Economy

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.

Northern Trust has named Daniel F. Lindley managing director of the Global Family & Private Investment Offices Group for Europe, the Middle East and the Asia-Pacific.

Profitability has become a serious challenge for independent broker-dealer firms, according to a survey by Cerulli.

The Financial Services Institute has expanded its agenda to include retirement and tax issues. As part of the expansion, the independent broker-dealer advocacy group has hired Robert Lewis as government affairs counsel for tax and retirement.

JP Morgan Chase’s asset management unit posted net income of $386 million in the first quarter, a 17% decline from the year-ago quarter. But, the unit saw record assets under management of $1.4 trillion, up 4% from the prior year.

Goldman Sachs has agreed to pay a $22 million fine and accept other penalties to resolve charges from the SEC that the firm lacked adequate policies and procedures to address the risk that during weekly meetings, known as “huddles,” its analysts could share important non-public information about upcoming research changes.

The independent broker-dealer is betting that grouping women by life events, not their ages, is the better way to reach them.

A new report says wirehouses have boosted their average client age and created a threat to their own prospects for future growth.

Research firm Cerulli says high-net-worth investors are spreading their wealth among a variety of firms.

Third-party administrator CPI Qualified Plan Consultants, Inc. has added the Alta Trust Tactical Advantage collective investment trust funds to its retirement plan platform.

Advisors may still feel a bit awkward as well as worried about compliance when they use social media, but they’re definitely using it to build their brands and businesses, according to a new SourceMedia study.

JPMorgan Securities, the brokerage arm of banking giant JPMorgan Chase & Co, is trying to lure advisers from Wall Street rivals with an unlikely pitch: "We're actually a small boutique."