Economy

The nation's biggest IBD believes macro trends are ideal to boost recruiting, says LPL managing director Bill Morrissey.

The new hire comes after the wirehouse said it would cut back on recruiting.

The firm is trying to show advisors how they can use LPL’s resources to “get more at-bats” with prospective clients, an executive said.

Dan Arnold says behavioral management, automation and portfolio and planning services need to be combined to win future clients.

Adviser headcount continued a slow, but steady decline, slipping to 6,915 from 7,116 for the year-ago period.

The regional bank is looking to broaden its wealth management offerings and recruit additional financial advisers.

CEO Dan Arnold said advisers’ uncertainty about the fiduciary rule is waning.

Collectively the four firms provided market access to numerous clients that executed millions of trades per day.

The new hires joined a recently opened branch in Tuscon, Arizona, continuing a push west for the regional firm.

The new hire is part of the bank's push to expand the wealth management business.

"This is a challenging time for the firm with the DoL rule," CEO Paul Reilly said.

The rule has cost the firm tens of millions of dollars in compliance and lost revenue.

The bank’s attorney who mistakenly released reams of sensitive data about wealthy clients asked a judge to order the records returned and not to be spread any further.

"Banks traditionally pay higher valuations, but [RIAs] should go into deals with eyes wide open," Dave DeVoe says.

The Swiss wirehouse hit the founding partners of an $8 billion firm with a lawsuit.

The Connecticut office tallied 14 new hires in the past twelve months, the firm said.

The new executive will lead a team counseling advisers on how to comply with the DOL rule.

The $814 billion Beijing-based investment firm has more than a third of its portfolio in alternative assets.

The Labor Department has indicated that further revisions to the regulation could be forthcoming.

This year has seen more moves, bigger moves and more expensive moves.