Industry

Merrill Lynch has hired a two-member advisor team who previously managed more than $1 billion at Wells Fargo's Abbot Downing business.

A review of auditors that examine broker-dealers has unearthed an array of deficiencies in the process the firms use to evaluate their clients, including numerous of infractions that could amount to violations of SEC or FINRA rules.

UBS AG is starting a unit aimed at quantitative hedge funds that combines prime brokerage and services from its direct execution trading business.

Advisor-owned financial services firm HighTower has snapped up a Credit Suisse advisor team with about $1 billion in assets under management, marking the eighth team to move to the firm this year.

A 20-year industry veteran, Jeff Smith will help build out the firm's D.C. office as a non-producing branch manager.

More than three in four advisors expect to continue selling variable annuities and allocate 11% of their assets under management toward these products, according to Cogent Research.

Morgan Stanley Smith Barney is cutting its brokerage complexes from 118 to 86 and its non-producing branch managers from about 150 to 85 as it puts its final touches on consolidating two brokerage firms that began several years ago.

Wells Fargo has heated up its recruitment this summer by ushering in a spate of new financial advisor hires with almost $1.4 billion in assets.

Midsized RIA firms are the new sweet spot for managers of mutual funds and ETFs, according to a new report from Cerulli Associates.

As the trend toward independence continues, the opportunities raise questions from those advisors who are considering making the move. Dynasty Financial Partners' Shirl Penney provides some answers.