Industry

Beverly Hills Wealth Management, a wealth management firm serving high-net-worth individuals, families and businesses, announced the hiring of a new marketing director and the launch of its new Public Agency Financial Advisory division.

In a study of 1,025 independent RIAs, Schwab found that a client retention level of 97% helped to drive client referrals and to produce record levels of AUM and revenues last year.

OppenheimerFunds has signed an agreement to buy SteelPath Capital Management and SteelPath Fund Advisors, an energy infrastructure investments company focused on the Master Limited Partnership sector.

Raymond James & Associates hired former Morgan Stanley Smith Barney advisor Tom Shoup as the new senior vice president of investments in its Atlanta office.

Eugene M. Lerner has spent his six-decade career in the financial services industry trying to stay ahead of the curve. His decision to leave Morgan Stanley for HighTower speaks to where he thinks the industry is heading in the near future.

The Securities and Exchange Commission has named Paul A. Beswick as acting chief accountant in the Office of the Chief Accountant, succeeding James Kroeker, who left the SEC last Friday.

Northern Trust has appointed Carl R. Tannenbaum as its chief economist, succeeding Paul Kasriel, who retired from Northern Trust earlier this year.

On July 16, 2012, Northern Trust has appointed Carl R. Tannenbaum as its chief economist, succeeding Paul Kasriel, who retired from Northern Trust earlier this year.

On July 16, 2012, Philadelpia-based Lincoln Financial Distributors, the wholesale distribution subsidiary of Lincoln Financial Group, has added Chris Somers as a regional sales director for its Institutional Retirement Solutions Distribution team.

Ferrara, who was elected during the CFP Board’s July meeting last week, is president and CEO of ProVise Management Group, LLC, a Clearwater, Fla., financial planning firm with more than $630 million in assets under management.