Industry

The firm hired sales directors and other professionals in Chicago, Las Vegas, Boston and Madison, N.J., and opened an office in San Diego.

Bank of America's wealth management unit produced strong profits for the fourth quarter of 2013, and did so with fewer advisors.

The FPA and other organizations calling for stricter regulatory oversight of investment advisors reacted with dismay to the omnibus federal spending bill unveiled this week, which they say will leave the SEC unable to effectively police the industry and protect investors.

As the cost of recruiting new advisors has soared, says CEO Erica McGinnis, such small-scale growth has become more difficult -- and more expensive.

UBS AG, Switzerland's largest bank, expects to boost client assets in the U.K. this year even as Swiss competitors try to break into London's $1.2 trillion private wealth market to help counter withdrawals at home.

An advisory group in Winter Park, Fla. with $550 million in client assets leaves Morgan Stanley to go independent.

Granite Financial says it hopes moving to the IBD will power growth.

UBS AG Chief Executive Officer Sergio Ermotti denied speculation that Switzerland's biggest bank will spin off its investment-banking business to meet regulators' demands for holding more capital.

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The SEC is putting advisors on notice that its examiners will cast a wide net in their reviews of investment advisors over the coming year.