Margarida Correia

Banks could boost the profitability of their wealth management programs if they integrated their private banking, trust and brokerage businesses.

One expert predicts that at least half of the top 30 U.S. banks will move advisors to a salary-based compensation system in the next two to three years.

The Milford, Mass.-based bank was drawn to Infinex’s technology and lead generation process.

Timothy Throckmorton will oversee and help grow the personal trust and estate administration business.

While most see HSBC’s decision to change advisor compensation to salary and bonus as risky, some see merit in the move.

HSBC made the switch to align the compensation structure for advisors in the U.S. with those in the rest of the global bank.

Financial markets are too complicated to navigate without an advisor, say the vast majority of affluent investors.

During the week ended June 19, investors yanked an estimated $7.97 billion from taxable and municipal bond funds.

51% of American adults would switch advisors or begin working with one for the first time if provided with a written retirement income strategy for them.

More than one in four Baby Boomers and Gen Xers who otherwise would have had adequate retirement income are projected to run out of money if rates remain as they are.

The new offerings bring the total number of Merrill Edge Select Portfolios to 12—the original 10 are primarily focused on total return.

The addition of three sales directors in Miami, West Palm Beach and San Francisco are part of the wealth manager’s long-term campaign to boost its sales force by 50% by 2014.

Financial institutions should develop distinct service offerings for young investors that speak to them at their life stage.

Cetera will provide the Wells, Minn.-based bank with wealth management services and support, including the investing tools clients need.

The Bakersfield, Calif.-based financial institution was drawn to LPL’s retirement planning capabilities, technology platform and in-house insurance services.

The San Francisco-based regional bank says it plans to add as many as 100 people to the team over the next two years.

The bank extended portfolio management and asset allocation services to clients with $50,000 in investable assets. The services were previously only available to trust clients.

Advisors might want to consider brushing up on their foreign language skills if they want to pursue the highly prized millionaire market.

During the week ended June 5, investors yanked an estimated $11.53 billion from virtually all categories of long-term funds, giving them their first weekly outflow this year.

The 12 largest bank broker dealers boosted their revenue by 8% to more than $1.5 billion in 2012, marking the fourth consecutive annual increase.