Industry

After riding out some choppy storms in the middle and latter part of the last decade, registered independent advisors -- and their clients -- now stand ready to cash in on enormous growth opportunities as long as their willing to embrace new technology and communication mediums.

According to a survey conducted by TD Ameritrade, RIAs reported a 7% increase.

Bank of America has hired Morgan Stanley's chief information officer of enterprise infrastructure, David Reilly, away to be CTO of B of A's Global Wealth and Investment Management team.

Frank LaRosa, a senior vice president and office manager at Morgan Stanley Smith Barney’s Philadelphia branch has been terminated, a firm spokesman confirms.

The new recruits previously handled $1.5 billion in assets under management at Bank of America Merrill Lynch, Citi Private Bank, Morgan Stanley Smith Barney and Oppenheimer Holdings.

Myriam Soto and Douglas Schaenen will serve in new managing director roles, working to help expand BNY Mellon’s international wealth management business.

Shawn Liebel and Kevin Forney join Morgan Stanley from UBS, while Robert Coloret and Mark Delmar join from Ameriprise.

Northern Trust said it plans to acquire technology-driven hedge fund administration firm Omnium from Citadel, the large Chicago asset manager and market-making firm.

BNY Mellon has hired Mitchell Harris as president of its investment management division.

Morgan Stanley’s Steven W. Stroker will lead Baird’s wealth management offices in the central region.