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“It’s hard to approach someone" — a prospective employer, for example — and say, ‘I want to be an owner,’” confessed Brett Spencer, a 23-year-old masters student in financial planning from Texas Tech University.

Raymond James & Associates has hired a four-member financial advisor team that was previously producing more than $3.6 million in annual fees and commissions at Robert W. Baird & Co.

First-time attendees of the FPA Experience 2011 annual conference were eager to learn about new events this year centered around the concept of "communities" -- groups of planners of similar ages or specialties. The communities are meant to help attendees glean the most appropriate information for their practices and to better network with their peers.

PALM DESERT, CALIF.—As investors have fled equity funds, the industry’s move into alternative investments has become one of the biggest concerns of directors of the board.

After underperforming its benchmark and losing two-thirds of its assets under the watch of Harry Lange, the Fidelity Magellan Fund has a new manager. Jeffrey S. Feingold is now running the $17.4 billion fund.

While both hedge funds and equities lost value in August, hedge funds outperformed equities by more than five percentage points. The Dow Jones Credit Suisse Hedge Fund Index fell 2.3% last month, but the Dow Jones Global Index of equities declined 7.69%.

UBS said it estimated it had lost $2 billion from unauthorized trading, by one trader. In connection with the case, London Police arrested a 31-year-old man, in the middle of the night.

Morgan Stanley has announced that John J. Mack will step down as chairman of the firm and leave the board of directors at the end of this year, and James Gorman will take over that position.

Mortgage real-estate investment trusts have been exempt from the Investment Act of 1940, which regulates the fees that can be charged to investors and limits the amount of leverage a fund can use. But the Securities and Exchange Commission said last month that it had initiated a review of that exemption, as mortgage REITs are beginning to look more like mutual funds.

Morgan Stanley has announced that John J. Mack will step down as chairman of the firm and leave the board of directors at the end of this year, and James Gorman will take over that position.