Industry

Now that profits are at record highs, financial advisors' next priority should be better people management, according to the 2013 FA Insight Study of Advisory Firms: People and Pay. Cost control, solid productivity and soaring client profitability helped the typical advisory firm reach a profit margin in excess of 20% in 2012, the highest margin in the survey's five-year history.

Don Quattrucci rejoined BNY Mellon from U.S. Trust, where he most recently served as managing director and market investment director for two years.

Oppenheimer & Co., a unit of Oppenheimer Holdings announced the appointment of Doron Barness to Head of New York Institutional Equity Sales Trading, working out of the firm's New York headquarters.

In a round of summer hiring, the firm brought in four advisors with a total of over $500 million in assets.

After Sheryl Garrett said an ideal partner would be a group like NAPFA, Pinnacle Advisory Group’s Michael Kitces responede skeptically.

Huntington announced today that Gregory A. Smith was named president of Cincinnati-based Haberer Registered Investment Advisor, a wholly-owned subsidiary of the Huntington National Bank.

Brent Smith, a relative newcomer to Susquehanna, will run the program previously managed by two sales managers.

Bank of America is seeking approval of a $160 million settlement from a judge who thrice rejected requests by black financial advisers at its Merrill Lynch unit to sue as a group over alleged racial discrimination.

A 43% increase in assets under management helped the brokerage unit net a profit after spending 2012 in the red.

Huntington announced today that Gregory A. Smith was named president of Cincinnati-based Haberer Registered Investment Advisor, a wholly-owned subsidiary of the Huntington National Bank. Smith will report to Steven Short, executive vice president and director of Huntington Wealth Advisors.