Practice

A former Merrill Lynch broker is out one red Ferrari.

Broker used upfront money to buy a red Ferrari.

Advisor Alliance, will allow Merrill Lynch advisors to sell recordkeeping and retirement plan administration services to small business owners.

In Charlotte, Morgan Stanley Smith Barney expects to hire more than 50 private bankers who will work closely with the financial advisors later this year.

Berkshire Hathaway Inc.’s Warren Buffett warned a panel investigating the causes of the financial crisis Wednesday that states and localities may face “terrible” financial distress in the next five to 10 years that in turn could lead some to look to the federal government for bailouts.

Small-business owners' confidence in the economy rose in May, reaching its highest level in seven months, according to Discover Financial Services.

Sen. Richard Durbin's interchange amendment specifies that the Federal Reserve Board would draw up regulations limiting debit fees, but many observers agree the new consumer protection regulator — not the Fed — could end up with the ultimate authority over the rules.

As investors get active again, another argument against the modern portfolio theory.

The two advisor teams represent more than half a billion dollars in client assets.

The Securities and Exchange Commission and the Financial Industry Regulatory Authority are warning investors to beware of stock scams that promise easy profits from cleanup efforts related to the catastrophic BP oil spill in the Gulf of Mexico.