Financial institutions

The independent firm affiliated with Raymond James lured a wirehouse recruit with close to 20 years of experience.

The acquisition of the New York City-based firm is expected to boost People's United's assets under management to $8 billion.

Second-quarter revenue from trust and brokerage services sank 11% and 10%, respectively, from the same period last year.

Second-quarter revenue declined across trust, insurance and brokerage businesses, with trust services posting the sharpest fall.

"We are not going to have a separate robo adviser that would disintermediate our existing advisers," says CEO Paul Reilly.

The wirehouse has faced a difficult business environment so far this year, and additional headwinds may be coming during the second half of 2016, top executives say.

The recruit spent two years researching the move before deciding to leave the wirehouse.

Several of the largest moves this year show top talent is looking beyond traditional choices.

Several big banks are getting into the business, mostly by forming partnerships with fintech companies. Smaller banks are expected to soon follow suit.

The executive has added 15 new advisers this year and plans to add 15 more by the end of 2016, bringing the total broker force to 130.

The Birmingham, Ala.-based bank generated $103 million in second-quarter revenue from its brokerage, trust and insurance operations, up 6.2% year-over-year.

Profits rose 8% year-over-year at the bank's Global Wealth & Investment Management unit, which includes Merrill Lynch and U.S. Trust.

The hit smartphone game Pokémon Go taught banks a lesson in mobile strategy this week: gamify it.

Second-quarter profits from wealth management and securities services jumped 56.3% to $100 million from $64 million a year ago.

Second-quarter revenue dipped 9.4% year-over-year, while profits plunged 22.5%.

The number of financial advisers at the firm declines 1% to 15,042.

Two advisers joined Confluence Financial Partners, which is affiliated with Raymond James.

Wealth management firms need to acquire their own robo platforms because digital startups represent a real threat with "a long runway for growth," the analyst says.

A search is underway to replace Mary Mack, who will transition to a different unit.

The two ex-wirehouse advisers each had about 20 years of industry experience.