Miriam Rozen

An executive described this as a “moment for us to have the opportunity to strengthen our growth and, frankly, bring on more partners and expand our associates participation and our firm's continued growth and success.”

Pre-tax profit margins are currently around 25%.

An arbitration panel denied Wells’ bid to recoup over $400,000 from a former broker after finding the firm failed to provide pledged assistance in his move and its retail banking scandal hampered prospecting efforts.

BofA and Merrill leaders touted growth in custom loans and a 12% jump in sales of alternative investments.

“We are not fully meeting the lending, deposit and payments needs of our existing wealth clients and in our wealth advisory channels,” CEO Charlie Scharf told analysts.

“Today’s court decision is a watershed moment for the wealth management industry,” said Shirl Penney, the CEO of Dynasty Financial Partners, where the advisors launched their new RIA.

The group said Merrill’s allegations that they improperly pre-solicited other employees and violated the Protocol for Broker Recruiting were false and based on “supposition and conjecture.”

Raymond James had alleged the widower, who is not an advisor, refused to return the device and sent letters to multiple firm clients encouraging them to transfer assets to an independent practice affiliated with LPL Financial.

Merrill named as defendants a dozen advisors along with Charles Schwab Corp and RIA service provider Dynasty Financial Partners. 

The first hub opened last month in Scottsdale, Arizona, and others will open in the broker-dealer’s St. Louis, Missouri hometown; West Palm Beach, Florida; and Dallas.