Wirehouses

Even among the wealthy, a growing number of clients want more digital engagement, says CEO James Gorman.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.

Coding and other billing system errors were to blame, according to the regulator.

The advisory business ended the year on a strong note, boosted by growth in net interest income, which rose 14% year-over-year.

The business, which includes Merrill Lynch, said profits were up 1.8% year-over-year, but down 9% from the previous quarter.

The changes are the first under David Kowach, who became president of the wirehouse's traditional employee broker-dealer late last year.

An internal memo informs the firm's 15,000 advisers about the move, which builds on management changes made earlier this year.

Plus: A Morgan Stanley grab totals $410 milllion in combined AUM and more than 30 other job changes.

Silicon Valley-based Addepar says it is in talks with other wirehouses for use of its software, too.

The wirehouse alleges two arbitrators failed to disclose key information about their professional and personal histories.

Advisers will create strategies and communicate the advice. Software will handle the execution and maintenance of the strategies.

The new recruit, who started with the wirehouse's predecessor firm Smith Barney, has been in the industry since the late 1990s.

Black employees at the firm say lucrative client accounts were often steered toward financial advisers who weren’t black.

On Wall Street's editors have compiled the raw data behind the latest annual ranking. Here's their take on what to expect before the unveiling of this newest group of elite, young advisers.

The benefits of transitioning to a full-service independent platform are clear, but the process can be tricky and firms must take great care when making the switch.

The group is led by a veteran adviser who started her career in the late 1980s.

The recruit oversaw $110 million in client assets while working for the wirehouse, according to the regional firm.

The new recruits previously generated $1.5 million in annual revenue at UBS, according to the regional brokerage firm.

Planners share what they've been sending clients, colleagues and peers.

RIAs are finding that the biggest competition for clients is right in their own backyard.