It is no secret that Brian Moynihan is intent on pushing Bank of America’s private banking model over the wealth management model. Moynihan often chastises wealth management stating that “it is the least profitable division in the firm.” Do advisors feel supported in that? We question where the plan is to aggressively invest and make…
Finally, there’s a bit of good news out of Merrill Lynch, a respite for war torn advisors exhausted with massive compliance and operations oversight, the newly released 2024 compensation grid changes throw a little bone to advisors and repeal some dreaded policies. While we don’t believe this will stop the bleeding as far as seasoned…
Advisors are fleeing Merrill Lynch in unprecedented numbers, a trend closely tracked by The Gershman Group through a dedicated portal. This article aims to provide a comprehensive update on this exodus. Bank of America’s CEO, Brian Moynihan, consistently rebukes the Global Wealth division, branding it the “least efficient” within the firm, a sentiment he echoes every quarter. Co-presidents…
Meet Roger: Having spent twenty-five years himself as a financial advisor at Hambrecht & Quist, UBS PWM, and Credit Suisse, Mr. Gershman brings a unique perspective to the recruiting and consulting world of financial advisors. With this real-life experience, he now runs the family consulting firm his father founded 40 years ago who also was…
On March 30, 2023, Lindsay Hans and Eric Schimpf were promoted to co-presidents of Merrill Lynch after Andy Sieg departed for Citibank. The two have continued to live out Sieg’s mandate from Brian Moynihan, move Merrill Lynch as swiftly as possible to a dominating private banking model. As an example, Hans and Schimpf pointed to…
John Calandro III and Kevin Calandro | $5.4M / $700M | Dallas, TX It’s a family affair – teams are making moves with the idea of controlling their retirement and/or preserving their business for the future. Brothers John Calandro III and Kevin Calandro, along with Kevin’s son Robert, announced their departure this past weekend in…