Industry

The firm netted a $668 million profit as executives said it is beginning to see the benefits from its purchase of the final stake in Smith Barney from Citigroup.

Large firms are targeting smaller “lifestyle” advisors who want to remain independent but need resources, guidance and business support from the “substantial ecosystem of solutions” that are now available.

The owner of the world’s biggest brokerage set aside a smaller share of revenue to pay employees at its investment-banking and trading division in the first nine months of the year.

An institute executive told Congress it should consolidate and simplify the types of tax-favored retirement plans now available to small business owners to minimize the cost and administrative burden imposed by the plans.

The firm has added a Florida-based team with over $1 billion in client assets to its independent channel.

Mariner Wealth has jumped into the burgeoning space recently abandoned by LPL’s NestWise.

Bank of America posted strong revenue growth in the same quarter its big rivals showed weakness on bread-and-butter banking. But concerns about its higher litigation expenses overshadowed the good news.

The agency asked for the change as part of an effort to improve corporate governance at the company, said one of the people, who asked not to be identified because discussions were confidential.

Stockbrokers routinely succeeded in erasing settlements of customer complaints from their regulatory records in the wake of 2008’s market turmoil, making it harder for investors to research the money managers, a group of plaintiffs lawyers said.

The firm told clients its money-market funds aren’t holding Treasuries that mature in the next month as Congress debates whether to raise the U.S. debt ceiling.