Economy

The New York City based wealth advisory firm appointed Lyle LaMothe as Non-Executive Chairman of the board and Greg Franks as a managing partner and president. Chris Lappas joined the firm as the chief operating officer.

Woodbury Financial brings approximately 1,400 advisors and $25 billion in assets under management to the group’s network, which includes FSC Securities Corp., Royal Alliance Associates and SagePoint Financial.

Ronald Greenidge, the former UBS AG managing director fired for gross misconduct in his supervision of convicted trader Kweku Adoboli, sued the bank claiming it treated him more harshly than others because he’s black.

Gathering the information needed to make a career move and hiding that research from a current firm can be enough to make some advisors decide to forget it. That’s just where The Advisor Center, an anonymous online recruiting community that launches Monday, comes into play.

The average production at wirehouses is 40% higher than that of banks, and yet those advisors don't have an existing customer base. Why is that?

In On Wall Street's sixth annual ranking, the young hotshots of The Street talk clients and strategy. Here's how this year's top 40 advisors under 40 conquered a tough market.

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Royal Bank of Canada, the first Canadian lender to report fourth-quarter results, said profit rose 22 percent on higher trading and investment-banking fees, beating analysts’ estimates.

Treasury Secretary Timothy Geithner offered Republican House Speaker John Boehner a proposal to avert an end-of-the-year fiscal cliff that would trade $1.6 trillion in tax increases for $400 billion in unspecified entitlement program cuts, a Republican aide said.

Merrill Lynch has snapped up 10 financial advisors from rival wirehouse firms who managed a total of $1.07 billion in assets and had $7.7 million in fees and commissions.

“What we ... know is that there are a lot of advisors who think their entire value is wrapped around they’re delivering advice to clients and telling them how it’s going to work out,," Joe Duran, the CEO of United Capital said. "But the reality is that we don’t believe that’s the future."

An industry veteran with over three decades of experience, John Dorsey will open a new branch office in W.V.

Morgan Stanley Chief Executive Officer James Gorman called on the investment bank’s employees to pressure U.S. lawmakers into reaching an agreement that averts the so-called fiscal cliff.

Long-time advisors Bill Duncan and Ziv Ohel joined Ameriprise in Deerfield, Ill.

Bank of America Corp. directors’ $20 million settlement of investor lawsuits over the purchase of Merrill Lynch & Co. is inadequate given the billions of dollars of harm the deal caused, objectors to the accord said.

More than seven in 10 advisors believe a deal will be reached that includes both higher marginal tax rates for wealthy Americans as well as curbs on deductions.

Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein is among the business leaders invited to the White House Wednesday as President Barack Obama seeks their support for his approach to addressing the fiscal cliff, according to two people familiar with the matter.

To help its advisors grow their businesses, Cetera Financial Group is bringing on a fleet of new advisory and product sales consultants. The added manpower is intended to give each consultant and sales manager more time to provide in-person and virtual support to advisors as the firm re-engineers its advisor support regions, according to Cetera.

To streamline document processing, LPL Financial has introduced DocuSign’s eSignature solution for all of its advisors.

Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein is among the executives scheduled to meet with U.S. House Republican leaders on the so- called “fiscal cliff,” according to a House aide.