The Latest

The prescription for holding on to top talent at the major brokerages starts with compensation, writes recruiter Mark Elzweig.

The bank's cross-selling ratio has begun to sputter, raising questions about whether its aggressive sales approach is starting to chase off too many customers. The problem is more than Wells Fargo's, too, since so many banks have sought to imitate its strategy for selling each customer multiple products.

CEO Paul Reilly said the fast growing firm's pretax income for its Private Client Group fell 25% year-over-year, and said market volatility was creating headwinds. Yet advisor ranks have climbed to record high.

Earlier this year BlackRock, the largest asset manager in the world, announced that it would follow Fidelity and Federated in making changes to its money market fund offerings.

The decline was due to the fiduciary trust businesses moving to a more open architecture platform and a drop in AUM in proprietary mutual funds.

The firm has had "significant expansion" with fast-growing teams in Chicago and St. Louis, which it expects to continue.

Third Avenue Management was sued by an investor who said the firm failed to maintain adequate liquidity despite signs the fixed- income market was increasingly volatile.

RBC's newest recruits generated $1.8 million in annual production, the firm said.

The Obama administration wants to ensure its plans can withstand congressional opposition before the president leaves office, experts say.