Merrill Lynch

Merrill had sought a temporary restraining order to prevent members of a large Atlanta-based team who left last week from soliciting former clients for their new firm.

In a lengthy court reply, advisors who left Merrill this week to form an RIA with Dynasty Financial Partners accuse Merrill of "bad faith" for putting them on administrative leave and failing to reinvest in their business.

Even as interest rates fall, investors keep piling into money market funds. Advisors think many could be putting their money to better uses.

Merrill is also adjusting the incentives it gives advisors for steering clients into banking products.

Merrill accuses industry rivals of conspiring with a group of former employees to remove confidential client information and trade secrets for the formation of a new RIA.

Firms are increasingly looking to provide high net worth clients with services stretching beyond basic wealth management. The offerings include everything from help with cybersecurity to taking out complicated loans.

Merrill and Bank of America Private Bank seeks niche private equity opportunities for its ultrawealthy clients, while Goldman looks to retirement savers and Wells Fargo to everyday investors.

The up-and-coming IBD Arkadios recruits an entire Morgan Stanley team and a significant share of Merrill's headcount in Dothan, Alabama.

Emily Dreas, who became a senior executive for the firm's New York market earlier this year, has been busy filling out the firm's leadership ranks with hires from industry rivals.

But the Bank of America subsidiaries nonetheless reported rises in AUM and net revenue in the second quarter while adding thousands of new client relationships.