Economy

Even among the wealthy, a growing number of clients want more digital engagement, says CEO James Gorman.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.

Coding and other billing system errors were to blame, according to the regulator.

The advisory business ended the year on a strong note, boosted by growth in net interest income, which rose 14% year-over-year.

The move comes as a surprise; "active search" for a replacement underway.

The business, which includes Merrill Lynch, said profits were up 1.8% year-over-year, but down 9% from the previous quarter.

Revenue increased 4% from 2015 even as the number of advisers fell by 10%.

The changes are the first under David Kowach, who became president of the wirehouse's traditional employee broker-dealer late last year.

An internal memo informs the firm's 15,000 advisers about the move, which builds on management changes made earlier this year.

Envestnet CEO Jud Bergman says experts plus machines deliver better outcomes than experts or machines alone.

Though some say the rule's future is in doubt, the firm is going ahead with sweeping changes it hopes will make its advisers more competitive.

Plus: A Morgan Stanley grab totals $410 milllion in combined AUM and more than 30 other job changes.

Silicon Valley-based Addepar says it is in talks with other wirehouses for use of its software, too.

The wirehouse alleges two arbitrators failed to disclose key information about their professional and personal histories.

Exclusive: Advice Period, the newest RIA platform model, offers star power and IBD qualities. Is it enough?

The planner, joining from Robertson Stephens, also has worked for UBS and Merrill Lynch.

Advisers will create strategies and communicate the advice. Software will handle the execution and maintenance of the strategies.

The new recruit, who started with the wirehouse's predecessor firm Smith Barney, has been in the industry since the late 1990s.

The expansion of hybrid platforms and bank digital advice promises big changes and fierce competition in automated wealth management.

Women need help in investing, and new niche robo advisers are providing a means to achieving financial confidence.