Kelly had been the president of Fidelity Brokerage Co. since March 2001 and has been with Fidelity since 1995. McColgan previously led Fidelitys intermediary services division.
Vincent Loporchio, a company spokesman, said that it is still too early to tell whether Kelly will return and if he does, in what capacity. However, he did say that the company will try and find a position that will utilize Kellys skills best should he decide to return to the company.
Pershing reported higher revenue in Q1 after a rough last year when clients fled due to First Republic's failure. Parent BNY Mellon's CEO Robin Vince said he feels 'very good' about Pershing.
The Bank of America wealth management subsidiary joins Morgan Stanley and Wells Fargo in no longer divulging how many financial planners it has on the payroll.
The firm's wealth management business saw strong new assets inflows in the first quarter, particularly from its business catering to family offices.
Forty-five percent of wealth managers say a disputed presidential election would hurt their business, according to a new Arizent survey.
Citizens Financial said long-time Morgan Stanley leader Paul Casey will spearhead its wealth, private banking units as part of a larger expansion in advisory services.
Some financial advisors and tax professionals with high net worth clients could find big advantages before the expiration of provisions of the Tax Cuts and Jobs Act.
