Economy

A careful merger of exuberance and realism fuels success for clients.

As business models converge in the industry, firms risk diluting advice with sales pitches and product promotion, says John Taft, head of RBC Wealth Management-U.S.

"We have competitive advantages that none of these firms can duplicate," says Greg Fleming, president of Morgan Stanley Wealth Management.

The languishing performance of LPL shares has drawn the attention of activist investor Richard McGuire, whose hedge fund, Marcato Capital, has taken a 6.3% stake in the IBD.

The advisor duo generated $2 million in annual production while at Wells Fargo.

Advisors may want to help clients research charitable giving, which overall could top $8 trillion as more baby boomers retire, according to a new study from Merrill Lynch and Age Wave. Advisors can help clients with their research.

Ron Kruszewski talks with On Wall Street about Stifel’s recent acquisitions and why there has been some advisor attrition at Barclays' U.S. brokerage unit ahead of its acquisition by Stifel.

J.P. Morgan recruited a veteran advisor from Credit Suisse, which recently struck an exclusive recruiting deal allowing Wells Fargo to pick up the Swiss firm's U.S. advisors.

Mary Mack says that Wells Fargo Advisors is still thinking through which route to take toward implementing an automated advice offering.

Edward Jones and four other firms were sanctioned by FINRA for overcharging some clients on mutual fund sales.

Tash Elwyn, the president of Raymond James & Associates, says the path to success lies in recognizing that "every advisor is unique, every client is unique and the delivery of advice should be unique."

The wirehouse said it recruited four advisors from rivals Merrill Lynch and Wells Fargo.

The super regional may have an opportunity to significantly boost its presence in key markets by adding the boutique – but at a cost of up to $900 million, one analyst says.

Chip Packard, who coheads the German bank's wealth management unit in the U.S., says it’s not clear the firm's UHNW clients wants to replace advisors with automation in the states.

The wirehouse is sending executives to Credit Suisse offices to deliver the firm's pitch, and will fly advisors out to its headquarters in St. Louis next week.

Chief Executive Paul Reilly acknowledged that the firm has been exploring potential acquisitions, but declined to discuss specific targets with analysts during an earnings call.

The firm's wealth management unit reported that growth in client assets was flat year-over-year, and declined $20 billion from the previous quarter to fall to $433 billion.

Serving public shareholders conflicts with LPL's ability to serve advisors and clients, says David Pickler, who has moved to Commonwealth Financial.

The new recruits have gone over to the independent side of Wells Fargo, opening practices s in two states.

Jim Weddle, head of Edward Jones, says his firm won't develop a robo advisor, but adds that competitive pressures are pushing the entire industry to up its digital game.