Veteran Advisor Departs BofA's (BAC) Merrill; Cites Product Sales Mentality
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Bank of America (NYSE: BAC) is showing some weakness Monday amid a few key departures at its Merrill Lynch branch.
According to Reuters, veteran advisor Kevin Stophel left the bank, which was taken over by BofA in 2009 following the financial meltdown in 2008, and is aiming to start his own boutique advisory firm. Stophel citied that Merrill aimed to sell products, which Stophel claimed didn't always coincide with his clients' needs.
Fellow advisor Matthew McCoy also left with Stophel. The duo managed about $90 million at Merrill.
Whether or not Stophel's comments have bigger implications for the rest of Merrill and BofA as a whole is not well known. Given that it's been four years since most banks and financial institutions hit rock-bottom, the move comes at an odd time.
Shares of BofA are down about 2.8 percent in afternoon trading.
According to Reuters, veteran advisor Kevin Stophel left the bank, which was taken over by BofA in 2009 following the financial meltdown in 2008, and is aiming to start his own boutique advisory firm. Stophel citied that Merrill aimed to sell products, which Stophel claimed didn't always coincide with his clients' needs.
Fellow advisor Matthew McCoy also left with Stophel. The duo managed about $90 million at Merrill.
Whether or not Stophel's comments have bigger implications for the rest of Merrill and BofA as a whole is not well known. Given that it's been four years since most banks and financial institutions hit rock-bottom, the move comes at an odd time.
Shares of BofA are down about 2.8 percent in afternoon trading.
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