Industry

Wirehouses are set to lose 7% market share in the next three years, according to a report released Monday by Cerulli Associates. "These survey findings indicate a shifting advisor base between channels, with a lot of activity moving away from the wirehouse firms," Bing Waldert, director at Cerulli, said in a press release.

Citi Private Bank has hired foreign exchange trading expert Oscar G. Salem as director and foreign exchange investment specialist. In this newly created position, Salem will oversee the bank's currency business in the Southwest region.

To attract clients, brokerage firms should be offering a mix of in-person as well as online, self-directed investing and retirement planning options, according to a recent report by Aite group.

The Salentica Advisor Desk with the Schwab OpenView Gateway is a platform for independent investment advisors to access real-time information on their clients' financial holdings through the Salentica CRM solution.

Do you know a branch manager who deserves recognition for a job well done? On Wall Street and sponsor New York Life/MainStay Investments are now accepting nominations for the annual branch manager awards honoring the best leaders in the wirehouse and regional wealth management firms.

Bank of America said Friday it would pay $2.43 billion to settle a shareholder lawsuit over its purchase of Merrill Lynch, in an expensive effort to resolve one of many problems it faces from the financial crisis.

The Birmingham, Ala., regional banking company has quietly consolidated its investment-related groups under one wealth management group. The restructuring was partly spurred by the company's sale of Morgan Keegan earlier this year.

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Hirings this month include Merrill Lynch adding Lee Miller, Andrew Pleat and Mark Kean from UBS and Morgan Stanley hiring nine advisors including UBS's Keith Munera and John Wildemore.

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