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Merrill Settles Race Bias Claim Brought by Thundering Herd Lifers

2 days ago | advisorhub.com | Miriam Rozen

Two career Merrill Lynch advisors, both Black women, have settled a proposed race-based class action discrimination lawsuit brought in November, according to a court filing on Friday. Linda G. Davila, a 44-year veteran in New York, and Cathy L. Bender, a 36-year broker in Nashville, had accused the brokerage and its Bank of America parent, of discriminating against African Americans and women with its succession planning, teaming and account distribution policies and practices.
Merrill Lynch Loses Teams With $3.5 Billion to Rockefeller, Morgan Stanley, Adds $1.9 Billion Group

1 week ago | advisorhub.com | Karmen Alexander |Mason Braswell

Amid a frenzied week of moves, Merrill Lynch has lost a $2 billion-asset team going to Morgan Stanley and another two teams managing $1.5 billion combined who moved to Rockefeller Capital Management but gained a team that managed $1.9 billion at Raymond James. The moves extend Merrill’s losses for the week after two teams managing $2.9 billion combined joined Stifel Financial on Wednesday.
Kestra Markets in a Minute - Turmoil and Silver Linings: First Quarter Market Review and Outlook

1 week ago | advisorhub.com | Kara Murphy |Kestra Holdings

Key TakeawaysIn early 2025, the broad U.S. stock market took investors on a wild ride, climbing to record levels before falling into correction territory. Policy uncertainty was largely to blame. Companies that led the market higher in recent years were hit hardest, including stocks that had come to be known as the Magnificent 7. A number of asset classes and sectors remained resilient. The U.S. economy remained on solid footing, but a longer stretch of elevated uncertainty could take a toll.
RBC Woos J.P. Morgan Team Managing $5 Billion in New York City

1 week ago | advisorhub.com | Mason Braswell

RBC Wealth Management-U.S. notched one of its largest hires on Thursday, a J.P. Morgan Advisors team managing $5 billion in assets in New York City, a spokesperson confirmed. The Degenaars Babb Group is led by Glenn S. Degenaars and Jason L. Babb, who have 16 and 17 years of experience, respectively. They had joined J.P. Morgan, the Wall Street bank’s cadre of traditional brokers, in May 2023 through the bank’s purchase of First Republic at government auction.
Citizens Hires $700-Mln J.P. Morgan Team Whose Co-Leader Was Fired Over Remark to Manager

1 week ago | advisorhub.com | Karmen Alexander |Mason Braswell

A former First Republic team co-led by an advisor who was discharged over a remark he made to a manager in a moment of frustration has found a new home at Citizens Financial Group’s fast-growing wealth management division. Citizens Private Wealth Management on Wednesday hired Kieran J. Lynch, a 33-year industry veteran about whom the accusations were made, as well as Jack Inserra and Craig Kaufman.
Rockefeller Snags $10-Million UBS New Jersey Team Amid Flurry of Post-Tax Day Moves

1 week ago | advisorhub.com | Mason Braswell

With the April 15 deadline for tax filings in the rearview and a long holiday weekend ahead, large teams are on the move. Rockefeller Capital Management on Wednesday scooped up a team generating $10 million in annual revenue at UBS Wealth Management USA, according to a source familiar with the move. The Florham Park, New Jersey-based group, led by Raymond L. Chase, Angeline E. Newman and Daniel Riordan III, managed $1.2 billion in assets, according to the source.
Stifel Nabs Two Merrill Private Wealth Teams With Nearly $3 Billion Combined in Dallas

1 week ago | advisorhub.com | Mason Braswell

Shaking off recent recruiting headwinds, Stifel Financial has reeled in two Merrill Lynch Private Wealth teams managing nearly $3 billion combined in Dallas, a spokesperson confirmed. Melissa Transier and Christopher W. Green, who managed $1.5 billion in assets, and solo practitioner Ryan Bell, who oversaw $1.4 billion in assets, moved to Stifel on Wednesday. They joined along with client associates Deborah Griffith, Laura Martin-Bernard and Stacey Jacobson.
Citi CEO Sings Andy Sieg’s Praises as Wealth Unit’s Earnings Rise

1 week ago | advisorhub.com | Miriam Rozen

Andy Sieg, who left Merrill Lynch two years ago to lead Citi Wealth, is winning more kudos as Citi Chief Executive Jane Fraser on Wednesday credited him for rising revenue and earnings at the division. The team of external hires Sieg has assembled and the product and investment services that he has added have given the wealth division “real horsepower and firepower,” Fraser told analysts on the company’s first quarter earnings call on Tuesday.
Bank of America Has Ties With Nearly Two-Thirds of Merrill Clients: Exec

1 week ago | advisorhub.com | Miriam Rozen |Mason Braswell

Bank of America is making steady progress towards its ambition of more closely tying its Merrill Lynch retail brokerage unit with its consumer bank, executives said on Thursday. Around 62% of Merrill customers now have a relationship with Bank of America, according to the bank’s first quarter earnings on Tuesday. The portion of clients is now “approaching two-thirds of the client base,” Chief Financial Officer Alistair Borthwick touted on a conference call with analysts.
Kestra’s New President Talks Independence, Growth, and the Future of Wealth Management

1 week ago | advisorhub.com | Tony Sirianni

This week, AdvisorHub’s CEO, Tony Sirianni talks with John Amore. As Kestra Financial’s new President, John reflects on his career journey, highlighting the shift toward independence in wealth management. He shares how Kestra empowers entrepreneurial advisors with full-service capabilities, strong tech, and a supportive culture. John emphasizes the importance of selective growth, solid capital backing, and advisor-aligned equity.