Merrill Lynch

Vince Fertitta, the president of Sanctuary Wealth, shared how the firm won over its most productive wirehouse breakaway team to date.

Following Don Plaus's retirement announcement last week, Merrill is moving around longtime veteran insiders to fill his role.

Don Plaus, a Merrill veteran who oversaw the Private Wealth advisors' expansion in Florida, came from a "modest background" but over a long career, rose to lead teams advising many of the world's richest people.

The Swiss wirehouse struck twice at rival Merrill Lynch, poaching both an ultrahigh net worth team managing $1.3 billion and a high net worth team with $340 million of AUM.

In a conversation with industry recruiter Mindy Diamond, the president of Bank of America's legacy wealth management firm shared his thoughts on advisor strategy and said he wanted advisors to integrate more with the rest of the bank.

The wirehouse reported a record fourth-quarter growth of 8,500 net new households and said it planned to hire advisors at a 3-4% rate over the next five to 10 years.

The two Black financial advisors dropped their case, but constant litigation in the industry spotlights questions over firms' pledges to change.

The bank hired a nonprofit exec with a background in impact investing and expanded the roles of two other executives as part of its ESG wealth push.

The loss is one of many for Citi to Merrill in recent months, and reflects the wirehouse's recruiting advantages despite its own talent outflows to rivals.

The new firm joins a movement that also drew a growth capital investment of $200 million into burgeoning RIA aggregator Sequoia.