Wirehouses

The recruits generated $1.7 million in annual production while at the wirehouse.

On Wall Street's annual Top 40 Under 40 rankings recognize the hard work of an elite group of young professionals employed by the wirehouses and largest regional broker-dealers. The editors of On Wall Street are now accepting nominations for the overall Top 40 Under 40 ranking, and Top 40 Under 40 Advisors at Regional Broker-Dealers. The results will be published in January.

There's no place for complacency these days, and the biggest wealth management players anticipate changes by regularly adjusting their strategies.

"We have competitive advantages that none of these firms can duplicate," says Greg Fleming, president of Morgan Stanley Wealth Management.

The advisor duo generated $2 million in annual production while at Wells Fargo.

Advisors may want to help clients research charitable giving, which overall could top $8 trillion as more baby boomers retire, according to a new study from Merrill Lynch and Age Wave. Advisors can help clients with their research.

Mary Mack says that Wells Fargo Advisors is still thinking through which route to take toward implementing an automated advice offering.

The wirehouse said it recruited four advisors from rivals Merrill Lynch and Wells Fargo.

The wirehouse is sending executives to Credit Suisse offices to deliver the firm's pitch, and will fly advisors out to its headquarters in St. Louis next week.

The new recruits have gone over to the independent side of Wells Fargo, opening practices s in two states.

The wirehouse pulled over four advisors from rivals Merrill Lynch and Morgan Stanley.

The team generated $2.9 million in production before switching wirehouses.

Four advisors left the wirehouse to join regional broker-dealer Benjamin F. Edwards.

The firm said wealth management profits rose to $509 million for the third quarter, boosted by lower compensation expenses.

An advisor who had been at Merrill Lynch for 20 years left the wirehouse to join UBS.

An advisor who moved to a wirehouse from a boutique offers guidance on finding a firm that will offer greater job satisfaction and also benefit clients.

If you take only one message from a rather tumultuous 2015, you might want to consider this: Build your practice with a firm where retail wealth management is a core business.

Wells Fargo reported that even as profits rose, client assets for the firm's retail brokerage unit shrank 4% year-over-year.

Bank of America said profits for its wealth management unit, which includes Merrill Lynch, fell 19% year-over-year. Meanwhile, Merrill's advisor force increased 6%.

An ex-wirehouse advisor sought damages for libel and other misconduct against Merrill.