Financial institutions

The privileged realms of American finance still look much the way they did a decade ago, or even two or three decades ago.

Talks had focused on plans to attract $15 billion of assets under management, mostly from wealthy Latin Americans, according to people familiar with the matter.

The wirehouse added more than a dozen advisors in the last month managing more than $1 billion in client assets.

Marylin Booker accuses the company of failing to support Black advisors and criticizes its use of mandatory arbitration to settle employee disputes.

Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing.

Independent advisors may enjoy freedom of choice when it comes to all things digital, but giant institutions have a leg up with integration.

The 18-month project is part of the $3 billion that Bank of America allocates annually to new technology initiatives.

Everything from compliance to admin work is part of the job, and advisors have to “figure this out by themselves or find a third party,” a planner says.

The moves also indicate advisors are more willing to make a career change following a recruiting slowdown due to the coronavirus.

The wirehouse, which has reduced recruiting efforts, enticed the team over from AllianceBernstein.