Regional banks

Eight former directors overseeing mutual funds for Morgan Keegan & Co. settled, without paying any penalties, U.S. regulatory claims that they allowed assets backed by subprime mortgages to be overvalued as the housing market collapsed in 2007.

Royal Bank of Canada, the country’s largest lender by assets, will consider acquisitions of as much as $4.9 billion as it seeks to expand its wealth- management unit, Chief Financial Officer Janice Fukakusa said.

A $1 million producer has jumped from Morgan Stanley to Raymond James in Columbus, Ga.

Janney continues to emphasize its focus on the Southeast with the addition of two former Stephens advisors in Columbia, S.C.

Hilliard Lyons continues growth in North Carolina with the addition of two former UBS advisors.

Sean E. Ekiert has joined Raymond James as a managing director in Richmond, Va.

Stifel nabbed two UBS advisors and opened a new office in Tampa, Fla.

The firm appointed Alynn Eubanks, who will be responsible for overseeing the advisory platforms.

Janney has expanded its operations in Washington, D.C. with a two-man team overseeing $142 million in assets.

"Change can be difficult even when it's change for the better," RBC's Eric Siber explains. "You have to have a tremendous amount of patience and show good leadership in making sure that everybody is on board and understands the advantages of the new platform and the new company."

This year, the leading wirehouse and regional wealth management firms took the steps necessary to ensure they reap rewards as markets hit new highs.

Royal Bank of Canada was ordered to pay more than $800,000 to a U.S. couple over their losses on investments including Lehman Brothers Holdings Inc. preferred stock.

As selling stocks gets tougher, the number of brokers has dropped 12 percent since 2008 to about 363,000 last year. Edward Jones is finding success by sticking to its old ways.

Brock Loen says he uses the same skills to raise three sons as he does to supervise his 21 brokers at Davidson. His mantra: "Being fair with everyone, accessible at all times, and telling each other the truth."

Royal Bank of Canada said second-quarter profit rose 26% as acquisitions fueled returns.

The firm picked up a 32-year industry veteran in Rochester, N.Y.

In college, Jeff Dobyns spent four hot, humid summers selling books door-to-door in the rural southeast for Southwestern Co. After graduating, he and his colleagues dove into the financial services sector—a career with air conditioning.

As an advisor in San Diego in the early 2000s, Joseph DeFalco's business was doing well. He had built a strong client base, but the office itself was in trouble. Turnover in management had reduced headcount so that by his sixth year the branch consisted of just him and one other advisor. The office was about to be closed in 2006 when they handed DeFalco the keys. "Now we look back and laugh at it, but it definitely wasn't easy," he says.

Baird has snapped up an advisor with $200 million in AUM from William Blair, an employee-owned brokerage in Chicago.

Wells Fargo added a former Edward Jones advisor in Hudson, Ohio.