Finance

The payday comes for a year that saw the bank's annual net income rise just over 2% to $27.1 billion.

In the year ahead, private equity, exchange traded funds and tax-loss harvesting promise to be top priorities for advisors leading the pack.

Thrust into the top leadership role, Rich Steinmeier oversees strong results in his first six months.

The Zurich-based bank is in the midst of overhauling its U.S. wealth business with a greater priority on mass affluent clients and lower costs.

Out of more than 2,000 moves reducing prices over nearly 50 years, the company says this round represents the largest in its history.

The addition of Prudential Financial and Atria Wealth Solutions helped boost LPL's advisor headcount to a record of nearly 29,000 by the end of last year.

Despite only a slight increase in its headcount of financial advisors amid tough recruiting fights, the firm reeled in record productivity, assets and advisory flows.

Like other wealth managers that have ceased reporting advisor numbers every quarter, Raymond James says the figures have lost meaning.

Stifel chief executive Ron Kruszewski said surging markets have forced firms to be particularly choosy about which advisors they try to poach from rivals. That may change this year.

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.