Financial institutions

The advisor population is “stagnant and aging;” older advisors may not relish the hassles of a moving to a new firm. Meanwhile, barriers to entry for new financial advisors remain high–less than 15% of trainees succeed in establishing a viable business.

A U.S. judge said the Internal Revenue Service can demand information from UBS AG about U.S. clients of Wegelin & Co., the Swiss bank that pleaded guilty this month to conspiring to help cheat the IRS.

Morgan Stanley financial advisor Jack Riley, number 17 on the Top 40 Under 40 List, says that offering well-rounded services to his corporate executive clients has helped bring him success.

Now that the layoff era is finally over for Wall Street, large financial institutions are beginning to grow their teams again. But they are not the only ones that are on the lookout for fresh talent.

Less than a week after announcing that it had nabbed a trio of Morgan Stanley advisors in Pennsylvania, Raymond James has added another Morgan Stanley team with more than $700,000 in production.

UBS financial advisor David Lugo, number 18 on the Top 40 Under 40 list, says that close community ties in Puerto Rico have helped foster the success of his practice.

Three industry veterans with nearly a million in production have jumped from Morgan Stanley to Raymond James in Newtown, Pa.

Morgan Stanley financial advisor Michael Merlin, number 19 on the Top 40 Under 40 list, says that making listening to clients a priority gives him an advantage over other advisors.

Morgan Stanley, the biggest financial brokerage, will spend $500 million to improve computer systems after flaws in a previous upgrade frustrated the staff.

Morgan Stanley gave Chairman and Chief Executive Officer James Gorman a compensation package for 2012 that’s 30% less than his 2011 award, excluding a new incentive package, a person familiar with the decision said.

Morgan Stanley financial advisor Devin Condron, who lands at number 20 on the Top 40 Under 40 list, works to help younger members of ultra high net worth families understand everything from choosing a mortgage to donor-advised funds.

Revenue and net income rose slightly from last quarter as the Morgan Keegan integration progressed.

Morgan Stanley financial advisor Bruce Munster, number 21 on the Top 40 Under 40 list, says that sitting down with a local billionaire was a tipping point for understanding what wealthy clients want.

The transaction involves approximately 3,000 accounts and $1.7 billion in assets under administration, which represent non-target business for Citi Private Bank’s trust business.

Morgan Stanley advisor Anthony C. Jones, who ranks at number 22 on the Top 40 Under 40 list, focuses on helping entrepreneur clients move away from concentrated stock portfolios.

A former Edward Jones advisor has jumped to Hilliard Lyons in Paducah, Kent.

In the fourth quarter of 2012, wealth and investment services earned $7.8 million in non-interest income for the bank, a 36% jump from a year earlier and 9% increase from the previous quarter.

Deutsche financial advisor Jason Zaks, number 23 on the Top 40 Under 40 list, prefers the personal side of investing including handwritten notes to clients.

Morgan Stanley is seeking Federal Reserve approval to buy the remaining 35 percent of its brokerage joint venture with Citigroup Inc. this year.

Morgan Stanley, the top global equity underwriter last year, reported profit that beat analysts’ estimates as brokerage earnings more than doubled and margins from that unit surpassed the firm’s goal for this year.