Financial institutions

The business, which includes Merrill Lynch, said profits were up 1.8% year-over-year, but down 9% from the previous quarter.

Revenue increased 4% from 2015 even as the number of advisers fell by 10%.

The changes are the first under David Kowach, who became president of the wirehouse's traditional employee broker-dealer late last year.

An internal memo informs the firm's 15,000 advisers about the move, which builds on management changes made earlier this year.

Plus: A Morgan Stanley grab totals $410 milllion in combined AUM and more than 30 other job changes.

Silicon Valley-based Addepar says it is in talks with other wirehouses for use of its software, too.

The wirehouse alleges two arbitrators failed to disclose key information about their professional and personal histories.

Advisers will create strategies and communicate the advice. Software will handle the execution and maintenance of the strategies.

The new recruit, who started with the wirehouse's predecessor firm Smith Barney, has been in the industry since the late 1990s.

Black employees at the firm say lucrative client accounts were often steered toward financial advisers who weren’t black.