Industry

The firm has hired the former head of Wells Fargo’s advisor development group to help open an office in the Northeast.

The bank has been investing heavily in the wealth management business in terms of hiring and training staff as well as new technology.

Cetera Advisor Networks has added a new four-person advisor team to its Virginia region.

Aristotle Capital Management is adding new talent to its team.

Morgan Stanley Wealth Management has snapped up five financial advisors from UBS who previously managed $750 million in client assets.

For J.P. Morgan Securities financial advisor James Odorczuk, who lands at number 16 on the Top 40 Under 40 list, making decisions on behalf of clients is a team effort.

The advisor population is “stagnant and aging;” older advisors may not relish the hassles of a moving to a new firm. Meanwhile, barriers to entry for new financial advisors remain high–less than 15% of trainees succeed in establishing a viable business.

The Aquila Group of Funds has appointed Craig DiRuzzo as a regional sales manager focusing on the Tax-Free Fund of Colorado, a municipal bond fund that invests in Colorado’s municipal and state projects, and Aquila’s two nationally distributed mutual funds – Aquila Three Peaks High Income Fund and Aquila Three Peaks Opportunity Growth Fund.

A U.S. judge said the Internal Revenue Service can demand information from UBS AG about U.S. clients of Wegelin & Co., the Swiss bank that pleaded guilty this month to conspiring to help cheat the IRS.

Morgan Stanley financial advisor Jack Riley, number 17 on the Top 40 Under 40 List, says that offering well-rounded services to his corporate executive clients has helped bring him success.