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Citigroup Inc.'s board has approved a retention-award plan for Chief Executive Vikram Pandit that could be worth tens of million of dollars.

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 Financial Industry Regulatory Authority has proposed that broker-dealers disclose any revenue-splitting arrangements they have with mutual funds at the time they sell their shares to investors.

Among other things, the rules are expected to keep executives or employees of credit rating agencies from going to work for the companies whose credit they have rated, for at least one year. The proposals are also likely to block agencies from having a person who markets its products or services also participate in its ratings.

Baby Boomers are getting older and so are their advisors which means it's high time to start planning for the next chapter for both parties. But it's easier said than done.

Evolve or perish. That was the general theme of the opening keynote address here today at the National Association of Personal Financial Advisors' national conference delivered by Doug Lipp, a motivational speaker, author and former head of corporate training at Walt Disney University.

Long-term funds look in $3.91 billion in the week ended May 11, the Investment Company Institute said.

Operating margins of publicly traded asset managers ticked down to 30.5% in the first quarter of 2011, down from 31.4% in the previous quarter, Kasina said. Net margins decreased from 23.4% to 22.1%.

Taxable bond funds and exchange traded funds (ETFs) enjoyed another banner month in April, according to Morningstar's latest Direct Fund Flow Update, adding another $17.7 billion and $23.3 billion in inflows, respectively.For the month, taxable bond funds recorded the largest percentage increase of any asset class while inflows for U.S. ETFs more than tripled from the $6.9 billion added in March.