Industry

On Monday Bank of America Merrill Lynch announced that Cathy Bolz was hired to the Institutional Client Relationships leadership team as an Executive Client Relationship Manager, reporting to Kevin Crain.

They plan to boost their staff by 30% over the next 12 months, Fidelity finds.

Although the unemployment rate in the U.S. is 9%, three-quarters of broker-dealers and registered investment advisors plan to hire in the next 12 months, and they plan to boost their staff by an average of 30%, Fidelity Investments found in a survey.

Sean Foley has been promoted at fund administrator Butterfield Fulcrum and wealth management reporting firm FORS Limited to chief financial officer and chief administration officer.

Craig M. Lewis has been named chief economist and director of the Division of Risk, Strategy, and Financial Innovation at the Securities and Exchange Commission.

The unit of Bank of America Private Wealth Management said Wednesday that it hired Greg Khost as a managing director and regional executive in Florham Park, N.J., Donald R. Quattrucci, as a managing director and market investment executive in Rhode Island, and Nancy E. Anderson, as a senior vice president and private client advisor in Minneapolis.

After riding out some choppy storms in the middle and latter part of the last decade, registered independent advisors -- and their clients -- now stand ready to cash in on enormous growth opportunities as long as their willing to embrace new technology and communication mediums.

According to a survey conducted by TD Ameritrade, RIAs reported a 7% increase.

Bank of America has hired Morgan Stanley's chief information officer of enterprise infrastructure, David Reilly, away to be CTO of B of A's Global Wealth and Investment Management team.

Frank LaRosa, a senior vice president and office manager at Morgan Stanley Smith Barney’s Philadelphia branch has been terminated, a firm spokesman confirms.