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Giant financial institutions and wirehouses that spent fortunes attracting and retaining top-producing brokers and wealth managers over the past few years may be about to get socked with a big wave of departures this year and, especially, in 2012.

Former Morgan Stanley Smith Barney Complex Manager and Senior Vice President Frank LaRosa’s public records have been updated with details of an investigation into alleged spending violations following his sudden discharge from the firm in May.

Morgan Stanley Smith Barney plans to continue scaling down its financial advisor force after cutting about 300 positions in the first quarter.

As the Department of Labor is trying to expand the definition of fiduciary, which would have a substantial impact on defined contribution plan sponsors and providers, ING announced on Tuesday that it has expanded its fiduciary service offerings to help sponsors better navigate their responsibilities under the Employee Retirement Income Security Act (ERISA).

A new report from MetLife this week suggests that financial advisors need to do a better job of educating their clients about the importance of managing their emotions as well as their spending and investing behavior during and close to retirement just as they did -- presumably -- when they were younger and saving up for their golden years.

Jefferies Group this week tapped Clifford Lanier as its new managing director and head of fixed income cross product sales.

A former employee pleaded guilty Monday in federal court to helping Bernie Madoff create false records for investors.

Bank of America Merrill Lynch has hired Morgan Stanley Smith Barney financial advisors Matt Burton and John Cate to its Carmel, Ind. office.

Forget ATM machines. Financial institutions that want to stay competitive are going to have to work the phones if they want to hang on to their customers in the future. That is to say, they’ll have to make their services accessible by smartphone.

Credit Suisse Asset Management has re-launched the Credit Suisse Floating Rate High Income Fund, previously known as the Credit Suisse High Income Fund.