Industry

Lack of scale and the heavy investment wealth platforms require may have prompted the bank holding company to sell its RIA business, says one industry consultant.

Esther Stearns is working with financial software maker Guide Financial in its quest to "carry the NestWise torch."

Merrill Lynch Wealth Management is putting the spotlight on advisor training with its appointment of Racquel Oden as head of new advisor development.

As four officials begin terms as volunteer chairmen of CFP Board councils, a former panel chairman highlights the challenges they may face.

That makes for two big recruits in two days. A day after announcing the addition of a $1 million team from Wells Fargo, the firm has landed a second million-dollar team.

'There will be absolutely no pressure to sell any of our products,' says RCS chairman Nicholas Schorsch, who built a fortune on nontraded REITs but has recently been acquiring several big independent B-Ds.

A survey of 500 mass affluent investors by an industry association finds -- conveniently -- high awareness and use of nontraded REITs.

The firm has enticed away an advisor team with $1 million in production from Wells Fargo for its Bartlett, Ill., office.

For RCS advisors and brokers, the sweet spot will be individuals and families with $300,000 to $3 million in investable assets, Schorsch says.

Pimco's Mohamed El-Erian clashed with co-founder Bill Gross before announcing last month that he's leaving the firm, the Wall Street Journal reported.