Economy

Following news that Merrill Lynch Wealth Management lost several advisor teams to rivals this week, the firm is pushing back with three advisor hires of its own from competing wirehouse firms.

Independent planning firm RMR Wealth Builders of Teaneck, N.J., has left its long-time independent broker-dealer, the Cetera company, for Innovation Equity Partners Financial in Tampa, Fla.

Despite a tough third quarter, RBC Wealth Management is doubling down and investing in an ambitious growth strategy as it looks to come out ahead post-crisis.

Firms need to foster real loyalty between themselves and their investor-clients, especially if advisors continue to leave, says Arthur Levitt, the former chairman of the SEC.

Robert Ceccarelli and John Hursh collectively manage more than $148 million in assets and produce nearly $1 million in revenue. They will join Ameriprise's employee advisor channel and be located in the New Haven, Conn.

With 478 advisors in 40 states, Independent Financial Partners is LPL's largest branch, but the Tampa, Fla., based firm certainly won't rest on those laurels. Currently, less than a dozen IFP advisors are fee-only, according to William Hamm Jr., the company's CEO, but that is about to change.

In a nod to the competitive pricing pressure roiling the financial services industry, Advisor Group, one of the largest independent broker-dealer networks in the nation, has eliminated, or drastically reduced, the mutual fund fees it was charging to clients of its financial advisors.

After a decline in advisor headcount and legal expenses hurt revenue, the firm continues to invest in efforts to expand its retail brokerage unit.

The Robinson Reuter Group brings $250 million in assets under management to RBC's La Jolla, Calif., office.

Barclays Plc recruited a team for its wealth and investment management division from Morgan Stanley Smith Barney that includes former New York Jets wide receiver Wayne Chrebet.

In an effort to leverage its increasing scale while maintaining the independence of each of its four B-Ds, Cetera Financial Group is rebranding each of those companies with new names that all begin with Cetera.

Benjamin F. Edwards has opened a new Kansas office staffed with four former Wells Fargo advisors.

Lauren Locker was elected national chairwoman less than two weeks after its incoming chairman, Ron Rhoades announced he would not assume the organization's helm because of a compliance violation by his firm.

A group of financial advisory teams in Oregon, led by Brett Davis, Steve Altman, Todd Gescher, and Jason Herber, have combine to form True Private Wealth Advisors.

MNA Group and Anderson & Delutri are the ninth and 10th teams to join HighTower this year, and the 34th and 35th teams to enter into the partnership since its inception. Both teams were previously part of Bank of America Merrill Lynch.

Programs to strengthen bank liquidity, facilitate credit and buy mortgages were good moves, though it is hard to say how much worse things would have been in their absence, Federal Reserve Board Chairman Ben Bernanke said at the Jackson Hole summit.

After founding his own financial planning practice in 1983, Thomas Morrison has rolled up his firm, Morrison Financial Services, this year and joined St. Louis-based Benjamin F. Edwards as vice president-investments.

Despite record income for the whole company, RBC's wealth management division reported a significant drop in revenue and net income.

Three former Morgan Stanley Smith Barney advisors have taken their business to Stifel Nicolaus to start an office in Madison, Connecticut.

John Cartolano and his Scottsdale, Ariz., based team at NetVest Financial have joined Ameriprise from LPL, bringing with them $200 million in assets under management.