Economy

One of the largest wealth managers aims to attract more teams out of the crop of nearly 7,000 advisors leaving employee-channel firms each year.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.

Among the new hires is Scott Collins, former head of brokerage independence and institutional sales consulting. He is one of many ex-TD Ameritrade alums seeking new employment after Charles Schwab acquisition’s of the firm.

Collectively, the brokers generated $167 million in annual production and oversaw $37 billion in combined client assets.

The results underscore the standout performance of the industry's largest firms in equities, a business where Europe’s banks have struggled to keep up in recent years.

These elite producers in some cases operate far from Wall Street, even as they work for well-known wealth managers such as UBS, Merrill Lynch and Ameriprise.

Letters sent to reps ask for extensive information on why they applied for a loan, how funds were received and used, and all compensation under the federal program.

Arete Wealth’s niche focus on alts for HNW and UHNW clients has given it a strong foothold in a fractured sector, experts say.

The U.S. Small Business Administration released a one-page form aimed at simplifying the process of applying for forgiveness of Paycheck Protection Program loans, along with newly revised and updated forms to meet the requirements of the latest stimulus legislation.

SA Stone Wealth Management representative Gregory Frank Estes had already registered as a sex offender after a 2002 conviction, records show.

BNY Mellon’s custodian is growing, even as it loses some major clients amid industry consolidation.

Kathy Murphy played a key role in scaling the company’s retail advice channel.

The St. Augustine, Florida-based advisors specialize in high-net-worth families, business owners, executives and foundations.

Eaton Vance and E-Trade deals expected to boost the firm’s performance.

The ex-Morgan Stanley and Merrill Lynch advisors join the wealth manager, which has been aggressively recruiting in recent months.

Client acquisition was down compared to 2019, but still higher than in years past.

Firms affiliated with the broker-dealer can access the software for free through AdviceWorks.

The firm’s aggressive hiring streak continues with the onboarding of several wirehouse advisors.

A slower-than-expected rollout of the COVID-19 vaccines and the threat of social unrest after the Jan. 6 riot at the U.S. Capitol could threaten the recovery, according to an American Bankers Association panel.

A wave of corporations have made changes to their PAC giving since a mob supporting President Donald Trump stormed the Capitol last week.