Financial institutions

When it comes to serving a broad swath of affluent clients, Morgan Stanley financial advisor Andrew Stern relies on a strong asset allocation foundation.

A former Morgan Stanley complex manager who felt he was forced to resign is set to receive $1 million in compensatory damages from the firm, according to a new ruling from an arbitration panel.

The firm has brought on three legacy A.G. Edwards advisors from Wells Fargo to open its 27th office.

The three additions in New Jersey include a veteran financial advisor duo from Merrill Lynch and another advisor from UBS.

Raymond James Financial Services, the company’s independent broker-dealer, announced Monday it has added a mother-daughter team in Bethesda, Md., with $200 million in assets.

Morgan Stanley financial advisor Carrie Gallaway, who ranks at Number 32 on On Wall Street’s list, says using an empathetic approach to clients was especially useful in the run-up to the fiscal cliff negotiations.

Morgan Stanley's Jim Detterick started out by beta testing a career as a financial advisor. Now he applies that acumen to clients’ portfolios.

Bank of America Corp.’s brokerage arm and JPMorgan Chase & Co.’s asset-management division are among businesses ripe for divestiture if U.S. banks break up to improve stock prices, according to CLSA Ltd.’s Mike Mayo.

Jonathan Yolles followed his father and uncle into the financial advisory business. His first client was a distant cousin. Now, he lands at number 34 on the Top 40 Under 40 list.

UBS financial advisor Jonathan Beukelman often works to advise his clients’ children on everything from buying a car to compound interest.

Senate Minority Leader Mitch McConnell said lawmakers in Congress are “very, very close” to a deal to avert $600 billion in tax increases and spending cuts set to start at midnight.

Advisors naively believe that only 17% of their clients hold a direct account when in fact 74% do, according to a new report from Boston-based research firm Cerulli Associates.

As the calendar turns the page to another year, 2013 offers the four largest U.S. wealth management businesses the opportunity to recapture some of the assets and talent they have been ceding to other firms.

Allen Saunders went from pet food distributor to UBS financial advisor to number 36 on On Wall Street’s 2012 list.

Small and mid-sized firms look to maintain momentum from 2012 by offering more services and leveraging social media.

Wells Fargo financial advisor John Handley, number 37 on On Wall Street’s list, remembers getting that very first client and the cadre of business relationships he’s had for years.

“My number one objective is to grow revenues from the private bank and help to make it an even greater contributor to the growth of Webster Bank,” said Daniel FitzPatrick, the new head of the business.

For Pedro Marti, who nabs the number 38 slot on On Wall Street’s 2012 list, serving as a financial advisor at Wells Fargo is the perfect blend of financial analysis and personal interaction.

Wells Fargo financial advisor Matthew Fryar, who ranks number 39 on On Wall Street’s 2012 list, says providing personalized services has meant a heavy emphasis on looming tax changes.

For employees at the biggest Wall Street banks, 2012 brought a humbling post-crisis reality of job cuts, lower pay and tarnished reputations. For investors, it was a happier story.