Industry

Competitors are 'welcome to call' clients, says new CEO Douglas Wolford, who replaced David Zier after the latter's suicide -- but none have left, he says.

In its latest organizational move, the firm hired a former Merrill Lynch banking executive to lead the growth of the wealth management business in Florida.

Raymond James Financial's private client group contributed to record profits for the company on strong performance.

Ameriprise's executive vice president says the firm has spent a lot of resources, especially in the major markets and major cities, establishing training programs to bring new advisors into this business.

"We have to continue to grow and we'll be looking at acquisitions, mergers, tuck-ins and roll-ups, all of the above," says Mark Allen, president of Nebraska-based Allen Capital Group.

Ameriprise CEO Jim Cracchiolo credited growth in the firm's fee-based businesses and wealth management unit for the company's robust overall performance.

"This is a head-on counterattack and is definitely making the [digital] space a lot more competitive," says William Trout, a senior analyst for Celent.

Pacific Investment Management, seeking to stem redemptions after its co-founder Bill Gross left unexpectedly, was dropped as manager of a $6.16 billion strategy offered by a unit of Prudential Financial.

Edward Jones Managing Partner James Weddle says the firm grows organically, recruiting from colleges and even the military for new advisors.

UBS Wealth Management Americas reported that profits surged 17% year-over-year