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Search resuls for: "Merrill Lynch Wealth Management"


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Factbox: Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.94   time to read: +1 min
(Reuters) - Bank of America Corp Chief Executive Brian Moynihan has been at the helm for more than a decade, having guided the bank out of a financial crisis and transformed it into a nimbler operation. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Carlo Allegri, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Reuters, Bank of America Corp, of America, REUTERS, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Manhattan, New York City , New York, U.S, Wells
FACTBOX-Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.99   time to read: +1 min
Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Alastair Borthwick, president of global commercial banking and head of wholesale credit. Mark Chancy, formerly of SunTrust Banks Inc and now a Wells Fargo & Co director. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Bank of America Corp, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Wells
Teams of Morgan Stanley financial advisors are growing in size and sophistication. That's according to Vince Lumia, one of the firm's top wealth management executives. The lives of Morgan Stanley wealth management clients are getting more complicated. Their financial advisors are acting accordingly, one of the firm's most senior wealth management executives said on Thursday. This structure can also make it easier to integrate newer financial advisors into the business.
Persons: Morgan Stanley, Vince Lumia, Lumia, That's, Merrill, , wirehouses Morgan Stanley, We've, Andy Sieg Organizations: Securities Industry, Financial Markets Association, Merrill Lynch Wealth Management, UBS, Wells, Rockefeller Capital Management, LPL Locations: Wells Fargo
Bank of America Corp.’s Merrill Lynch Wealth Management unit is banning trainee brokers from making cold calls, a vestige of an era when the industry pushed hot stocks on anyone who would pick up the phone. Merrill on Monday rolled out a revamped adviser-training program that prohibits participants from cold calling and directs would-be brokers to use internal referrals or LinkedIn messages to land clients instead. “We are leaning much more heavily on leads and referrals from the broader company,” Merrill President Andy Sieg said in April. Participants who fail to meet the goals are kicked out or moved to other roles in the bank. Successful recruits often had extensive personal networks and were less reliant on cold calling, trainees said.
Persons: Merrill Lynch, Merrill, ” Merrill, Andy Sieg, Organizations: of America Corp, Merrill Lynch Wealth Management
Wells Fargo has recruited a new managing director to handle client relationships across its CIB. Wells Fargo CEO Charlie Scharf recently said the bank is looking to cross-sell products across the bank. Wells Fargo just hired a managing director from Merrill to navigate client relationships across its corporate and investment bank, Insider has learned. Courtesy of Wells FargoAt Wells Fargo, Bell will serve as a senior relationship manager, working with product partners across the CIB and broader bank. A spokesperson for Wells Fargo confirmed the news of Bell's arrival at the firm.
Persons: Wells Fargo, Charlie Scharf, Merrill, John Bell, Judith Barry, Bell, Wells, Scharf Organizations: Bell, Merrill Lynch Wealth Management, Wells, Bank of America, Bank of America's, Council Locations: Americas, Wells Fargo, Wells, Bell
Wells Fargo's CEO said the bank can look to better link wealth and consumer units for growth. Wells Fargo Chief Executive Charlie Scharf is looking to drive growth at the bank by leveraging more relationships across its many segments — a strategy its biggest rivals have put to work. During a call with reporters in January, a senior Merrill Lynch Wealth Management executive said 46% of Merrill clients had checking or savings accounts with the bank. It got out of the international wealth management business. It reorganized its private banking business, and Insider first reported last month that private wealth head Julia Wellborn was leaving the firm.
Persons: Wells, Charlie Scharf, Merrill, Scharf, Merrill Lynch, BNY Mellon, Barry Sommers, Wells Fargo, Julia Wellborn, Wells Fargo's, , Perry Pelos, Jon Weiss, we've Organizations: Bank of America, Merrill Lynch Wealth Management, BNY, JPMorgan, Insider Finance, Service, San Locations: Wells Fargo, Merrill, Wells, San Francisco
Bank of America is seeing demand for ESG investing products across wealth level and age. But there is also "a lot of misinformation," the bank's top ESG investing strategist told Insider. The firm is seeing demand for ESG investments across clients' wealth levels and ages, though interest in the space undoubtedly skews younger, she told Insider. True ESG investing is also debated because sustainability has varied definitions and allows for greenwashing — or mismarketing something as sustainable that isn't. That leaves out funds that only screen out for controversial sectors like thermal coal or weapons, showing the varied standards for gauging an investment's sustainability.
Persons: Jackie VanderBrug, Merrill Lynch, There's, VanderBrug, , Morningstar, Allison Herren Lee, Hester Peirce Organizations: of America, Bank of, Merrill Lynch Wealth Management, Insider Finance, Service, Morningstar, Force, SEC Locations: Bank, ESG
Issues in Merrill Lynch's massive pipeline for financial advisors are weighing on trainees' morale. Restrictions on Merrill Lynch Wealth Management financial advisors in training are stretching into a ninth month and have shown no signs of lifting. Full-time financial advisors have also been disciplined for outreach-related violations. The business has made other adjustments to the training program as the pandemic upended work and life. Last spring, Bank of America shifted 3,000 employees, including 650 financial advisors in training, from their everyday assignments and into positions to help field what was an onslaught of customer calls.
Persons: Merrill, That's, Merrill grappled, InvestmentNews, Ernst, Young, what's, AdvisorHub, Keith Bedford, Jennifer MacPhee, MacPhee, Eric Schimpf, Matt Gellene Organizations: Bank, Merrill Lynch Wealth Management, Federal Trade Commission, Bank of America, Employees, Supervisors, Financial, Reuters, Merrill Locations: Merrill Lynch's, New Hampshire, Arizona, Merrill
Merrill Lynch Wealth Management has maintained its pause on advisor trainees' client prospecting, a halt on outbound communication within an important pipeline for the business. The temporary pause on trainees' prospecting has remained in part because trainees advisors are still violating do-not-call list restrictions, according to a person familiar with the matter. The wealth management division introduced the pause in trainees' prospecting late last summer, and the firm is monitoring their activity. Read more: The head of Merrill Lynch's training program, the firm's main talent pipeline, is leaving as the business grapples with remote work. "In his new role Eric will lead the FADP Performance Organization, the Advisor Growth Program, and our Community Markets strategy.
Persons: Merrill Lynch, America's Merrill Lynch, it's, Merrill, Andy Sieg, Jennifer MacPhee, Merrill Lynch's, Eric Schimpf, Matt Gellene, Eric, Aron Levine, Levine Organizations: Merrill Lynch Wealth Management, Bank, Merrill, Wealth, Business, America's, Bank of America, Organization, Markets Locations: Merrill, onboarding
The division will bring together Citi's private bank, which sat under its institutional business, and wealth units run by its US consumer bank including Citi Personal Wealth Management. The division will bring together Citi's private bank and international personal bank, its consumer wealth organization, and Citi Personal Wealth Management. The division will bring together Citi's private bank, which sat under its institutional business, and wealth units run by its US consumer bank including Citi Personal Wealth Management. In June the bank tapped David Poole, a leader from Bank of America's Merrill Lynch Wealth Management business with an eye to digital wealth offerings, to head the US consumer wealth business. It will integrate the Citi Private Bank and the Consumer Wealth organization, including the International Personal Bank and Citi Personal Wealth Management.
Persons: Jim O'Donnell, Anand Selva, Paco Ybarra, Michael Corbat, Jane Fraser, O'Donnell, Fraser, Read, David Poole, Bank of America's Merrill, Corbat, Ken Leon, Poole, Morgan Stanley, Smith Barney, James Gorman's, Jim, Anand, Paco Organizations: Citi, Wealth Management, Group, Insider, Bank of America's, Bank of America's Merrill Lynch Wealth Management, CFRA, Citi Global Wealth, Investor, Citi Private Bank, Consumer Wealth, Personal Bank, Bank, ICG Locations: Selva, Asia
Business Insider has rounded up some of the key leaders and executives involved with those processes across Wall Street, overseeing financial advisors' recruitment at a critical moment for the industry. Some of the largest bank-owned wealth managers like Morgan Stanley Wealth Management, UBS Global Wealth Management, and Wells Fargo Advisors made significant advisor hires. JPMorgan, for its part, has been on an advisor hiring spree as it builds out its recently reorganized wealth management business, poaching from the likes of Merrill Lynch Wealth Management and UBS. The firm is considering hiring as many as 4,000 financial advisors in the next five to six years. Business Insider has rounded up some of the key leaders and executives involved with those processes across Wall Street, responsible for overseeing financial advisors' recruitment at a critical moment for the industry.
Persons: Devin Ryan, Morgan, Merrill Lynch, Read, Kristin Lemkau, Wells, Goldman Sachs, Jeff Feldman, Feldman Organizations: UBS, JPMorgan, Technology, Analysts, JMP Securities, Morgan Stanley Wealth Management, UBS Global Wealth Management, Wells Fargo Advisors, JPMorgan Private Bank, Merrill Lynch Wealth Management, Business, JPMorgan Wealth Management, Citi, Advisors, Partners, Financial, RBC Wealth Management, Rockefeller Capital Management Locations: Wells Fargo, Wall, Atlanta, Charlotte, Chicago
Asset management giant BlackRock has rethought how some of its spending is being allocated as the pandemic has introduced sweeping changes. Gary Shedlin said that BlackRock slowed hiring earlier this year, and that it "turned on the hiring spicket again" over the summer, which will continue into the first quarter. It "turned on the hiring spicket again" over the summer, he said, which will continue into the first quarter. See more: Boutique banks like Evercore and Moelis are saving tens of millions in travel and entertainment costs while dealmakers are grounded. Here's what that newfound efficiency could mean for the future of business travel.
Persons: Gary Shedlin, spicket, Shedlin, Goldman Sachs, Read, Larry Fink's, Larry Fink, Fink, Brian Moynihan, Merrill Organizations: BlackRock, Bank of America, Merrill Lynch Wealth Management Locations: BlackRock, New York, Aladdin, China
Asset management giant BlackRock has rethought how some of its spending is being allocated as the pandemic has introduced sweeping changes. The New York-based firms CFO shed light on how the firm is shifting spending that would have been used on areas like travel and continuing to invest in businesses like iShares ETFs and its Aladdin platform. Gary Shedlin said that BlackRock slowed hiring earlier this year, and that it "turned on the hiring spicket again" over the summer, which will continue into the first quarter. "I don't think we'll ever get back to those same historical levels," Shedlin said during a remote financials conference hosted by Goldman Sachs, referring to previous levels of travel and related spending. See more: Boutique banks like Evercore and Moelis are saving tens of millions in travel and entertainment costs while dealmakers are grounded.
Persons: Gary Shedlin, spicket, Shedlin, Goldman Sachs, Read, Larry Fink's, Brian Moynihan, Merrill Organizations: BlackRock, Bank of America, Merrill Lynch Wealth Management Locations: BlackRock, New York, Aladdin, China
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