- Merrill Sticks to Hiring Novices, Freezing Out Veterans, Staying in Protocol
Attrition of veteran brokers fell in the fourth quarter, sustaining Merrill Lynch’s decision to remain in the Broker Protocol and continue recruiting less experienced advisors.
- UBS Hires $16.7-Mln Merrill Lynch Private Wealth Team
North Carolina team oversaw $10.8 billion of assets, much of which was referred from an institutional custody servicing unit that Merrill is winding down.
- Wells Fargo’s Q4 Wealth Profit Fell 63%, Broker Count Slides
Wells Fargo Advisors had its best recruiting year since 2016, but advisor headcount fell by more than 450 over the past 12 months due to retirement and other attrition, a spokeswoman said.
- Morgan Stanley Sees Higher Wealth Profitability After Strong Quarter
Wirehouse raises profit margin goals, and CEO says it won’t be done through compensation grid changes.
- Merrill Survives Former Wealth Exec Sepe’s Racketeering Claims
Brian Sepe, a former divisional and Latin American wealth head at Merrill, argued that firm’s mortgage fraud during the financial crisis eviscerated the worth of his company stock and options.
The post This Week’s Top Stories: Merrill Stands by Recruiting Freeze, UBS Hires Big Private Wealth Team, And More appeared first on AdvisorHub.