Advisor Business
Merrill Lynch Puts Bright Face On Massive Bank Of America Layoffs
The departure of Sallie Krawcheck was only the tip of the iceberg for 30,000 job cuts at Bank of America, but Merrill Lynch has remained fairly aloof from the news.
California "Independent Contractor" Bill Passes After Advisor-Unfriendly Language Removed
The California state assembly has passed a bill that nominally counts independent advisors as employees, but the most onerous paperwork requirements are gone.
18,000 Advisors Have Quit Since 2005, With Most Of Them Leaving From The Wirehouses
A lot of advisors joined RIAs over the last five years, but the number of breakaways failed to overcome a larger trend of advisors leaving the industry entirely, research firm Cerulli says.
Commonwealth Picks Up Another $700 Million -- All From Securities America
Securities America continued to be a rich source of recruits for the Commonwealth Financial Network last month, bringing in a total of $700 million in fresh AUM.
Lockwood Refugees Start New Managed Account Firm
Top staff from $200 billion managed account vendor Lockwood Partners have jumped from that firm to start their own company, and the assets are already pouring in.
