Cross-Selling Bank Of America Products Drove $250 Million Merrill Team Into Ameriprise's Eager Arms

Tuesday, May 03, 2011 22:38
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Cross-Selling Bank Of America Products Drove $250 Million Merrill Team Into Ameriprise's Eager Arms

The mandate to sell banking products to brokerage clients evidently proved too big a distraction for a big New York City-area Merrill advisory team.

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A two-man squad representing an average of 16 years of service to Merrill Lynch is balking at pressure from the top to market banking products as well as its traditional securities and more general market advice.

 

As principal Joshua Brown puts it, running banking products "just took up too much time."

 

This is needless to say not a good omen for Bank of America or any other money center bank trying to push its fixed income and other banking products through a recently acquired or otherwise captive advisory channel.

 

And it's proof that Amerprise -- where the team is headed -- is anything but a tarnished brand at this point.

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