Economy

As the cost of recruiting new advisors has soared, says CEO Erica McGinnis, such small-scale growth has become more difficult -- and more expensive.

UBS AG, Switzerland's largest bank, expects to boost client assets in the U.K. this year even as Swiss competitors try to break into London's $1.2 trillion private wealth market to help counter withdrawals at home.

An advisory group in Winter Park, Fla. with $550 million in client assets leaves Morgan Stanley to go independent.

Granite Financial says it hopes moving to the IBD will power growth.

UBS AG Chief Executive Officer Sergio Ermotti denied speculation that Switzerland's biggest bank will spin off its investment-banking business to meet regulators' demands for holding more capital.

Raymond James' Global Private Client Group CEO Chet Helck is retiring after a 25-year career with the firm.

FINRA alleges that the firms' advisors sold two types of highly risky ETFs that even they didn't understand.

An overwhelming majority of Hispanic and African-Americans say that financial services firms need to hire more diverse staffs, according to a survey conducted by Harris Interactive on behalf of Edward Jones.

As the stock market has soared, firms face new competition for both talent and clients.

As more community banks look at working with alternative lenders, they must be mindful of the regulatory and reputational risk that can occur if they make a bad referral.

Raoul Weil, once a powerful UBS AG executive, will return today to a U.S. courthouse where prosecutors said last month he ran a business that used Swiss bank secrecy to help Americans cheat on their taxes.

Merrill Lynch Pierce Fenner & Smith turns 100 today. At least, she would have, if she was a standalone entity, and not a government-rescued Too Big to Fail entity, forced into a shotgun wedding with Bank of America.

The Family Office Exchange's newly published Guide to the Professional Family Office offers time-tested recommendations to help wealthy families maintain their fortunes.

The pair, who managed more than $146 million in client assets, joined Raymond James with a practice named Stonegate Financial.

A 25-year-old divorce workshop founded and run by two planners in San Diego has received funding from a former attendee to enhance its website, with an eye to going national.

Banks that want to expand via M&A will face a special challenge in 2014. The failed-bank market has quieted, but regulatory costs and other factors that are expected to drive open-bank M&A haven't coalesced quite yet, says bank M&A advisor Randy Dennis.

Investors paid the most in a year this month to hedge against swings in U.S. financial shares amid speculation that increased regulation and a reduction in Federal Reserve stimulus will hurt revenue.

Deutsche Bank AG will pay $1.9 billion to settle claims that it didn’t provide adequate disclosure about mortgage-backed securities sold to Fannie Mae and Freddie Mac.

Lawmakers this week called on FINRA to explain its policies for expunging investor complaints about brokers from the public record, suggesting that the industry regulator should revisit the extent to which information is removed from the BrokerCheck database.

The portfolio management tool has been a key selling point as the rapidly growing tax-focused independent broker-dealer continues to attract tax specialists to its network of nearly 5,000 advisors.