Industry

Two UBS advisors left the Swiss-owned wirehouse to rejoin Merrill Lynch.

Though the firm's revenue growth was tepid, the advisor ranks at the wirehouse expanded by 187 advisors, according to Bank of America which reported second quarter earnings for its wealth management unit.

Advisors failed to win FINRA arbitration case for compensatory damages in excess of $5 million for a number of grievances.

BlackRock, the world’s largest money manager, said second-quarter profit rose 1.4 % as it attracted money into higher-fee products including active funds and ETFs.

After announcing 11% growth in net income for the wirehouse's brokerage unit, Wells Fargo executives told analysts that they are thinking of launching a robo advisor.

Wells Fargo’s independent channel lands four recruits, including a husband-and-wife team.

Aggregator adds myCIO to its four previous investments Veritable, Clarfeld Financial, Baker Street Advisors and Welch & Forbes.

Independent broker dealer Securities America picked up an independent RIA with $6.5 million in production from LPL.

Barclays lost another team, this time to Morgan Stanley, while its deal to sell its U.S. wealth management operations to Stifel is pending.

LPL has brought six teams on board worth approximately $2.8 billion in combined client assets to its RIA platform since February.