Economy

LPL Financial Holdings reported the strongest quarter in the company’s nearly three years as a public company, with net revenues topping $1 billion for the first time. LPL’s board of directors also announced the company’s quarterly dividend would be raised 40% to 19 cents per share.

Washington Wealth Management is continuing its rapid growth -- albeit at a slighter slower pace than its own CEO had forecast.

The unit’s revenue and profit rose to new highs as productivity per advisor rebounded back to over $1 million.

UBS AG, Switzerland’s biggest bank, said gains at its investment bank fueled an increase in second- quarter profit and announced plans to buy back the fund set up by the central bank in 2008 to help it shed toxic assets.

The new portfolio management and research tool is aimed at advisors in both Raymond James' employee and independent channels.

As community banks struggle with profitability, one segment offers a large opportunity for new revenue, according to George Noga, senior vice president of revenue enhancement at Fiserv: small business.

George Crosby, the former head of HSBC’s Brazil team, will oversee all activities covering the Latin American markets in the U.S.

Ameriprise’s wealth management earnings rose 37% as its fee-based businesses continued to drive up results in 2Q.

With three more even larger deals expected to be completed by September, Carson Institutional could become a serious alternative to some of the leading roll-up firms in the nation.

“We see an opportunity to have a national RIA multifamily office brand with the Forbes name,” Scott Gregorchuk, chief executive of Forbes Family Trust tells Financial Planning. “We are surgically targeting the right advisors and investment advisory firms to join our effort.”

Raymond James posted only slight improvement as fixed income and lower trading revenue cut into earnings.

Janney has hired two advisors from Morgan Stanley and Raymond James with $91.6 million AUM.

Ameriprise Financial has hired three financial advisors from UBS, Raymond James Morgan Keegan, and HSBC.

Independent broker-dealer Securities America is pressing ahead with its aggressive recruitment campaign, hiring three regional directors to help attract prospective independent advisors, the firm announced Tuesday.

Since the start of the year, Regions has hired 102 financial consultants and is aiming for 125 by year-end. It is looking to build an advisor force of 160 to 170 by the end of 2014.

Julius Baer Group said increased client trading boosted margins as Switzerland’s third- biggest wealth manager integrated Merrill Lynch businesses acquired from Bank of America Corp. last year.

First-half revenue at the six biggest U.S. banks climbed for the first time in four years, fueling profits and vindicating Bank of America Corp. and Morgan Stanley leaders who presided over stock slumps.

Smaller signing bonuses and shorter contract terms are on their way, says recruiter Mark Elzweig, and an aging advisor population is to blame.

It’s a tricky act, being both big and personal. But organizers of LPL’s 23rd annual conference are aiming to strike this balance, according to one of its organizers.

Founder Eric Schwartz is making big plans to preserve the firm’s independence and viability for the long term -- by giving away control now.