Industry

The Private Client Reserve hired a new wealth management advisor from UBS Private Wealth Management to support growing business in the Chicago market.

LPL is shuttering NestWise, the once-hyped unit that was launched just last year to serve less affluent customers, and has laid off 40 NestWise employees.

Beginning next month, a number of tech firms that are also RIAs are poised to enter the red-hot online advisory space, offering consumers not only financial guidance but specific buy/sell/hold recommendations for mutual funds and ETFs, based on algorithms and aggregation of clients’ accounts.

To do so, the country’s largest independent broker dealer expects to have a portal up and running, probably under the name AdvisorHarmony, as early as next year that will allow advisors to sift through potential partners on their own.

Wells Fargo's regional president of Florida operations has been promoted to a national executive.

John Hancock Financial Network has rebranded under the name Signator Investors, as a sign to advisors of its commitment to grow the advisory side of its business.

Wells Fargo's regional president of Florida operations has been promoted to a national executive.

The advisory industry is already locked in fierce competition to recruit new advisors. Now TD Ameritrade Institutional is ratcheting up its efforts to attract talent.

Nitin Mhatre, executive vice president of Consumer Finance, will lead Webster’s Personal Bank, which includes Webster Investment Services.

Morgan Stanley has bolstered its New York office with a top billing advisor team from J.P. Morgan Securities, the boutique brokerage branch of JPMorgan Chase.