Finance

With 37% of financial advisors expecting to retire within the next decade, rookies are still failing at a 70% clip within their first five years, according to a new Cerulli study.

Hester Peirce and SEC Acting Chair Mark Uyeda say they want to group to devise a clear compliance framework for digital assets and end regulation by enforcement.

The Westlake, Texas-based firm called 2024 a transition year after faltering during the regional banking chaos in 2023.

Executives say the Bank of America subsidiary likely benefited from clients in 2023 seeking a safe harbor from teetering regional banks.

The investment banking giant has been the subject of regulatory probes regarding the way it vets prospective clients. So far, that's not driving away potential clients, executives say.

CEO Ted Pick said nearly half of net new assets Morgan Stanley brought in last year landed in fee-generating accounts — and that's right where he wants them.

Top deals from Q4 include Wealth Enhancement Group's deal with Levy Wealth Management Group and Cetera's bid for Concourse Financial Group Securities.

The regional giant reported $2.2 trillion in client assets last year, despite seeing its net new flows decline.

The number of financial advisors at America's biggest bank dropped slightly from last quarter but was still up from last year.

Citi wealth head Andy Sieg told employees that net new investment assets — which surged last year — are the division's "North Star."

The BNY company unveiled an expanded custodial agreement with a large wealth management client in the fourth quarter, as asset values boosted its results.

Wells Fargo and other large wealth managers have been under scrutiny from plaintiffs' lawyers and regulators for the returns they pay on uninvested cash. It hardly mattered for Wells' bottom line last quarter.

While not denying the benefits of PE backing, a subset of RIAs and wealth managers remain determined to go it alone.

Even though some firms have been able to command top dollar selling themselves to large aggregators, plenty of variables are still helping to hold purchase prices in check.

The fast-moving RIA aggregator has been undergoing an internal reorganization since 2023 in a bid to consolidate the many firms it has scooped up over the years.

High-yield cash opportunities, alternative investments, ETFs and short term bonds received renewed interest.

The funds, although unlikely to be profitable on their own, are seen as a way to find clients for other services offered by Morgan Stanley.

Mike Durbin on Cetera's M&A plans, why consolidation will barrel forward in the wealth management industry and the advantages of having a hybrid firm.

The 10 largest transitions include deals by LPL and Osaic, hybrid RIAs that received private equity infusions and even a new public offering by a SPAC investor.

Recruiting moves, M&A deals, influxes of capital, internal rollups and business pivots are fueling the industry's race to scale.