Portfolio

Competitors to the giant custodians say they're developing their own programs even as members of existing networks push back against some of the criticism.

Merrill president and co-head Lindsay Hans said the firm is well-positioned for the "largest asset-gathering opportunity that FAs have seen in decades."

The leaders of the group specializing in serving high net worth families were seeking to run their business entirely on a fiduciary basis.

The Wall Street giant is staggering under its plan to shift back to serving primarily the ultrawealthy.

Firms overly reliant on ultrawealthy clients need to ramp up their digital capabilities to attract the growing segment of clients with between $250,000 and $1 million in assets.

Competitors and critics in an industry fragmented between large and small firms and obsessed with organic growth question the increasing exclusivity and fees.

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A new Cerulli report found that the 10 largest broker-dealers hold 58% of retail AUM, in the wake of rapid consolidation among the top 25 BDs.

Tens of billions of dollars in taxable assets on Raymond James' managed account platform will get upgraded tools by mid-2024, the firms say.

Regulators are likley to enter into dialogue with industry about the best way to proceed.