Economy

HighTower has added a Merrill Lynch team with nearly $300 million in assets to its new network aimed at breakaway independents.

A former Merrill Lynch advisor team has left the wirehouse to form Quadrant Private Wealth, a new partner firm of Focus Financial Partners, according to a spokesperson.

The world’s biggest bond dealers, including JPMorgan Chase & Co. and Morgan Stanley, failed to properly report trades to the industry’s price-tracking system more than 11,000 times. JPMorgan’s penalty: About three minutes of its annual profit.

Bank of America Corp. is dismantling an electronic market-making unit created last year to serve the lender’s Merrill Lynch wealth-management division, said two people with knowledge of the decision.

Allison Couch's newly created role focuses on sales and distribution strategies across one of the industry's largest broker-dealer networks.

Raymond James & Associates lured away an advisor team from Wells Fargo Advisors that generated annual revenue of about $2 million.

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Most of the new arrivals are employees of larger financial service companies, said president Scott Curtis, and about 25% are already independents.

FINRA CEO Richard Ketchum praised one SEC commissioner for floating a new proposal to beef up examinations of the RIA industry independently of Congress.

The firm lures three separate teams who manage a total of more than $500 million in client assets.

The 'very, very conservative' company is looking for niche deals, not major acquisitions, said CEO Paul Reilly.

UBS grabbed a former Merrill Lynch advisor who managed $500 million in client assets.

The contentious issue of harmonizing fiduciary responsibilities remains high on the agency's to-do list, though a timeframe for when a proposal might materialize is far from certain.

Benjamin F. Edwards snapped up four advisors from Wells Fargo and opened a new office in Pensacola, Fla.

When financial planners launch a firm, success hinges on knowing how to run a business.

Two Merrill Lynch veterans who generated about $1.6 million have left the wirehouse for Raymond James & Associates.

UBS is shaking up its wealth management executive ranks, bringing in Paul Hatch as group managing director, in a move that the brass says will better serve advisors and clients.

In cases heard by an SEC administrative law judge or a FINRA hearing panel, a study finds, 46.7% of broker-dealers, advisors and registered reps succeeded in getting charges dismissed or lowering the sanctions imposed.

Morgan Stanley has lost two advisor teams that managed more than $400 million in assets.

Emboldened by a newfound sense of what their investment programs offer, more banks are turning to wirehouses for recruits.