Exec
Signs of a thaw in the firm’s three-year recruiting freeze come in wake of 3% decrease in total advisor ranks for parent Bank of America.
- J.P. Morgan Taps Phil Sieg to Lead Traditional Brokerage Group
Sieg, who had been running practice management for almost a year and is brother of Merrill wealth head Andy Sieg, takes the reins from Chris Harvey.
- Fisher Investments Faces Class Claim over Cold-Calling Violations
The $159 billion-AUM Camas, Washington RIA allegedly made thousands of calls to prospective clients using an automatic telephone dialing system in violation of the Telephone Consumer Protection Act.
- LPL Lures Merrill Team with $650 Mln-AUM to Nascent Breakaway Channel
NorthEnd Private Wealth, led by four former Merrill Lynch brokers in Greenville, S.C., is the sixth team to join LPL Financial’s Strategic Wealth Services model.
- Morgan Stanley Net New Assets Hit Record $105 Billion in First Quarter
Net new assets rose 43% from the prior quarter and 185% from a year ago thanks to new self-directed and workplace clients and asset aggregation by traditional brokers.