Portfolio

Washington Wealth Management added Domari Wealth Management, a breakaway team from Wells Fargo with $135 million in AUM and $1.4 million in revenue, to its newly formed Woodland Hills, Calif., office.

"Confidentiality is critical," says Mary Ann Buchanan, a 25-year industry veteran and founder of Purcellville, VA-based RIA Match. "[Advisors] need to be able to look around anonymously. They need to have the ability to stick their toe in the water and see who is out there. Names and addresses [collected from users] will never, ever be sold."

To what do the nation's high net worth investors owe their wealth? In a recent survey from Spectrem Group, millionaires ranked on a scale of one to five what they believed were the key factors in building up their bank account. Was it hard work? Or were they just at the right place at the right time?

The total assets held by money market mutual funds slipped to $2.568 trillion, falling by $10.3 billion, for the week ended Sept. 19, according to data from the Investment Company Institute.

The $1.7 billion Strategic Advisers Emerging Markets Fund has hired Acadian Asset Management as a new sub-adviser to the fund alongside Pyramis Global Advisors, according to a Securities and Exchange Commission filing.

"We provide all the tools a broker needs to thrive," said Russell Gebhard, president of Sovereign Investment Group in Houston."If the advisor is successful, it's more than likely the clients will be, too."

Cynthia Egan, head of retirement plan services at T. Rowe Price, is retiring on December 31.

After garnering over $1 billion that ended a nearly month-long, outflow pattern last week, tax-exempt money market funds were back in negative territory this week as they lost $449.9 million and total net assets settled at $269.80 billion for the week ended Sept. 17, according to The Money Fund Report, a service of iMoneyNet.com.

Investor demand outlasted the end-of-summer doldrums with robust inflows to municipal bond mutual funds. But the past week saw those flows to weekly reporting funds fall to more modest levels, $256 million in inflows for the week ended Sept. 19.

Merrill Lynch Wealth Management has decided to increase its minimum equity trade fees to $75 from $50 following a year of research on how its pricing fits the market.