Industry

Pacific Investment Management Co. is becoming less dependent on Bill Gross, preparing for an eventual future without the world's best-known bond investor and adding pressure on its rising stars to live up to his legacy.

The practices, in Mercer Island, Wash., and Lynnwood, Wash., have a combined $549 million in assets under management.

UBS executive Robert Mulholland has a message for professionals in the financial services industry: We are the adults in the room.

Clients are mad as hell and they're not going to take it anymore … unless the industry makes some changes, Stifel’s top executive told a major industry conference on Thursday.

For the first time in the fast-growing company’s history, LPL has posted nearly $1 billion dollars in net quarterly revenue.

Financial services firms and advisors are relying on new technology and enhanced training to to take a more holistic financial planning approach with clients.

“We got drunk with the performance of the bull market,” Thiel told the audience of wealth management professionals at the SIFMA Private Client conference on Thursday. “But the world changed and our dialogue, our approach, didn’t. It needs to. We need to talk about what our clients goals, concerns and priorities are and map absolute performance to that objective.”

Morgan Stanley has hired three advisors from Deutsche Bank, Merrill Lynch, and Wells Fargo who combined for more than $3.2 million in production.

Credit Suisse Group AG said it’s increasing the proportion of assets under management from super- rich clients, helping to boost profit margins at Switzerland’s second-largest wealth business.

J.P. Morgan Securities announced Wednesday it has added eight advisors to its offices in Boston, New York City, and Florham Park, N.J.