Economy

The company's Private Client Group reported a 2% decline in quarterly profits as the firm continued to ramp up its advisor recruiting.

Recruits from Edward Jones, Morgan Stanley and Barclays leave for the wirehouse.

The firm's wealth management division also reported that pretax operating earnings rose 16% from a year ago.

The wirehouse picked up the Blaustein Clancy Financial Group in New York.

Both wealth managers, who left UBS, also had a combined $289 million in client assets before making the move, RBC said.

One of the advisors managed about $200 million in client assets while working for the wirehouse. The other joins a $500 million team at Janney, the firm said.

About a quarter of fee-only advisory firms we surveyed in February said they had changed their fee structure in the past year (as did 20% of all independent firms). So what did they do? We combed through respondents' individual comments to identify several of the changes firms have made.

"We're betting on financial advisors and personalized financial advice delivered by people," says RJFS President Scott Curtis.

After selling Cetera for a rich $1.15 billion, Donald Marron's Lightyear Capital picks up a $4.7 billion hybrid RIA.

Three advisors left the wirehouse to join the independent brokerage network at Wells Fargo.

Total client assets for the wirehouse also rose to a record $2.047 trillion, edging it into the no. 1 spot past rival Merrill Lynch.

Three wirehouse advisors joined RBC to open a new branch office.

Behind the accounting errors that knocked $4 billion off American Realty Capital Properties' market value was a hidden scheme that generated more than $900 million in managers’ fees and bonuses, investors said in a lawsuit against the company.

An arbitration panel granted the wirehouse's request for damages for breach of contract, but the award fell short of the original $1.4 million the firm sought.

Quartet of advisors with $175M in AUM joins Raymond James' independent operation.

Revenue from wealth and investment services dropped for the fifth consecutive quarter, swooning 10.7% to $7.9 million from $8.8 million a year ago.

Bank of America and its Merrill Lynch unit were sued by two former financial-advisor trainees who claim they weren’t paid overtime for long days and weekend work.

The firm picked up three recruits from the wirehouse and New York brokerage.

The regional broker-dealer reported profits of $135 million for the past year, up 15% year-over-year.

The challenge for traditional firms like Wells Fargo Advisors, says its new digital head, is taking the reputation it has built through one-on-one client relationships over years and translating that for a digital age.