Merrill Lynch recruited a team from Morgan Stanley that managed $1.2 billion in client assets.

The nine-person team, led by Bruce Munster, generated $5.8 million in annual revenue while at Morgan. They join Merrill’s elite Private Banking & Investment Group in Century City, Calif., where they report to Michael Rogers, managing director.

A top producer, Munster was recently featured as No. 7 in On Wall Street’s annual ranking of the Top 40 Advisors Under 40.

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Sallie Krawcheck, president of Bank of America’s Merrill Lynch’s global wealth and investment management unit recently participated in the firm’s wealth management panel on women and retirement.

Women are representing more of the professional population.  In fact, 58 % of college graduates are women and 54 % of U.S. professional and managerial jobs are held by women.  Women must be more vigilant in building wealth and retirement savings.  These statistics were shared by the panel. 

“Women should start saving earlier.  They should save more.  They should have joint money.  They should look into separate accounts as well.  They should be doing more of everything.” Krawcheck said, as reported in an On Wall Street article. 

According to David Bach, a former financial advisor and author of “Smart Women Finish Rich,” women have very good “b.s.” detectors and are unlikely to hire someone they do not trust.  Therefore, financial advisors should sell their services in a manner that appeals to women.  The financial advisors should not push products and spend more time talking about the prospective female clients’ values, goals and dreams.   

Financial advisors should be more proactive in “trying to woo” women as clients. 

Bank of America’s Merrill Lynch brokerage is providing special guidance to its financial advisors on how to work with women.  Merrill is encouraging the financial advisors to spend more time pursuing perspective women clients because women take longer to choose a financial advisor.  Krawcheck urged them not to give up because women  tend to be more stable clients and women statistically live longer than male clients.   

Interestingly, Merrill Lynch’s advisor force of 15,000 is approximately 84 % male.

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Identity, 300% deals, force of personality. Which firms have the most fire power? Our Recruiters Roundtable has the answers for you.

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Turmoil in the auction-rate securities market may give unhappy financial advisers one more reason to consider moving to another brokerage firm.

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Recruiter Michael Wasserman, who heads Michael Wasserman and Associates, said that the newly created groups means that advisors specializing in ultra-high-net-worth clients who are jumping from—say Goldman Sachs, Lehman Brothers or the private banking division of Bank of America—may now find Citi a more hospitable environment than those advisors already at Smith Barney, who may find the arrangement confusing.

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