Wirehouses

Merrill Lynch’s ultra high net worth business, the Private Banking and Investment Group, has snapped up two Morgan Stanley Private Wealth Management advisors in Houston, Texas.

UBS executive Robert Mulholland has a message for professionals in the financial services industry: We are the adults in the room.

Financial services firms and advisors are relying on new technology and enhanced training to to take a more holistic financial planning approach with clients.

“We got drunk with the performance of the bull market,” Thiel told the audience of wealth management professionals at the SIFMA Private Client conference on Thursday. “But the world changed and our dialogue, our approach, didn’t. It needs to. We need to talk about what our clients goals, concerns and priorities are and map absolute performance to that objective.”

Morgan Stanley has hired three advisors from Deutsche Bank, Merrill Lynch, and Wells Fargo who combined for more than $3.2 million in production.

An arbitration panel has ordered Wells Fargo to pay Stifel $800,000 in the latest dispute over alleged raiding of former A.G. Edwards advisors.

Wells Fargo now gets a third of its fee revenue from its relatively small investment-management and brokerage businesses. Executive David Carroll explains how Wells is getting more business from its wealthy — but not too wealthy — customers and is seeking acquisitions in this market.

The majority of Wells Fargo’s hires hail from Morgan Stanley, while one advisor joins from Edward Jones.

Credit Suisse Group AG will probably post higher profit than UBS AG for a fourth straight quarter when the largest Swiss banks report results over the next week.

The Goldman Sachs Multi-Manager Alternatives Fund is starting to take shape as it nears its launch.

Morgan Stanley reported profit that beat analysts’ estimates as pretax earnings from its retail brokerage, the world’s largest, rose to a record.

Bank of America’s wealth management division achieved record post-merger revenue, net income and AUM inflows.

“The success of the wealth-management business is fundamental to where the stock goes over the next five years,” said Christopher Wheeler, a London-based analyst with Mediobanca SpA, who has a neutral recommendation on UBS shares. “It’s the core business, and a number of other businesses feed off it, not the least asset management.”

FINRA fined Merrill $1.05 million and ordered the firm to pay more than $323,000 in restitution for over 12,000 trades executed on its ML BondMarket platform.

Goldman Sachs reported earnings that topped analysts’ estimates on a 63% gain in revenue from underwriting stocks and bonds.

Goldman Sachs Group Inc. set aside $4.34 billion to pay employees in the first quarter, about 1 percent less than a year earlier, as the firm employed 400 fewer people.

The burgeoning influence of financial advisors in the United States was a repeated observation at this year's Tiburon CEO Summit at New York City's Ritz Carlton in Battery Park. Here are 11 themes we heard at the two-day event encompassing 200-plus executives and advisors.

Advisors rule the financial services industry for now -- but keep an eye on direct-channel “self-serve” distribution, Chip Roame said Tuesday at his firm's semiannual CEO Summit.

In its continued push for another year of growth, JHS Capital advisors has expanded its Pacific Northwest presence.

Morgan Stanley Wealth Management hauled in nine new advisor hires on Friday with more than $765 million in assets and $9.2 million in fees and commissions.