Financial institutions

U.S. Bancorp’s wealth management and securities services business contributed $41 million to the bank’s bottom line in the fourth quarter of 2012, down $2 million, or 4.7%, from the previous quarter, but unchanged from the same quarter a year earlier.

“This is the first significant change to our grid during my almost 20 year tenure at Raymond James,” Tash Elwyn, president of the firm’s Private Client Group, said. “With this new grid we have achieved our goal of continuing to offer a very competitive payout within an environment and culture at Raymond James that’s unique in that we treat our advisors with respect.”

UBS financial advisor Bryan Mountain, number 24 on the Top 40 Under 40 list, helps clients find a balance between finding retirement income and taking on the risks that can grow their portfolios.

Morgan Stanley financial advisor Brad DeHond, number 25 on the Top 40 Under 40 list, says that successfully serving ultra high net worth clients requires a different approach.

Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, said quarterly profit almost tripled as gains in the value of the firm’s own investments contributed to the first year of revenue growth since 2009.

UBS financial advisor Paul Vasady-Kovacs, who places number 26 on the Top 40 list, says that the fixed income emphasis he started out with still informs his work with clients today.

One new aspect about the platform is that it incorporates a unified managed account structure.

As the new Head of Personal Retirement, Jeff Cimini will help grow the firm’s Personal Wealth & Retirement division to meet the changing demands of the industry.

Two former wirehouse advisors have gone independent in Baltimore and Bethesda, Maryland.

Bank of America agreed to pay $62.5 million to resolve investor claims that the bank’s directors mishandled the acquisition of Merrill Lynch & Co., company officials said.

UBS financial advisor Eric Bickler, who ranks number 27 on On Wall Street’s list, has built a successful practice serving current and former corporate executives.

Two former Scott & Stringfellow advisors with $175 million in assets have moved to Hilliard Lyons.

Net income advanced to a record $5.09 billion, or 91 cents a share, from $4.11 billion, or 73 cents, a year earlier.

Financial advisor Andrew Ryan of Deutsche, who lands at number 28 on this year’s list, says that anticipating volatility while working with his venture capital and private equity clients has been imperative in recent years.

A former director of branch business development at Janney Montgomery Scott has moved to City Securities Corporation.

Thomas Kane, a UBS financial advisor who ranks number 29 on our list, has turned to hedge funds, private equity and real estate to bolster his clients’ portfolios.

RBC has added a group of five former Morgan Stanley advisors with $758 million in combined assets under management.

No financial advisors will be impacted, but some of the cuts may impact the support areas for the wealth business, a person familiar with the situation said.

When it comes to working with clients, Wells Fargo financial advisor Christopher Purdue, who lands at Number 30 on our list, emphasizes old-fashioned house calls.

Bank of America Merrill Lynch this year will double the number of institutional trading forums it operates, putting on about two dozen.