Economy

A former Morgan Stanley complex manager who felt he was forced to resign is set to receive $1 million in compensatory damages from the firm, according to a new ruling from an arbitration panel.

The firm has brought on three legacy A.G. Edwards advisors from Wells Fargo to open its 27th office.

The three additions in New Jersey include a veteran financial advisor duo from Merrill Lynch and another advisor from UBS.

Focus Financial has snapped up a big Seattle wealth management firm.

Raymond James Financial Services, the company’s independent broker-dealer, announced Monday it has added a mother-daughter team in Bethesda, Md., with $200 million in assets.

Morgan Stanley financial advisor Carrie Gallaway, who ranks at Number 32 on On Wall Street’s list, says using an empathetic approach to clients was especially useful in the run-up to the fiscal cliff negotiations.

Morgan Stanley's Jim Detterick started out by beta testing a career as a financial advisor. Now he applies that acumen to clients’ portfolios.

Bank of America Corp.’s brokerage arm and JPMorgan Chase & Co.’s asset-management division are among businesses ripe for divestiture if U.S. banks break up to improve stock prices, according to CLSA Ltd.’s Mike Mayo.

Jonathan Yolles followed his father and uncle into the financial advisory business. His first client was a distant cousin. Now, he lands at number 34 on the Top 40 Under 40 list.

UBS financial advisor Jonathan Beukelman often works to advise his clients’ children on everything from buying a car to compound interest.

On Wall Street profiles the most influential personalities in the advisory industry this year.

Custodians try different strategies for growth as advisors break away to join RIA firms.

Bank and broker-dealer affiliations help RIAs bear the technology and compliance costs of growth, but can chip away at objectivity.

With fiduciary advisors taking market share from the brokerage firms, will FINRA exact payback? Here's a glimpse of what may come.

Senate Minority Leader Mitch McConnell said lawmakers in Congress are “very, very close” to a deal to avert $600 billion in tax increases and spending cuts set to start at midnight.

Advisors naively believe that only 17% of their clients hold a direct account when in fact 74% do, according to a new report from Boston-based research firm Cerulli Associates.

As the calendar turns the page to another year, 2013 offers the four largest U.S. wealth management businesses the opportunity to recapture some of the assets and talent they have been ceding to other firms.

Allen Saunders went from pet food distributor to UBS financial advisor to number 36 on On Wall Street’s 2012 list.

This year was a “slower year than many expected,” in terms of financial advisors departing major firms for other pastures, according to Chip Roame, the managing partner at Tiburon Strategic Advisors. “I believe 2013 may be slower, too,” he says.

If there is one sentiment that fiscal policy debates in Washington have taught investors not to expect over the years, it’s optimism, according to the chief market strategist at LPL. Time and again, we have seen our politicians respond to serious questions on the future of our nation’s economy by kicking the can down the road, or worse. Could it be different this time around for 2013?