Economy

To attract clients, brokerage firms should be offering a mix of in-person as well as online, self-directed investing and retirement planning options, according to a recent report by Aite group.

Do you know a branch manager who deserves recognition for a job well done? On Wall Street and sponsor New York Life/MainStay Investments are now accepting nominations for the annual branch manager awards honoring the best leaders in the wirehouse and regional wealth management firms.

Bank of America said Friday it would pay $2.43 billion to settle a shareholder lawsuit over its purchase of Merrill Lynch, in an expensive effort to resolve one of many problems it faces from the financial crisis.

The Birmingham, Ala., regional banking company has quietly consolidated its investment-related groups under one wealth management group. The restructuring was partly spurred by the company's sale of Morgan Keegan earlier this year.

For planners who specialize in assisting members of the military, the job often feels like a calling.

With the financial crisis as the backdrop and the fiscal cliff and regulatory changes on the horizon, "you know that how you manage your practice is not going to get easier," said Bill Winterberg, of FPPad.com.

Stanzak, the principal and owner of Financial Empowerment, in Bloomington, Minn., will begin her term on Jan. 1, 2014, when she succeeds Michael Branham, FPA's 2013 president.

Two Morgan Stanley financial advisors moved to Wells Fargo's independent brokerage arm in Maryland this week, taking advantage of a career path that one recruiter describes as the best of both the independent and wirehouse channels.

As part of a study into conflicts of interest at broker-dealers, regulators concluded that confidential information should be better protected.

Bank of America Corp. agreed to a $2.43 billion settlement with investors who suffered losses during its acquisition of Merrill Lynch & Co., resolving one of the biggest legal battles to stem from the takeover.

Goldman Sachs will pay $12 million to settle charges it made undisclosed contributions to a former Massachusetts state treasurer in violation of "pay-to-play" rules.

Kweku Adoboli's co-workers knew he was making fictitious trades, the former UBS AG banker told an attorney who interviewed him on the night of his arrest in September 2011.

Firms come and firms go, but there has to be a bit of nostalgia for Smith Barney.

LPL Financial announced Tuesday it has expanded its Model Wealth Portfolios platform through the addition of two new portfolios from LPL Financial Research and two managed alternative investment portfolios from Fortigent.

It's the end of an era. Morgan Stanley announced its U.S. wealth management business, Morgan Stanley Smith Barney, has changed its name to Morgan Stanley Wealth Management.

Last month fewer broker-dealers closed their doors and fewer new ones opened them - a drop in overall activity that appears to be the product of three factors, according to David Alsup, director of business development for The Compliance Department, a consulting firm that regularly tallies these numbers.

Bank of America Merrill Lynch has named Morgan Stanley Smith Barney executive Michael Maghini to serve as head of insurance and annuities as the firm looks to capture more of the baby boomer market.

JHS Capital Advisors opens a new office with Mark Hennings as Branch Manager and advisor

After the shock of 2008, investors had a generally sunny outlook: they were satisfied with their portfolios and their advisors and the firms that employed them. But that is no longer the case.

Morgan Stanley will pay cash bonuses to branch support employees at its Morgan Stanley Smith Barney unit who worked extra hours to remedy disruptions caused by a new computer system, a person briefed on the decision said.