Economy

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The deal would consolidate an industry under pressure from a price war.

After a recent policy switch, many clients at the wirehouse can no longer use balances from their deposit accounts to purchase shares in these funds.

The IBD’s head of practice management says more planners should explore becoming ensembles, and she also divulged the firm’s “secret sauce.”

The discount brokerage sees the move as a way to attract younger, less affluent investors.

The wirehouse is also simplifying its small household policy and boosting its emphasis on financial plans.

As this firm founder took stock, he realized his needs had changed over time.

Self-directed brokerage accounts at the firm hold about 20% of their portfolios in cash.

The firm also opened a new branch office to house its recruits.

The firm hasn’t made any decisions about advisor retention bonuses, but some top shareholders will earn tens of millions of dollars once the deal closes.