Recruiting

The bank is moving away from direct wealth management services in order to tap into an unmet need for many independent financial advisors, its CEO said.

Bank of America is slowing hiring as fewer employees leave in an attempt to manage the company's headcount ahead of a possible U.S. recession, Chief Executive Brian Moynihan said.

JPMorgan Chase is planning to increase headcount in its Latin American private-banking unit by about 25% next year as the firm looks to attract more clients with $5 million to $25 million to invest at the bank.

The joint project with one of the largest advisory practices in the firm's tax-focused brokerage displays how wealth management firms are backing their OSJs.

The deal follows at least 14 transactions made by the consolidator this year. Other firms are expanding by forgoing M&A in favor of just recruiting financial advisors.

The former CEO of Sanctuary's predecessor firm, financial advisor Mark W. Damer, won a major arbitration award related to his 2019 termination.

With $4.4 billion in client assets, the regional institution's wealth program follows mega-recruits including M&T Bank, BMO Harris and others.

Reports and recruiters say that smaller firms, more flexibility and greater diversity are increasingly popular with industry job seekers

Jim Martin launched Nordwand Capital with the help of Dynasty as part of a plan to offer new private venture funds to the firm's ultra-wealthy clients.

Falling stock values pushed down client assets, even as the smaller base of brokers took in a higher amount of incoming holdings than a year ago at this time.