Economy

Errors and omissions insurance premiums are rising. A proposed fiduciary standard for advisors would drive the cost up further, according to insurance specialists.

Raymond James is recruiting the industry's top talent at the expense of the wirehouses.

Wells Fargo is adding Bob Vorlop and Joe Nadreau to its executive, according to Mary Mack, president of Wells Fargo Advisors.

A Morgan Stanley broker and the managing clerk at the law firm Simpson Thacher & Bartlett LLP were arrested today for an insider-trading scheme that authorities said netted $5.6 million in illicit profit.

DataPak will enable financial institutions to infuse customer data from their wealth management or brokerage operations into their core systems.

Community banks are revamping branches and offering new services in an effort to become trusted advisors to small businesses. Such a transformation is often easier said than done.

Janney Montgomery Scott recruited a veteran Merrill Lynch advisor with $1 million in production.

Having a long-term horizon for the sale of a business puts the owner in a better position to optimize tax strategies. It's also an opportunity for advisors angling for the investment business a sale will produce.

The firm continues its recruiting bonanza with the addition of an advisor-team from Morgan Stanley with more than $1.3 million in production.

Morgan Stanley plans to merge its institutional and wealth management municipal desks to provide more efficient trading services

RBC Wealth Management is adding new names to its top executive team, announcing a new head of International Wealth-USA.

Securities America and Triad, both divisions of Ladenburg Thalmann, slapped for "failing to supervise the use of consolidated reporting systems resulting in statements with inaccurate valuations being sent to customers."

Raymond James has done it again. The firm has stolen away a Merrill Lynch advisor-team with $200 million in assets under management, marking its sixth major recruitment win in the past two weeks.

Family office execs report a rise in direct investments and so-called club deals as hedge funds fall out of favor. ''Families want to be in control," says one consultant.

Compliance experts are recommending that firms take a flexible, risk-based approach as they respond to the SEC's red flag rules, a new set of regulations for protecting clients against identity theft.

Advisors will be expected to keep records about the content they post on social sites just as they do with other materials on traditional channels, according to a senior commission attorney.

The once fast-growing firm leaves LPL after a year and a half, hoping NFP's deep pockets will help it attract other advisors.

Raymond James appointed a new COO for its Private Client Group as well as a replacement North Atlantic regional director.

The new relationship will allow the Huntsville, Ala.-based credit union to expand its current investment services program.

The firm grabbed a team with $2.5 million in production for its independent broker-dealer channel.