And … What’s Up at the Bank of America?
[By Ann Miller RN MHA]
http://www.CertifiedMedicalPlanner.org
According to E. Dilts, BoA is making it harder for brokers to take some of their clients with them when they leave Merrill Lynch-specifically, clients that were referred to the broker by a Bank of America branch.
Brokers in recent months have been asked to sign contracts saying that if they leave Merrill Lynch, they can’t take the names or phone numbers of those customers with them, because those clients belong to the bank.
Lawyers said this policy chips away at the decade-old truce among brokerages known as the Protocol for Broker Recruiting.
The agreement was meant to end the continual and costly legal battles between brokerages and their brokers over who had the right to keep clients, and allows departing brokers to take client information including names and phone numbers with them.
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Stock Broker versus Brokerage House
[Courtesy Pixabay]
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Assessment
So, who does the broker [er-ah! financial advisor] really work for – the [physician] client or the brokerage house? And doesn’t this make your account just a portion of their “book of business?”
Talk about advice versus product sales?
More:
- Is Mother Merrill Being “Dismantled” by Bank of America?
- Merrill Lynch Headcount Flat, But Advisors Less Productive in Q3
- Mother Merrill Reshuffles Management Team
- Mother Merrill’s Extreme Makeover
Channel Surfing the ME-P
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Even More:
- 4 Advisor Moves That Shouldn’t Be Legal
- Understanding Traditional Full-Service Stock Brokers
- Finding a Fiduciary Financial Advisor
- Mortgage Investors Join Outcry Against Banks
- Merrill Lynch Investigated for CDO Deal Involving Magnetar
- Enter the CMPs
Conclusion
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OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:
- PRACTICES: www.BusinessofMedicalPractice.com
- HOSPITALS: http://www.crcpress.com/product/isbn/9781466558731
- CLINICS: http://www.crcpress.com/product/isbn/9781439879900
- ADVISORS: www.CertifiedMedicalPlanner.org
- FINANCE: Financial Planning for Physicians and Advisors
- INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors
- Dictionary of Health Economics and Finance
- Dictionary of Health Information Technology and Security
- Dictionary of Health Insurance and Managed Care
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