Is Your Broker a Bank Salesperson?

New York Post:

Merrill Lynch’s Thundering Herd is having a huge crisis of confidence.

Bank of America’s integration of the prized brokerage empire is spooking many Merrill financial advisers, who are balking at CEO Brian Moynihan’s arm-twisting, corporate culture, people familiar with the company say.

The Charlotte, NC, bank’s efforts to wring profits from its Merrill unit is turning off many of the Herd’s professionals, Merrill advisers said, privately complaining that BofA’s persistent push to cross-sell banking and brokerage products is the problem.

It’s not the end of the world if your financial advisor has also become your banker. It could even be more convenient. Just be aware of what your advisor’s priorities are and make sure you are comfortable with them.

Source:

Bank of America accused of ‘tarnishing’ Merrill Lynch (New York Post)

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