Economy

Financial Planning unveils its annual list of the largest independent broker-dealers in June. As a sneak peek, here's a list of the 10 top IBDs ranked by high-end accounts -- as measured by the percentage of accounts with more than $100,000 -- and including their overall industry position.

Wells Fargo added a former Edward Jones advisor in Hudson, Ohio.

In a deal that could almost double its total revenue, J.W. Cole Financial, a Tampa, Fla., independent broker-dealer, announced Wednesday that it completed its acquisition of Financial Advisers of America.

The damage from Massachusetts’ latest action against sales of non-traded REITS by independent broker-dealers may not be fatal, but it should cause firms to reconsider their sales strategies, say industry observers.

Boutique and hybrid models are poised for growth as larger firms cede market share, according to a new Cerulli report

RBC Wealth Management picked up a former Morgan Stanley broker with $65 million in assets.

"I think to just look at numbers on Wall Street and say, 'It looks like it's struggling' -- it's contracting in a very healthy way," said fomer Morgan Stanly Executive Bob Auer. "It's almost like a big fat guy that is losing weight. To say, 'Oh, he's just not the same guy…' No -- he's getting healthier and better."

The firm completed a round of financing and added two new directors to focus on recruitment.

Janney has picked up a former Morgan Stanley duo with over $1.5 million in production.

Despite other hearings being held in Washington this week of a more political nature, it’s nice to know that the Ways and Means Committee is continuing to search for ways to make life easier for small businesses, at least as far as complying with the Tax Code.

To bring alternative investments to a wider investor base, Goldman Sachs Asset Management has launched the Goldman Sachs Multi-Manager Alternatives Funds.

JPMorgan Chase & Co., Goldman Sachs Group Inc. and the world's largest banks won rollbacks in final Dodd-Frank Act rules that promise to transform the private swaps market by increasing competition.

Yves Cochez will manage the bank’s portfolio management team and set the overall direction of investment management for high-net-worth clients.

Sallie Krawcheck, the former senior executive at Bank of America Corp. and Citigroup Inc., agreed to buy 85 Broads, the global network with 30,000 members that promotes women as business leaders.

Thomas Welch knows there’s a better chance he will be fired than retire. So he spent his vacation interning at Merrill Lynch Wealth Management to prepare for a second career to sustain him for the next 40 years.

Baird has bolstered its advisor force with two wirehouse teams with $800 million in assets.

The Securities America move underscored the intensity with which advisory firms are competing for talent, executive search experts said.

Breaking into the brokerage business is getting tougher as declining fees make small accounts less profitable and government restrictions on unsolicited calls make phone sales taboo. That’s leaving big firms struggling to replace a retiring generation of advisors.

Goldman Sachs has filed to launch the Multi Asset Real Return Fund. The fund seeks real return by investing in inflation-sensitive assets.

Goldman Sachs has been “deficient” in linking compensation to company performance, Glass Lewis said in a report, which also opposed the re-election of compensation committee Chairman James A. Johnson. ISS said in a May 8 report that shareholders should vote for Johnson at the New York-based bank’s May 23 annual meeting.