Industry

Schwab's Advisor Services division has developed a suite of new resources to help financial advisors navigate the legal and regulatory issues that arise when making the transition to an independent Registered Investment Advisor (RIA) practice.

Morgan Stanley Smith Barney has hired a two-member Morgan Keegan & Co. financial advisor team, Peter Korcusko and Frank Colucci, in Clearwater, Fla.

Schroders has hired David Jodka as national sales manager of U.S. intermediary distribution, overseeing a team of 11 sales professionals, seven of whom are external wholesalers. Jodka reports to Carter Sims, head of U.S. intermediary distribution.

Our discussion boards have been pretty heated over the past week, as readers have debated whether or not moving up the Wall Street corporate ladder is harder for women than for men.

The Financial Planning Association, anxious to build its cache of student chapters at colleges across the country, set aside time at the organization’s annual conference in San Diego this week to instruct young attendees how to start their own chapters.

“It’s hard to approach someone" — a prospective employer, for example — and say, ‘I want to be an owner,’” confessed Brett Spencer, a 23-year-old masters student in financial planning from Texas Tech University.

Raymond James & Associates has hired a four-member financial advisor team that was previously producing more than $3.6 million in annual fees and commissions at Robert W. Baird & Co.

After underperforming its benchmark and losing two-thirds of its assets under the watch of Harry Lange, the Fidelity Magellan Fund has a new manager. Jeffrey S. Feingold is now running the $17.4 billion fund.

Morgan Stanley has announced that John J. Mack will step down as chairman of the firm and leave the board of directors at the end of this year, and James Gorman will take over that position.

UBS said it estimated it had lost $2 billion from unauthorized trading, by one trader. In connection with the case, London Police arrested a 31-year-old man, in the middle of the night.