Economy

From talking about why advisors may be missing the boat on retirement plans to regulators zeroing in on elderly client protections, here are the most notable quotes from the past week's stories.

UBS reported strong earnings for the fourth quarter, boosted by record profits from its wealth management divisions.

Commonwealth scores $500M former LPL firm, while LPL takes $270M practice from Commonwealth.

Steven Cohen, who agreed to close down his SAC Capital Advisors as part of a settlement with the U.S. government, will rename the firm and add a layer of management to oversee traders as the hedge fund becomes a family office, said a person familiar with the firm.

Julius Baer Group, Switzerland's third-largest wealth manager, said profit declined 30% last year as it absorbed Merrill Lynch businesses acquired from Bank of America.

Eric Clarke has spent more than 20 years working at his family's firms. He wouldn't have it any other way.

As waves of baby boomers head into retirement, state and federal regulators expect to take a hard look at the programs firms have in place to ensure they are selling elderly investors appropriate financial instruments.

A UBS team of advisors with a billion dollars under management has left the Swiss bank to form IFM Capital Advisors, an independent registered investment advisor, with the aid of Focus Financial Partners.

RCS Capital has made the right moves thus far, the Pershing Advisor Solutions chief says, and the spending spree will likely continue.

If the graying financial services industry is to replenish the ranks of retiring advisors and brokers, firms and trade groups must take a more active role in promoting the field to millennials, says Pershing's Mark Tibergien.

Community bank leaders entered 2014 with a rosy view of their companies' prospects, according to a new survey from Abound Resources.

As the Financial Services Institute marks its tenth anniversary, the trade group is focused on expanding its advisor membership and ramping up its advocacy on legislation and regulation at the state level.

Morgan Stanley Chairman and Chief Executive Officer James Gorman’s compensation package for last year includes a $5.06 million stock bonus that’s almost double his 2012 equity award.

Raymond James & Associates' branch manager of the year has grown his complex's annual revenue to $32 million from $4 million and boosted client assets to $5 billion.

Raymond James Financial reported strong profits for the first quarter, with growth led by the company’s asset management and private client group divisions.

UBS has added a team of six former Morgan Stanley advisors to its office in Atlanta.

The firm is expanding its operations, pulling talent from RBC Wealth Management and Wells Fargo Advisors.

Dynasty Financial Partners has hired Ronald Sallet as senior vice president of network development, making good on its promise to boost business development in 2014.

The IRS has released a set of proposed regulations to prevent abuses of the partnership basis adjustment rules, disallow partnership loss transfers and avoid some of the abuses uncovered by the Enron scandal.

Assets managed by dually registered advisors are growing faster than any other channel -- underscoring the industry's "slow but steady migration" toward independent models, according to new research from Cerulli.