Economy

Envestnet announced Friday it has entered into a definitive agreement to buy the wealth management solutions arm of Prudential Investments in an effort to increase scale.

After the successful completion of the Morgan Keegan technology integration, the firm is eliminating 160 positions due to overlap in the information technology segment.

The appointment should help enhance equities research offerings for the Private Client Group, the firm said.

The burgeoning influence of financial advisors in the United States was a repeated observation at this year's Tiburon CEO Summit at New York City's Ritz Carlton in Battery Park. Here are 11 themes we heard at the two-day event encompassing 200-plus executives and advisors.

Licensed branch employees represent a significant opportunity that many banks have not tapped to its full potential, according to LPL's Rob Comfort.

Royal Alliance is adding wealth management firm JLTD Advisors of Chicago and Integrated Financial Group of Salt Lake City to its hybrid platform.

Advisors rule the financial services industry for now -- but keep an eye on direct-channel “self-serve” distribution, Chip Roame said Tuesday at his firm's semiannual CEO Summit.

Company employees will head into the field next week to woo about 850 advisors from two broker-dealers that Cetera intends to acquire from insurer MetLife, says Cetera Financial Group CEO Valerie Brown.

In its continued push for another year of growth, JHS Capital advisors has expanded its Pacific Northwest presence.

LPL Financial announced Tuesday that Ryan C. Parker has joined the firm as executive vice president of investment and planning solutions.

The country’s largest RIA aggregator, Focus Financial, is hiring away an architect of one of the industry’s most successful breakaway stories.

Morgan Stanley Wealth Management hauled in nine new advisor hires on Friday with more than $765 million in assets and $9.2 million in fees and commissions.

A rebranding of the businesses is likely, Benevides told Financial Planning, as he “actively works” to unify the UHNW group. “It makes sense,” he said. “We’re one team and we want to leverage the strength each unit brings to the table in a way that gives us greater depth in all categories.”

UBS Financial Services has picked up three financial advisors from Morgan Stanley in Arizona and Indiana who managed $467 million in client assets.

Cetera Financial Group is growing again. The broker-dealer network has signed a definitive agreement to acquire Tower Square Securities and Walnut Street Securities from MetLife.

Expanding its New England presence, the firm added a three-decade industry veteran in Connecticut.

Despite their growing optimism, most small and mid-sized business owners are planning to hold off hiring for the next six months.

Cetera will provide the Fort Wayne, Ind.-based community bank with wealth management services, solutions and support.

A capable and conscientious advisor can support small business clients by helping eligible entrepreneurs establish an Employee Stock Ownership Plan.

Asset managers have taken notice of the the proliferation of alternative mutual funds in the retail and institutional channels and have changed their game plan accordingly.