Industry

Among recent career changes, Merrill Lynch lost brokers managing $2.2 billion to rival J.P. Morgan Securities.

The brokers previously worked at Wells Fargo, which has suffered from attrition to smaller rivals over the past year.

The company has been in conversations with ETF Securities and Global X, say people familiar with the matter.

The CEO of the firm’s parent says it expects to trim hundreds more advisors from its ranks over coming months.

“Serving the investment needs and opportunities unique to clients who reside outside of the U.S. has become increasingly complex,” the firm said.

As investment management becomes a supporting service, software providers are facing disruption.

“We’re going from a Civic to a Cadillac,” advisor says of the move.

First Federal Savings Bank of Champaign-Urbana moved its investment services business to LaSalle St. Securities in a bid to deepen relationships with the back-office staff supporting the business.

The high-net-worth and ultrahigh-net-worth segments are growing globally “faster than we can grow advisors to cover them.”

CEO Josh Pace credits the smaller custodian’s agreement to be sold to E-Trade for the move.