Economy

Gen Y planners foresee RIAs booming and perceive fundamental flaws within the wirehouse model. They see advisors making big mistakes with next generation clients. They have fears about the future of the industry along with some ideas on how society should change to create a more financially secure world.

Small businesses across the U.S. are feeling more optimistic about the months ahead as financial conditions rebound, but concerns remain about hiring and growth, according to a new report.

Investors overreacted to Federal Reserve Chairman Ben S. Bernanke’s comments that the central bank could reduce monthly bond purchases, Goldman Sachs Group Inc. Chief Executive Officer Lloyd C. Blankfein said.

With a new managed accounts platform, Merrill Lynch advisors will be able to turn to one website instead of five to answer a single client question – “How am I doing?”

Stifel has picked up a former Morgan Stanley advisor who oversaw $374 million in assets.

Bank of America is offering software to help small business clients manage their cash.

Increasing emphasis on client satisfaction may be changing the way wealth managers get paid and how they are evaluated.

FINRA has censured Securities America and fined it $100,000 for making inaccurate and misleading statements to clients via emails.

Benjamin Edwards has added offices in Canton, Ohio and Abilene, Kansas., growing the firm to 33 branches in 17 states.

Janney has hired Neil McCauley from Wells Fargo with $98 million in assets under management.

Thinking of working for a family office? First look under the hood – and into the mirror.

A final handshake on Morgan Stanley’s acquisition of Smith Barney will tie up some lingering loose ends, including a smoother clearing process for client assets, for one of the largest wealth management industry deals in the past decade.

Morgan Stanley will buy the rest of its wealth-management joint venture with Citigroup Inc. as soon as next week, capping a four-year effort to reshape the investment bank into a more stable firm reliant on the retail- brokerage business.

LPL Financial hired an ex-SEC official as its new general counsel as the firm continues to restructure its management team.

Financial institutions should develop distinct service offerings for young investors that speak to them at their life stage.

After seven years with another independent broker-dealer, an Omaha, Neb,. team has returned to Securities America.

Cetera will provide the Wells, Minn.-based bank with wealth management services and support, including the investing tools clients need.

Raymond James announced Wednesday it hired Claire Friedrichs as first vice president of investments.

The Bakersfield, Calif.-based financial institution was drawn to LPL’s retirement planning capabilities, technology platform and in-house insurance services.

LPL Financial, the nation’s largest independent broker-dealer, has reached $50 billion in total RIA assets under custody, doubling its year-ago total.