Economy

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.

Regulators are contacting the bank after financial details of some 50,000 clients were inadvertently sent to an outside party, according to a person with knowledge of the matter.

Social Security numbers and portfolio information for some high-net-worth clients and advisors was provided inadvertently as part of a lawsuit.

Firms still rely heavily on commission income despite drops last year.

Stan Leavitt said he was drawn to the regional firm for its culture and financial planning capabilities.

The four advisers joined the more than 500 lost by the wirehouse in the last nine months.

Rising markets boosted revenues for wealth- and asset-management arms at the largest U.S. banks to $18.4 billion in the second quarter, according to data compiled by Bloomberg.