Economy

Barclays lost a team to RBC, the latest defection since the British-owned firm agreed to sell its brokerage unit to Stifel. This is the first to go to a regional brokerage instead of a wirehouse or high-profile boutique.

Jim Weddle, managing partner of Edward Jones, says the firm hasn't been finding as many quality recruits as it would like.

Wells Fargo reported that even as profits rose, client assets for the firm's retail brokerage unit shrank 4% year-over-year.

Bleakley Financial Group is now using LPL's Private Advisor Group to provide its clients with custodial and broker-dealer services.

Bank of America said profits for its wealth management unit, which includes Merrill Lynch, fell 19% year-over-year. Meanwhile, Merrill's advisor force increased 6%.

Despite assurances from industry regulator that it's shelved the campaign to take over advisor exams, some officials worry the RIA sector is "one crisis away" from a new and adverse regulatory regime.

Firm cautions brokers to rethink how they approach their relationships with advisors to better cater to team practices.

CEO Tidjane Thiam said he plans to allocate more resources to wealth management and strengthen the bank's position in Asia, while scaling back the investment bank, mirroring an approach of UBS.

An ex-wirehouse advisor sought damages for libel and other misconduct against Merrill.

Credit Suisse's losses include a three-member team that generated $7.2 million in annual revenue, which joined UBS.

Morgan Stanley's move to push more cases to an arbitration system of its choosing tilts the playing field against advisors and curtails their rights, opponents say.

The Canadian-owned firm won't rule out a potential acquisition of a digital advice provider. "Everything you can imagine is on the table and actively being explored," John Taft, head of the firm's U.S. brokerage operations, tells On Wall Street exclusively.

Bijan Mohseni and David Townsend, who managed $150 million in client assets, enticed to Raymond James by firm's reputation and its back-office support.

A longtime wirehouse advisor with $48 million in AUM has joined regional broker-dealer Wunderlich.

A retired couple alleges their advisor lost millions through negligence and misrepresentation of certain securities, but the firm says that the clients were sophisticated self-directed investors.

The group of 5 advisors will be opening a new office for the regional broker.

The team made the move in part to be able to grow in new directions, says senior financial advisor Tommy Boyd.

The team left the wirehouse to form their own independent firm, representing one of the largest groups that Dynasty has helped go independent.

Merger of two LPL practices seeks to expand a new niche; banks seek non-interest, fee-based income from independent planners.

An arbitrator ruled against a former wirehouse advisor who declined to attend hearings or have a lawyer represent him against Morgan Stanley.