Economy

A reserve release boosted profits at the wealth division although transaction revenue and commissions declined.

The board voted Thursday to adopt two attestation standards pertaining to audits of brokers and dealers, along with an auditing standard for broker-dealer audits.

Wells Fargo said third-quarter profit climbed 13% to a record as fewer loan defaults and lower expenses helped overcome weakness in mortgage lending.

Educators say they expect full explanation and transparency.

Advisor network Northstar Wealth Partners added two new advisors managing a combined $800 million in client assets with the help of its independent broker-dealer.

The firm picked up five advisors with almost $450 million in assets under management.

Almost half (46%) of advisors believe their clients donate to charity to reduce their taxes, when in fact only 10% do.

The tax-focused independent broker-dealer has added two new executives to its management ranks.

Umpqua Bank’s plan to grow the private banking business may shift into high gear if its parent company’s planned acquisition of Sterling Financial Corp. is approved.

Amid a surge in consumer assets, firms that cater to high-net-worth clients have a particular advantage, Chip Roame told an audience at the Tiburon CEO Summit.

A recent round of hires includes one Wells Fargo advisor with over $1 billion in assets under management.

A pair of the country’s largest independent broker-dealers are the first firms to get the new recognition.

Five former Merrill Lynch advisors with $900 million in assets have jumped to Janney in Connecticut.

The Swiss Bank is reviewing loans issued to clients in Puerto Rico. One brokerage customer said he was given credit to buy risky bond funds holding the island’s government debt.

The firm is trying to find if its advisors improperly offered non-purpose loans to clients for purchase of its securities.

UBS O’Connor, the UBS AG unit with $5.2 billion of assets, plans to open its first Asia-focused hedge fund to investors later this year, said two people with knowledge of the matter.

VisionPoint Advisory Group is looking to use the giant independent broker-dealer as a base to expand by recruiting more advisors.

The independent broker-dealer network, which would be the nation's fourth-largest IBD if all its component businesses were consolidated, has named a 42-year-old internal candidate.

Bank of America completed the merger of its Merrill Lynch & Co. subsidiary into the parent company to simplify the corporate structure.

Lincoln National, the insurer whose stock surged more than 60% this year, hired Ronald Holinsky from Janney Montgomery Scott to be chief compliance officer as the industry faces increased regulatory scrutiny.