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Articles tagged "Bank of America"


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Larry Fink: I believe it will be, one day, the most used investment strategy in defined contribution plans.

Fidelity, Voya and BoA smooth BlackRock's launch of guaranteed-paycheck ETFs but 401(k) plan participants may yet balk at high, unseeable fees and intangibility of benefits

Big recordkeepers greenlit Wall Street asset manager's novel 'Paychecks' product, with BlackRock expressing ambitions to also expand the product to non-retirement accounts

May 11, 2024 at 3:31 AM

Andy Sieg finally made his move with iCapital after Bank of America gave him control of product inventory in 2022.

Merrill Lynch's owner finally invests in iCapital but at the non-early bird special share price

Bank of America paid at a $6 billion valuation after Andy Sieg and Lawrence Calcano had a 'great conversation' over lunch.

July 5, 2022 at 9:13 PM

Merrill's Andy Sieg: [The wirehouse] "has no intention of moving in that direction”

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

October 25, 2019 at 1:50 AM

Andy Sieg, head of Merrill's 14,800 advisors is overhauling the training program

Bank of America's purge of 'Lynch' and 'U.S. Trust' neuters storied brands, but the revamped training of raw recruits under a new name is where the real eradication of broker culture is going down

The Charlotte, N.C. banking bruiser is reeling in the mega-producer model, perhaps paving the way for a more monumental shift in compensation toward a U.S> Trust, salary-and-bonus structure

March 8, 2019 at 6:05 PM

David Poole: We’ve got clients who engage with us across Merrill Lynch and in Merrill Edge self-directed accounts. That’s one of our fastest growing segments where clients are using both.

Merrill Edge eases Bank of America's transition to a post-wirehouse world

The Charlotte super bank's plan to add 600 branches builds on success but recruiters say lingering tension between Merrill and Merrill Edge advisors is more of a factor than the bank admits

April 3, 2018 at 8:32 PM

Louis Harvey: One of the big things that RIAs had from day one was they could say they always put clients' interests first and now that argument is pretty much shot to hell.

How Merrill Lynch 'shot to hell' the RIA fiduciary citadel by casting its $7.5 billion fiduciary 401(k) unit as smaller, purer and more future-minded on paper

Despite FAS having fewer 401(k) assets than, for example, a single North Carolina-based RIA, CAPTRUST, the Charlotte-based Bank of America's brokerage unit has created a new competitive threat

December 16, 2017 at 12:20 AM

Virginia Foxx: The Obama administration advanced a partisan rule that makes it even more difficult for hardworking men and women to save for the future.

Who's afraid of Virginia Foxx and friends? Maybe pro-DOL forces should be but no panic yet

With nine days and counting until President Trump, Conservatives deploy fresh troops in Washington with guns trained on the DOL rule

January 12, 2017 at 12:49 AM

Andy Sieg could preside over commission elimination for brokers handling non-retirement investments.

Using DOL as cover, Bank of America cuts the Merrill Lynch bull as it adds a robo, stops paying brokers to stick around and kicks John Thiel upstairs

The Charlotte, N.C.-based lending giant bagged the Wall Street beast in 2009 when the price was right -- now it's cutting off its traditional food supply

October 18, 2016 at 10:41 PM

Sallie Krawcheck: We also didn't talk about my biggest asset -- which is me -- and if the market goes down, what are the chances of me keeping my job.

At Morningstar, Sallie Krawcheck blasts her own [presumably ex-] financial advisor -- and herself

What the serial ex-wirehouse chief left dangling was her future and whether she will launch a Ellevate robo for women

June 26, 2015 at 4:16 PM

Stephen Brown writes: We advise several CEO's and CFO's of Fortune 500 companies, as well as some professional sports teams.

How Merrill Lynch's divorce of its own $2.5-billion team shows just how fed up the wirehouse is with RIA-bound breakaways

The sudden pick-up in these seemingly self-defeating dismissals by Wall Street firms suggest new vigilance against gradual breakaways

September 22, 2014 at 5:48 AM

John Thiel: People are looking for advisors who understand that the retirement conversation isn’t about a math equation.

How Merrill Lynch Clear looks so impressively RIA-like and what shows how deceptive looks can be

The big iPad-laced and rhetoric-laced wirehouse initiative toward goals-based investing may have selling insurance as its primary goal

June 18, 2014 at 5:54 PM

Tim Welsh: You know the gig is up. That's their core competency.

Bloomberg: BoA's market-making unit for its Merrill Lynch wealth division gets suddenly scrapped

The news and data giant is reporting that heat from Flash Boys made the investment bank think twice about conflicts

May 22, 2014 at 2:22 AM

Greg Mech: Increasingly, there's an overemphasis on cross-selling and a lack of transparency in [the wirehouse] space.

How a $2.5 billion Boise RIA will use Merrill Lynch's former SoCal overseer to win the over-sunned of The OC

The former Bank of America market president stepped back into the industry after a two-year hiatus following an epiphany and will be recruiting families, not his former flock of brokers

September 9, 2013 at 5:10 PM

James Maher: From a conflict standpoint, it was very awkward.

Merrill Lynch team breaks away from Bank of America (yes, ironically) to get better access to bankers

James Maher is forming Archford Capital Strategies as a wealth manager that needs capital galore to unlock his clients' billions in assets from illiquidity

April 2, 2013 at 6:33 AM

LLBH is Jim Pratt-Heaney, Bill Loftus, Bill Lomas, Kevin Burns: We were constantly being told 'if we do it for you, we have to do it for 17,000 other advisors.'

How an ex-Merrill team broke free just under the BoA takeover wire and doubled its assets in four post-crash years

Thinking the wirehouse model was broke not wanting to fix it LLBH has parlayed $450 million of assets to nearly $1 billion

August 16, 2012 at 6:43 AM

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