Finance

Treating the financial plan as an end product instead of a first chapter can impede portfolio performance and erode trust.

The firm also sees additional recruiting opportunities at banks and other financial institutions after attracting Comerica Bank's wealth program last month.

The bank said the advisors and associates who left had managed under 20% of wealth management assets, as of the end of the first quarter.

The San Francisco bank, on shaky ground after two regional peers failed last month, said that customers pulled more than 40% of their deposits last quarter. It's been forced to turn to more expensive sources of funding, which analysts said will squeeze its profitability.

The outflows and expected losses this year at key businesses such as wealth and investment banking highlight the risks for UBS of its planned integration over the next four years.

More than $12.6 billion flows into equity exchange-traded funds in April, the most since January.

The regulator's latest staff bulletin also calls on planners at hybrid firms to always be clear about if they're wearing their broker or advisor hat.

The giant custodian's parent company, BNY Mellon, is working on how best to help it work together with its other businesses, CEO Robin Vince said.

Wealth management lifted the firm's bottom line, as the unit's revenues rose 11% over the past year and it hauled in assets across multiple channels.

In first appearance before GOP-controlled Financial Services Committee, SEC Chair brushes off criticism over regulation of digital assets.