Merrill Lynch

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.

The wealth unit of Bank of America reported record revenue in the third quarter and said it was holding onto clients whose advisors had left the firm.

'The face of wealth is changing,' Sieg said, calling Black talent important to winning business from the fast-growing Black wealthy.

The product can bolster talent retention, appeal to customers seeking help in the current volatile markets and position Merrill to stay top-of-mind as UX-savvy younger clients begin inheriting wealth.

The book invites women, people of color and millennials in particular to join the wealth profession. We interviewed author Raj Sharma to learn more.