Finance

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.