Industry

Net income advanced to a record $5.09 billion, or 91 cents a share, from $4.11 billion, or 73 cents, a year earlier.

Principal Funds is expanding its sales team with a new position.

Financial advisor Andrew Ryan of Deutsche, who lands at number 28 on this year’s list, says that anticipating volatility while working with his venture capital and private equity clients has been imperative in recent years.

A former director of branch business development at Janney Montgomery Scott has moved to City Securities Corporation.

Virtus Investment Partners is buying a 24% stake in Kleinwort Benson Investors International, Ltd., a wholly-owned subsidiary of Kleinwort Benson Investors, which provides specialized equity strategies primarily to institutional investors.

Continuing its rapid expansion, CapTrust Financial Advisors, a large Raleigh, S.C. registered that serves private and institutional investors, acquired Freedom One Financial Group. Freedom One provides retirement plan and investment advisory services to companies in emerging markets.

Thomas Kane, a UBS financial advisor who ranks number 29 on our list, has turned to hedge funds, private equity and real estate to bolster his clients’ portfolios.

Scott Cooley, chief financial officer at Morningstar will resign from his post this year but the company expects him to remain in his role until it names a replacement.

RBC has added a group of five former Morgan Stanley advisors with $758 million in combined assets under management.

Advisors continue to flock to the RIA business model, making it the fastest-growing corner of the financial services industry. However, even as they do, more than ever are hanging onto commission income, despite the risks it poses to acting as full fiduciaries.