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More wealth managers exit Merrill

Published 03/27/2018, 07:59 AM
© Reuters.  More wealth managers exit Merrill
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  • Following a recent industry trend, a team of wealth managers with $1B in client money left Bank of America's (NYSE:BAC) Merrill Lynch to set up an independent office.
  • Kelly Bouchillon, Melissa Bouchillon, Emerson Ham and Edward Ambrose left Merrill to launch Sound View Wealth Advisors based in Savannah.
  • Changes to the industry are being driven by the need to offer a wider array of products to investors, which is not possible by working for a big brokerage like Merrill Lynch. Being tied to Wall Street names comes with the mandate of cross-selling internal financial products like credit cards, loans and internal investment products.
  • Research firm Cerulli Associates estimates that by 2020 independent advisers will control more assets than Merrill Lynch, Morgan Stanley (NYSE:MS) , UBS, and other major brokerages combined.
  • Now read: Bank Of America 's Critical Metrics In 2018


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