At least one critic wonders whether the reigning bond king is so eager to leave California for the tax code or for peripheral lifestyle benefits.
Investors representing a cumulative $2.3 trillion in assets have signed on to the initiative.
Merrill Lynch has made Eric Schimpf the head of its Advisory Division, a newly created unit focused on early-career advisors across the wirehouse.
Without a substantial increase in transition planning on an accelerated timeline, RIAs face the potential risk of a “succession crisis.”