Industry

HighTower has added a Merrill Lynch team with nearly $300 million in assets to its new network aimed at breakaway independents.

Elliot Weissbluth tells HighTower conference attendees that he anticipates headwinds for firms that provide both products and advice and sees no future for small, unsophisticated advisors.

A former Merrill Lynch advisor team has left the wirehouse to form Quadrant Private Wealth, a new partner firm of Focus Financial Partners, according to a spokesperson.

The world’s biggest bond dealers, including JPMorgan Chase & Co. and Morgan Stanley, failed to properly report trades to the industry’s price-tracking system more than 11,000 times. JPMorgan’s penalty: About three minutes of its annual profit.

Bank of America Corp. is dismantling an electronic market-making unit created last year to serve the lender’s Merrill Lynch wealth-management division, said two people with knowledge of the decision.

Allison Couch's newly created role focuses on sales and distribution strategies across one of the industry's largest broker-dealer networks.

'We were not as proactive as we should have been,' the CFP Board says, rolling out two initiatives aimed at resolving advisors' incorrect fee-only disclosures on its website.

Raymond James & Associates lured away an advisor team from Wells Fargo Advisors that generated annual revenue of about $2 million.

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Most of the new arrivals are employees of larger financial service companies, said president Scott Curtis, and about 25% are already independents.