Economy

The practices, in Mercer Island, Wash., and Lynnwood, Wash., have a combined $549 million in assets under management.

UBS executive Robert Mulholland has a message for professionals in the financial services industry: We are the adults in the room.

Clients are mad as hell and they're not going to take it anymore … unless the industry makes some changes, Stifel’s top executive told a major industry conference on Thursday.

For the first time in the fast-growing company’s history, LPL has posted nearly $1 billion dollars in net quarterly revenue.

Financial services firms and advisors are relying on new technology and enhanced training to to take a more holistic financial planning approach with clients.

“We got drunk with the performance of the bull market,” Thiel told the audience of wealth management professionals at the SIFMA Private Client conference on Thursday. “But the world changed and our dialogue, our approach, didn’t. It needs to. We need to talk about what our clients goals, concerns and priorities are and map absolute performance to that objective.”

Morgan Stanley has hired three advisors from Deutsche Bank, Merrill Lynch, and Wells Fargo who combined for more than $3.2 million in production.

Credit Suisse Group AG said it’s increasing the proportion of assets under management from super- rich clients, helping to boost profit margins at Switzerland’s second-largest wealth business.

J.P. Morgan Securities announced Wednesday it has added eight advisors to its offices in Boston, New York City, and Florham Park, N.J.

Revenue and assets increased year-over-year as the firm began to streamline operations after the Morgan Keegan integration in February.

In 2011, 44% of brokers who left wirehouses landed at independent firms, but every broker has an array of options when it comes to independence.

An arbitration panel has ordered Wells Fargo to pay Stifel $800,000 in the latest dispute over alleged raiding of former A.G. Edwards advisors.

The unit added about $3 billion in fee-based assets over the past few years, with sales going up about 74%.

Wells Fargo now gets a third of its fee revenue from its relatively small investment-management and brokerage businesses. Executive David Carroll explains how Wells is getting more business from its wealthy — but not too wealthy — customers and is seeking acquisitions in this market.

Previewing an address Thursday that he's set to deliver to the 1,600 advisors attending the firm's annual conference, CEO Paul Reilly said that Raymond James Financial will continue to have “a big focus” on technology and training going forward. He also discusses how acquisition may (or may not) factor into the company's agenda.

The majority of Wells Fargo’s hires hail from Morgan Stanley, while one advisor joins from Edward Jones.

Stifel has snapped up 11 former Wells Fargo advisors with more than $1 billion in assets.

Credit Suisse Group AG will probably post higher profit than UBS AG for a fourth straight quarter when the largest Swiss banks report results over the next week.

The Goldman Sachs Multi-Manager Alternatives Fund is starting to take shape as it nears its launch.

After a strong end to 2012, the firm’s wealth management division continues to push ahead in 2013.