Andrew Welsch

Merrill Lynch picked up an advisor from rival Credit Suisse.

The firm's Americas wealth management unit is smaller, but better positioned to compete for wealthy clients after six years under President Bob McCann, industry insiders say.

With the acquisition of City National Bank complete, RBC will begin beefing up its capabilities – but in a carefully planned roll-out, says John Taft, CEO of RBC Wealth Management-U.S.

Two advisors left the British bank's U.S. wealth management unit before the close of its pending sale to Stifel.

The heads of the biggest wealth management firms vary in their approaches to challenges, including recruitment and the use of robo advisors.

Two of the new advisors at the wirehouse came from rivals Merrill Lynch and Morgan Stanley.

The wirehouse executive speaks about the firm's approach to automation and why a larger advisor force is necessary to meet increasingly complex client needs.

Brian Hull, head of the firm's Client Advisory Group, tells On Wall Street that he's trying to make it easier for advisors to do business at the wirehouse.

"We have competitive advantages that none of these firms can duplicate," says Greg Fleming, president of Morgan Stanley Wealth Management.

"If I said I had worked for AT&T for 33 years, anybody would ask me, 'Well, when are you going to retire?' But our industry is unique. It's not like a utility company, where after 30 or 35 years, you're done," says Larry Palmer, an advisor at Morgan Stanley.

Ron Kruszewski talks with On Wall Street about Stifel’s recent acquisitions and why there has been some advisor attrition at Barclays' U.S. brokerage unit ahead of its acquisition by Stifel.

J.P. Morgan recruited a veteran advisor from Credit Suisse, which recently struck an exclusive recruiting deal allowing Wells Fargo to pick up the Swiss firm's U.S. advisors.

Edward Jones and four other firms were sanctioned by FINRA for overcharging some clients on mutual fund sales.

Tash Elwyn, the president of Raymond James & Associates, says the path to success lies in recognizing that "every advisor is unique, every client is unique and the delivery of advice should be unique."

The wirehouse said it recruited four advisors from rivals Merrill Lynch and Wells Fargo.

The super regional may have an opportunity to significantly boost its presence in key markets by adding the boutique – but at a cost of up to $900 million, one analyst says.

Secretary of Labor Thomas Perez said staff members have industry experience, in response to recent criticism, and emphasized that the department has been actively engaging and listening to critics as well as supporters of its proposed fiduciary rule.

The wirehouse is sending executives to Credit Suisse offices to deliver the firm's pitch, and will fly advisors out to its headquarters in St. Louis next week.

Chief Executive Paul Reilly acknowledged that the firm has been exploring potential acquisitions, but declined to discuss specific targets with analysts during an earnings call.

The firm's wealth management unit reported that growth in client assets was flat year-over-year, and declined $20 billion from the previous quarter to fall to $433 billion.