Economy

Citi Private Bank hired Lisa Maurer as its new family office group director for the Northeast region.

Thomas P. Fay oversees a team of wealth professionals geared to high-net-worth investors in Southeast New England.

LPL is continuing to fuel the rapid growth of its Model Wealth Portfolios platform, with a range of new offerings now available for consumers with as little as $25,000 to invest. Overall, this platform grew by almost 73% this year as of March 31 over last year to $8.7 billion.

In an effort to enhance the technology it offers for personal financial advice delivered to the mass market, NestWise LLC, a unit of LPL Financial, will buy Veritat Advisors.

BNY Mellon has hired Christopher Ross as a senior portfolio manager in its wealth management office in Washington, D.C.

In the span of 12 months, the Active Bear Exchange-Traded Fund (HDGE) has become a wirehouse darling.

Smartleaf software will let the bank offer third-party research to customers.

An influx of assets and advisors have given a much needed boost to smaller, independent advisors.

As part of the service, SumRidge will offer RIAs and broker-dealers daily, weekly and monthly trading desk commentary in the fixed-income markets.

J.P. Morgan Asset Management has added Robert Stark to lead its Strategy and Business Development unit. He will be based in New York and will be responsible for growing the firm’s Asset Management unit globally. He reports to David Brigstocke, chief financial officer.

Zions Bancorp is ramping up its wealth management business with the support of third-party marketing firm PrimeVest Financial Services.

Elite RIAs have achieved near-equal compensation with top-earning wirehouse advisors, according to research from Sanctuary Wealth Advisors.

Wells Fargo Advisors announced it has named Kent Christian, currently head of its financial services group, president of Wells Fargo Advisors Financial Network, the broker-dealer affiliate through which Wells Fargo Advisors supports independent financial advisors.

Northern Trust named Sheldon Woldt to lead its family office and institutional business in the Middle East.

Sallie Larsen will ensure that LPL remains an engaging workplace for its staff and professionals, including those who recruit advisors to the independent broker-dealer.

In the wake of Friday’s announcement of a surprise $2 billion trading loss, JP Morgan Chase Monday said it named Matt Zames its new chief investment officer. Ina Drew will retire.

The $2 billion loss not only helped proponents of a tougher Volcker Rule and punctured the myth of CEO Jamie Dimon's infallibility. It also strengthened calls from regulators like Tom Hoenig for stronger action against big banks.

The dozen largest third-party marketing firms supporting banks and credit unions increased their revenue 9% last year, but penetration in the bank channel has stalled.

The nation’s largest independent broker-dealer was honored for proving outstanding support to its financial advisors.

Jeffrey Patterson and Rick Pucci have become registered representatives with the La Vista, Neb., based independent broker-dealer.