Economy

WealthEngine has introduced a platform that helps advisory firms locate and profile high-net-worth individuals.

Three industry veterans with nearly a million in production have jumped from Morgan Stanley to Raymond James in Newtown, Pa.

Morgan Stanley financial advisor Michael Merlin, number 19 on the Top 40 Under 40 list, says that making listening to clients a priority gives him an advantage over other advisors.

Morgan Stanley, the biggest financial brokerage, will spend $500 million to improve computer systems after flaws in a previous upgrade frustrated the staff.

Morgan Stanley gave Chairman and Chief Executive Officer James Gorman a compensation package for 2012 that’s 30% less than his 2011 award, excluding a new incentive package, a person familiar with the decision said.

Morgan Stanley financial advisor Devin Condron, who lands at number 20 on the Top 40 Under 40 list, works to help younger members of ultra high net worth families understand everything from choosing a mortgage to donor-advised funds.

Revenue and net income rose slightly from last quarter as the Morgan Keegan integration progressed.

LPL Financial is pushing to expand services for high-net-worth clients. In the company's most recent move, its wholly owned Private Trust Co. subsidiary has announced strategic plans to build on its rapid growth of 25% over the last three years.

Morgan Stanley financial advisor Bruce Munster, number 21 on the Top 40 Under 40 list, says that sitting down with a local billionaire was a tipping point for understanding what wealthy clients want.

The transaction involves approximately 3,000 accounts and $1.7 billion in assets under administration, which represent non-target business for Citi Private Bank’s trust business.

Morgan Stanley advisor Anthony C. Jones, who ranks at number 22 on the Top 40 Under 40 list, focuses on helping entrepreneur clients move away from concentrated stock portfolios.

A former Edward Jones advisor has jumped to Hilliard Lyons in Paducah, Kent.

In the fourth quarter of 2012, wealth and investment services earned $7.8 million in non-interest income for the bank, a 36% jump from a year earlier and 9% increase from the previous quarter.

Deutsche financial advisor Jason Zaks, number 23 on the Top 40 Under 40 list, prefers the personal side of investing including handwritten notes to clients.

Morgan Stanley is seeking Federal Reserve approval to buy the remaining 35 percent of its brokerage joint venture with Citigroup Inc. this year.

Morgan Stanley, the top global equity underwriter last year, reported profit that beat analysts’ estimates as brokerage earnings more than doubled and margins from that unit surpassed the firm’s goal for this year.

U.S. Bancorp’s wealth management and securities services business contributed $41 million to the bank’s bottom line in the fourth quarter of 2012, down $2 million, or 4.7%, from the previous quarter, but unchanged from the same quarter a year earlier.

“This is the first significant change to our grid during my almost 20 year tenure at Raymond James,” Tash Elwyn, president of the firm’s Private Client Group, said. “With this new grid we have achieved our goal of continuing to offer a very competitive payout within an environment and culture at Raymond James that’s unique in that we treat our advisors with respect.”

UBS financial advisor Bryan Mountain, number 24 on the Top 40 Under 40 list, helps clients find a balance between finding retirement income and taking on the risks that can grow their portfolios.

This year, Duran said the company plans to aggressively expand its business model, and its brand -- aiming to look more like Starbucks and less like rivals HighTower and Dynasty Financial.