Wirehouses

The wirehouse is also simplifying its small household policy and boosting its emphasis on financial plans.

Clients overpaid more than $12 million because of operating flaws and coding failures in an automated device advisors relied on for executing mutual fund orders.

The wirehouse is making changes ahead of an expected wave of baby boomer departures.

The strategy mimics one the executive used to boost profit at his previous employer, cross-town rival Credit Suisse.

The changes follow the firm’s recent move to cut some client fees on separately managed accounts.

The expansion is intended to free advisors to spend more time on client-facing tasks, executives say.

Sergio Ermotti is under pressure to lift a stock that has trailed peers for a year.

The policy shift affects the wirehouse’s separately managed accounts.

The firm is finding it harder to squeeze more profit out of its wealth management business.

Scandals and frayed relations with much of Washington have dragged on the stock for more than three years.