Economy

As entrepreneurial clients build their businesses, advisors should bring in specialists to maximize the value

RBC Wealth Management has strengthened its presence in Pittsburgh with the addition of five advisors with $2.8 million in combined production.

What do former president George W. Bush, country songwriter Pat Green, four days of advisor-focused panels, and a dance party have in common? They are all aspects of Raymond James' 2013 national conference.

The happiness of the independent advisor appears to be slightly overrated. By a slight but significant margin, advisors in RIAs aren’t as happy with their careers as those in wirehouses.

American Century Investments has named Joseph Schultz head of intermediary sales, responsible for the firm’s field and internal sales businesses, including wirehouses, regional and independent advisors, registered investment advisors, insurance company advisors and broker-dealer key account management.

Aquiline Capital Partners and Genstar Capital, two private equity firms, are set to Acquire Genworth Wealth Management for $412.5 million.

Eight former Morgan Keegan & Co. mutual-fund directors agreed to settle U.S. regulatory claims that they allowed assets backed by subprime mortgages to be overvalued as the housing market collapsed in 2007.

Barnaby Grist, Cetera’s executive vice president of wealth management and a high-profile hire from Charles Schwab in 2010, is stepping down to care for his parents in England and his wife’s parents on the East Coast, says a spokeswoman for the broker-dealer network.

Dallas should be a dream market for independent advisors. But unlike the San Francisco, it has not been as hospitable to independent wealth management firms.

Brian T. Moynihan, who endured record losses and public thrashings while cleaning up Bank of America Corp.’s mortgage mess, said he wouldn’t mind being chief executive officer of the lender forever.

UBS still sees a “challenging environment” for its wealth management business as clients remain reluctant to invest on a large scale, Chairman Axel Weber said.

Manulife Asset Management has expanded its equity capabilities today.

Waddell & Reed has hired five new advisors, adding about 1,000 new household clients to the firm.

Joe Calabrese has left as president of Harris myCFO, one of the country’s largest multi-family offices.

Ed Riley and Jonathan Miller will lead a new team catering to ultra-high-net-worth clients.

Fast-growing JHS Capital Advisors has opened a new office in Baton Rouge, La. -- the company’s first in that state.

The firm has won over a $300 million team from UBS and its 10th recruit so far this year.

This latest addition follows RBC’s hiring of four Morgan Stanley advisors to the new San Diego office in November.

Despite a rally in the equity markets, February proved to be a lackluster month for Raymond James Financial.

A Financial Industry Regulatory Authority arbitration panel’s rejection of compensatory damages requests from both Morgan Stanley and one of its former brokers is the latest example of how deals for sign on bonuses can sour when a new position does not work out.