Economy

Wall Street has contributed less than 2% of New York City’s job growth since the recession ended as cost-cutting efforts have led banks to replace fewer positions than other businesses.

Morgan Stanley Wealth Management has tapped rival wirehouses UBS and Wells Fargo for four advisor hiress with $475 million in client assets under management and $4.5 million in production.

Art Tambaro, president and CEO of Royal Alliance Associates, (left) one of four independent broker-dealers owned by AIG’s Advisor Group, will retire at the end of the year. He will be replaced by Dmitry Goldin, a member of Royal’s senior leadership team for the last decade.

After more than four years with LPL, veteran independent broker-dealer marketing executive Marissa Fox Foley has joined First Allied Securities in a newly created role as senior managing director of marketing.

Like any good advisor, Dave Grant has some tasks he is happy to handle, and other things he needs to outsource. How do you determine one from the other?

The firm appointed Alynn Eubanks, who will be responsible for overseeing the advisory platforms.

Janney has expanded its operations in Washington, D.C. with a two-man team overseeing $142 million in assets.

John Hallacy, a 35-year industry veteran, is retiring as head of municipals research at Bank of America Merrill Lynch, he confirmed late Monday.

Part strategist and part cheerleader, Stephen Viets is a three-time Top 10 branch manager. Viets says that the job also requires a diplomat's tact. "It's all about handling insecurities and misunderstanding," he says.

"Change can be difficult even when it's change for the better," RBC's Eric Siber explains. "You have to have a tremendous amount of patience and show good leadership in making sure that everybody is on board and understands the advantages of the new platform and the new company."

The network was launched in September to help breakaway brokers transition from the traditional wirehouse model to independence.

The platform will provide Dynasty’s advisors with a turnkey solution for writing fixed life insurance, annuity, disability, and long-term care contracts.

Kirk Mandlin has a simple goal for this year and any year. "To be the best leader, husband, and father I can possibly be," he says. With the power of positive thinking, Mandlin expects to use those strengths to expand his business.

Rob Malenfant worked his way up the ranks at Smith Barney, spending several years in Connecticut, New York, and Los Angeles before returning to Boston as a branch manager. The variety of experiences and people he worked with inspires him now at his Boston Harbor complex, he says.

"A lot of potential clients are already banking [with Umpqua]. For us, the first priority is to make sure we let them know that we're there," Seattle market leader Elise Fortin said in a telephone interview.

The broker-dealers that make up the backbone of the bank channel, inexplicably dubbed third-party marketers, expect sunny skies and room to grow. The one common challenge that most will fess up to: They can't find enough good advisors.

This year, the leading wirehouse and regional wealth management firms took the steps necessary to ensure they reap rewards as markets hit new highs.

Is the boom over? After years of double-digit growth, independent broker-dealers hit a rough patch in 2012. We report from the front lines of the FP50.

The best bank managers and best wirehouse managers have a lot in common. While each has the distinct flavor of their respective channels, they are very similar in spirit.

Royal Bank of Canada was ordered to pay more than $800,000 to a U.S. couple over their losses on investments including Lehman Brothers Holdings Inc. preferred stock.