Economy

Wells Fargo's elite brokerage unit picked an attorney as its new chief fiduciary officer.

FINRA moved to banish the broker for failing to cooperate with an investigation into allegations that he borrowed thousands of dollars from a 70-year-old customer without Wells Fargo's prior approval.

Merrill Lynch picked up an advisor from rival Credit Suisse.

The newly recruited Wells Fargo team will operate as Cohonesto Financial.

Advisors gasped when they heard that the proposal requires firms to have a website revealing information previously considered confidential.

The firm's Americas wealth management unit is smaller, but better positioned to compete for wealthy clients after six years under President Bob McCann, industry insiders say.

The Short Hills, N.J., bank chose Invest Financial for its home office resources, scale and technology.

Brown Wealth Management Group, a former Wells Fargo-affiliated independent advisory firm, will focus on high-net-worth clients at LPL.

With the acquisition of City National Bank complete, RBC will begin beefing up its capabilities – but in a carefully planned roll-out, says John Taft, CEO of RBC Wealth Management-U.S.

Two advisors left the British bank's U.S. wealth management unit before the close of its pending sale to Stifel.

The fiduciary rule would significantly change how advisors are compensated and is part of a global trend to increase investor protection, researchers say.

Two of the new advisors at the wirehouse came from rivals Merrill Lynch and Morgan Stanley.

Creating the right playbook and calling the plays are key to your client's success.

The majority of small businesses fail. In recent years, more fail than launch every year. But some entrepreneurs soar to new heights, and helping guide them can be a lucrative niche for advisors.

The wirehouse executive speaks about the firm's approach to automation and why a larger advisor force is necessary to meet increasingly complex client needs.

Brian Hull, head of the firm's Client Advisory Group, tells On Wall Street that he's trying to make it easier for advisors to do business at the wirehouse.

The automated investment trend is not a fad, says U.S. Trust President Keith Banks. But being firm in values and delivering value is still paramount, he says.

The recruits generated $1.7 million in annual production while at the wirehouse.

On Wall Street's annual Top 40 Under 40 rankings recognize the hard work of an elite group of young professionals employed by the wirehouses and largest regional broker-dealers. The editors of On Wall Street are now accepting nominations for the overall Top 40 Under 40 ranking, and Top 40 Under 40 Advisors at Regional Broker-Dealers. The results will be published in January.

There's no place for complacency these days, and the biggest wealth management players anticipate changes by regularly adjusting their strategies.