Industry

The leaders of the group specializing in serving high net worth families were seeking to run their business entirely on a fiduciary basis.

The Wall Street giant is staggering under its plan to shift back to serving primarily the ultrawealthy.

Competitors and critics in an industry fragmented between large and small firms and obsessed with organic growth question the increasing exclusivity and fees.

A new Cerulli report found that the 10 largest broker-dealers hold 58% of retail AUM, in the wake of rapid consolidation among the top 25 BDs.

The combined organizations will represent roughly 20,000 financial professionals.

The banking and brokerage firm's income also suffered from clients moving money into high-interest-paying money markets.

CEO Charlie Scharf said the bank's troubled wealth unit had 'treaded water' for a while, but showed signs of recovery as client assets and fee income grew.

All eyes will be on the incoming veteran executive as the banking giant seeks to take advantage of expected growth in global wealth.

The banking giant also reported a whopping 36% increase in net income for its banking and wealth management unit.

Planners tout advantages of IRAs, equity investing and delaying retirement for clients worried about inflation.