Updated Monday, July 28, 2014 as of 6:35 PM ET
Suit Up! Merrill Lynch Boot Camp Preps Clients
In a wood-paneled classroom at the Wharton School, about 30 wealthy people waited patiently, making small talk with a neighboring person and drinking bottled water. Notepads and slideshow printouts lay before them.
As class began, they turned to their teacher, Stacy Allred, as she lectured on best practices of stewarding family wealth. The group was attending a financial education boot camp run by Merrill Lynch’s elite Private Banking & Investment Group, which caters to clients with $10 million or more in assets. She noted that many families see their wealth quickly dissipate after three generations. The culprit? Communication breakdowns between family members and inadequately prepared heirs.   more »
More in Wirehouses
Morgan Stanley agreed to pay $275 million to resolve a U.S. regulator’s claim the company misled investors in the sale of more than $2.5 billion of bonds backed by home loans. more »
A veteran advisor has left Morgan Stanley for a Chicago-based boutique investment firm where he will oversee $300 million in client assets. more »
Optimism abounds in an increasingly crowded market for servicing breakaway advisors. more »
Two financial advisors have left Wells Fargo to join Raymond James Financial Services, the regional's independent broker/dealer. more »
The panel is comprised of seven public members and six industry representatives, pulling together advocates, attorneys, regulators and executives from firms such as Citigroup, Morgan Stanley and Securities America. more »
Assets under management at UBS rose to $1.97 trillion, cementing its No. 1 spot in the ranking by Scorpio Partnership, a London-based consultancy. more »
Founders of IHT Management hope to create a wirehouse-like alternative to lure other advisors. more »
J.P. Morgan enticed advisors from competitors, including Morgan Stanley, Merrill Lynch and Wells Fargo, in a half dozen markets to fuel its nationwide expansion of wealth management. more »
Despite record revenues from wealth management, Bank of America reported that profits slid 43% due to $4 billion in litigation expenses. more »
A Morgan Stanley team that managed over $650 million has gone independent using a new consultant. more »
Benjamin F. Edwards grabbed nearly a dozen advisors and opened offices in three states. more »
A Morgan Stanley advisor with $200 million in assets under management has rejoined Merrill Lynch. more »
Morgan Stanley has picked up five financial advisors from Merrill Lynch, Wells Fargo and J.P. Morgan. more »
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