Economy

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.

Morgan Stanley financial advisor Brad DeHond, number 25 on the Top 40 Under 40 list, says that successfully serving ultra high net worth clients requires a different approach.

Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, said quarterly profit almost tripled as gains in the value of the firm’s own investments contributed to the first year of revenue growth since 2009.

The collective voice of independent financial advisors just got a little bit louder.

UBS financial advisor Paul Vasady-Kovacs, who places number 26 on the Top 40 list, says that the fixed income emphasis he started out with still informs his work with clients today.

One new aspect about the platform is that it incorporates a unified managed account structure.

As the new Head of Personal Retirement, Jeff Cimini will help grow the firm’s Personal Wealth & Retirement division to meet the changing demands of the industry.

Two former wirehouse advisors have gone independent in Baltimore and Bethesda, Maryland.

Bank of America agreed to pay $62.5 million to resolve investor claims that the bank’s directors mishandled the acquisition of Merrill Lynch & Co., company officials said.

UBS financial advisor Eric Bickler, who ranks number 27 on On Wall Street’s list, has built a successful practice serving current and former corporate executives.

Two former Scott & Stringfellow advisors with $175 million in assets have moved to Hilliard Lyons.

Net income advanced to a record $5.09 billion, or 91 cents a share, from $4.11 billion, or 73 cents, a year earlier.