Merrill frustration mounts — Wall Street's cannabis wins — Morgan Stanley nabs Vanguard exec

Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider's app for news on the go – click here for iOS and here for Android.

On the agenda today:

• Some Merrill advisor trainees are growing frustrated with micromanagement and mixed messaging.
• Wall Street banks are winning big when it comes to cannabis. 
• Morgan Stanley just tapped a Vanguard exec to head up its information security.

Let's get started. 

Morale is lagging for some Merrill advisor trainees

Frustrations are mounting for some of Merrill Lynch Wealth Management's apprentice advisors as it overhauls its training program. Employees are irritated by micromanagement and mixed messaging — and some are actively searching for different jobs. Here's what employees are saying.

People are pouring money into retirement accounts

Workers are flooding their retirement accounts with record amounts of cash — pushing balances to unprecedented highs in the second quarter. The soaring IRA balances highlight signs of ebbing stress about the pandemic. See how much balances are rising.

Wall Street is making a killing on cannabis

Wall Street banks have pulled in over $577 million in fees from cannabis deals since 2017. Canaccord Genuity has led the pack, raking in $170 million, with Goldman Sachs at a distant second. Here are the other top bankers raising money, cutting deals, and raking in millions.

Morgan Stanley tapped a Vanguard exec as new CISO

Morgan Stanley just chose Vanguard's Alonzo Ellis to serve as the firm's new global chief information security officer. Ellis has spent more than eight years at Vanguard, most recently as its top information security exec, and will join Morgan Stanley in September. More on his new role.

Retail investors spoke up on Robinhood's earnings call

Retail investors had a rare chance to have their voices heard during Robinhood's second quarter earnings call this week. Investors wanted answers on everything from the company's cryptocurrency plans to how to get branded merch. Here's what went down on the call.

BlackRock and Pimco's hedge funds are trailing

Hedge funds from two massive money managers, BlackRock and Pimco, are trailing the average fund this year. See how the hedge funds are doing so far in 2021.

White-collar workers are secretly working two jobs

Some white-collar workers have found a way to use remote work to their advantage — by working two full-time jobs without either employer knowing. Some people are putting in less than 40 hours per week at each job, but taking home salaries upwards of $600,000. Everything you need to know about being "overemployed."

On our radar: 

• Reuters reported that Goldman Sachs is slated to buy NNIP, a Dutch asset manager, for around $2 billion. It'll be the biggest acquisition since David Soloman took charge in 2018.
• Wall Street's coders are getting more flexible-work freedom than bankers, according to Bloomberg. Why coders get to keep working from home part time. 
• Per Coindesk, Wells Fargo just launched a passive bitcoin fund for its wealthy clients. More on the new fund here.