Practice

Corporate cultures will ultimately define how far social media tools go in helping banks and financial services firms deliver services to customers.

Financial institutions should be aware of what investors are posting about their firms to sites like Twitter.

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.

The Financial Industry Regulatory Authority has proposed that broker-dealers disclose any revenue-splitting arrangements they have with mutual funds at the time they sell their shares to investors.

Among other things, the rules are expected to keep executives or employees of credit rating agencies from going to work for the companies whose credit they have rated, for at least one year. The proposals are also likely to block agencies from having a person who markets its products or services also participate in its ratings.

Baby Boomers are getting older and so are their advisors which means it's high time to start planning for the next chapter for both parties. But it's easier said than done.

Evolve or perish. That was the general theme of the opening keynote address here today at the National Association of Personal Financial Advisors' national conference delivered by Doug Lipp, a motivational speaker, author and former head of corporate training at Walt Disney University.

The new recruits previously handled $1.5 billion in assets under management at Bank of America Merrill Lynch, Citi Private Bank, Morgan Stanley Smith Barney and Oppenheimer Holdings.

The advisory profession needs to create a repeatable and transparent experience that is client-centric, similar to what iTunes did for music lovers and Starbucks did for coffee aficionados.