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Merrill Lynch retreats from stealth RIA custody business just as major rival Wells Fargo runs for daylight in a bid to keep breakaway advisor assets

Major banks pursue competing RIA custody strategies after running programs for years out of their vest pockets

Author By Lisa Shidler October 25, 2019 at 1:50 AM
Admin:
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Merrill's Andy Sieg: [The wirehouse] "has no intention of moving in that direction”

Jeff Spears

Jeff Spears

October 25, 2019 — 12:33 PM
Mr. Schwab started a trend that will require all Wealth Management firms to adjust there business models too. Guess there is a reason he is a billionaire

Related Moves

Infamous stockbroker resolves civil suit stemming from violent tirade -- the apparent final chapter in an incident that went viral and forever branded him the 'Fairfield Smoothie Guy'

Broker Jim Iannazzo went all out with high-powered attorneys and slick Las Vegas crisis pr team to limit the damage from his actions, but whether he can ever live down the incident remains to be seen.

September 1, 2022 at 5:11 AM

In RIA custody milieu, Charlie Scharf's BNY Mellon exit for Wells Fargo is latest unforeseen vapor trail after Lisa Dolly, Tim Hockey, Terri Kallsen, Andy Gill and others fade into the firmament

The CEO-for-rent will face a monumental challenge turning around Wells Fargo, but perhaps not as bleak a landscape for profit margins; Is the RIA free ride coming to an end?

October 1, 2019 at 1:06 AM


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