Industry

Why one advisor specializes in helping clients who come into sudden wealth.

The recruits generated $1.7 million in annual production while at the wirehouse.

On Wall Street's annual Top 40 Under 40 rankings recognize the hard work of an elite group of young professionals employed by the wirehouses and largest regional broker-dealers. The editors of On Wall Street are now accepting nominations for the overall Top 40 Under 40 ranking, and Top 40 Under 40 Advisors at Regional Broker-Dealers. The results will be published in January.

There's no place for complacency these days, and the biggest wealth management players anticipate changes by regularly adjusting their strategies.

The self-regulatory organization plans an internal and external search to replace the industry veteran.

A careful merger of exuberance and realism fuels success for clients.

As business models converge in the industry, firms risk diluting advice with sales pitches and product promotion, says John Taft, head of RBC Wealth Management-U.S.

A recent recruit to wealth management comes to the industry after working in financial services management and serving as a lieutenant colonel in the Marines.

"We have competitive advantages that none of these firms can duplicate," says Greg Fleming, president of Morgan Stanley Wealth Management.

The languishing performance of LPL shares has drawn the attention of activist investor Richard McGuire, whose hedge fund, Marcato Capital, has taken a 6.3% stake in the IBD.