Four former Merrill Lynch client associates, as named plaintiffs in a class action lawsuit filed Wednesday in New York federal court, allege the company and its parent, Bank of America, violated federal and state overtime laws. Allegations include that client associates throughout the country have worked in excess of 40 hours a week, that Merrill encouraged and in some incidences required that employees work such hours and that Merrill failed to ensure that client associate hours were properly recorded and compensated. The plaintiffs seek damages, interest and attorneys fees, among other relief.
Knoxville, Tenn.,-based Head Investment Partners has transitioned to Triad Advisors' broker-dealer and hybrid multi-custodial RIA platform, Triad Hybrid Solutions, the firms announced. Head, which brings $190 million in fee-based advisory and brokerage assets, serves affluent multi-generational families, business owners, corporate executives and professionals. Founded by Daniel Head, it has a team of four advisors and two support staff. "This strategic move will enable us to greatly improve our client service by freeing us to choose for ourselves best-in-class technology that optimally serves our clients' needs, and to provide open-architecture investment solutions that fulfill our risk-averse investment philosophy and reflect our own analytical skills, without being subjected to the pressures imposed by a corporate parent," Head said. "This transition will also free us to add additional advisors and new offices, as part of our longer-term growth strategy."
Envestnet announced Thursday a new integration that brings the PMC Portfolio Navigator tool into its Advisor Suite. The tool filters 1,500 multi-asset class portfolio solutions using five questions. By integrating it into the advisor suite, Envestnet believes Portfolio Navigator will provide streamlined access to consulting, research and more customization at the enterprise level for what solutions can be used. By simplifying filtering, advisors should have an easier time finding and selecting products and strategies that are a best fit for their clients. Advisors using Envestnet’s suite also get access to PMC’s consulting teams, research and due diligence on portfolios and fast-tracked proposal process.