Economy

Morgan Stanley, owner of the world’s biggest brokerage, will buy the remaining 35 percent of its wealth-management venture with Citigroup Inc. after winning Federal Reserve approval in the regulator’s annual stress test.

Other advisory services executives may be targeting advisor growth -- but Raymond James Financial Services president Scott Curtis thinks differently about expansion.

Total stock and bond mutual fund and ETF assets distributed by independent/regional broker-dealers and registered investment advisors grew at more than twice the rate compared to the wirehouse channel during 2012, according to newly released data from Access Data.

When small business owners become successful, they become a magnet for questionable deals and speculative investments.

As baby boomers’ demands change, the industry needs to take a more holistic approach, according to the president of the Ameriprise Personal Advisors Group.

RIAs like to think of themselves as starkly different than their counterparts in the wirehouse channel -- in terms of fee structure, fiduciary responsibility, independence and, often, income. But a new study casts some doubt on the income part of that equation.

The St. Louis firm snapped up a former Morgan Stanley advisor with $114 million in assets.

Kaminsky, who was the cable television network’s capital markets editor, will work with Morgan Stanley’s financial advisors on client development.

Small business owners prefer a Tax Code with low rates and fewer deductions, according to a new survey by the National Federation of Independent Business, but their bottom line is whether their taxes rise or fall.

Raphael Zagury, Bank of America Corp.’s head of creating derivative investments for wealthy clients at Merrill Lynch, said he resigned.

The future of financial planning will be shaped by a dozen key trends. How will these trends affect you and your business?

Mitch Cox, head of wealth management in the Americas at Barclays, has left his position to pursue other interests, a spokesperson for the firm confirmed.

The New York Hudson Valley thrift seeks to make wealth management an important core business line and not just a tertiary line.

The dually registered and registered investment advisor channels were the fastest-growing for assets under management from 2010 to 2011, Cerulli Associates reported today -- but the two are still dwarfed by assets in the wirehouse channel.

The firm has promoted Vin Campagnoli to chief information officer as it looks to continue expanding its platforms.

LPL’s highly publicized outsourcing effort will cost the company between $70 million and $75 million over the next three years, but will result in annualized operational savings of $30 million to $35 million beginning in 2015, according to Dan Arnold, its chief financial officer.

The Internal Revenue Service said that budget sequestration would require reductions in refundable credits for certain tax-exempt bonds and the refundable portion of the Small Business Health Care Tax Credit for some small tax-exempt employers.

LPL is launching a new online tool that it says will let its advisors offer offer better visibility to plan sponsors and the millions of LPL clients who are invested in 401(k)s.

Barclays recently announced that it planned to eliminate at least 3,700 jobs in 2013. This was sour news from an industry that had begun to back away from the heavy layoff days of 2011.

“I’m all of 52 years old. I have a baby face. I have four children. I plan to be working for a long time,” Casady said.