Dan Shaw

Wells Fargo pulls $722M in AUM from Merrill while Osaic adds a $540M team from Primerica (but gets sued); Stifel sells independent unit, and First Clearing names new head.

Speakers on an "AI & Compliance" panel at Financial Planning's ADVISE AI conference say advisors can use existing basic compliance principles to make sure their AI use doesn't step on any regulatory landmines.

The Oasis Group CEO and founder John O'Connell dazzled his audience at ADVISE AI by showing how artificial intelligence can shave hours off the production of plans, stock analyses, even web pages. But at least one advisor remains skeptical.

The Swiss wealth management giant says many of its U.S. clients now "largely rely on other banks for their everyday banking needs."

Wells Fargo also pulls from Merrill and Raymond James again from Commonwealth, while AlphaCore buys up a big RIA and the FPA gets a new CEO.

The SEC hasn't put forward a new rule for advisors' use of AI since dropping a proposal earlier this year. Is the lack of regulation hindering innovation?

Industry compliance experts say there are few more complicated decisions than knowing when to leave a firm and start your own advisory practice. The government shutdown is making it worse.

Dynasty Financial Partners' investment bank joins Diamond Consultants to help departing teams vet transition options, whether that's joining another wirehouse, selling to an RIA aggregator or starting their own business.

The wirehouse leaves its basic paygrid untouched for the fifth year in a row while giving advisors extra incentives to tout banking products and work with existing clients' children and grandchildren.

The awards recognize early-career brokers that have created top production numbers at their wealth management firms.

Janney also adds teams from Morgan Stanley and UBS, while LPL Financial picks up advisors from Janney for its direct employee channel.

Along with bringing in new households and assets, the Bank of America wealth management units are turning to loans, alternative assets and other offerings to do more with existing clients.

The largest wirehouse also reported a record quarter for wealth management revenues built on strong asset inflows in the third quarter.

Also remarkable: the size of the teams that are leaving and the types of firms benefiting from the defections, a new report from Diamond Consultants finds.

Wells Fargo CEO Charlie Scharf also points to investments into the firm's independent channel as helping to retain advisors and curtail departures to other firms.

Though advisors keep heading for the door following the sale of Commonwealth, industry analysts believe LPL Financial can still hit its post-purchase goals for retaining assets and headcount.

The purchase comes as Creative Planning seeks to build out its expertise in managing retirement plans.

With deals like Cetera's purchase of Avantax, Morgan Stanley's of Parametric and JPMorgan's of 55ip, big firms are increasingly able to answer high net worth clients' tax questions without having to send them to outside professionals.

Former Morgan Stanley broker Kathy Frazier sued the firm in 2015 and was later joined by six other Black plaintiffs who also alleged they had been systematically excluded from the best advisory teams and client leads.

Rick Meyers, head of client and advisory at Bernstein Private Wealth Management, looks to recruiting, training and possibly even acquisitions to further the firm's wealth management ambitions.