The new adviser development program is up and running with 750 advisers. Some of the new recruits could be already licensed to sell securities, but don't have a background in financial advice, according to the company.
In July, Charlie Scharf said that indie brokers were 'underutilized.' In the latest quarter, the number of advisers declined 2.1%.
The wirehouse made yet another acquisition in the wealth management space last month, this time a retirement plan company with $43 billion in assets.
The broker-dealer cut ties with Eileen Cure in the wake of allegations of racism on social media. She is now part of a small RIA, Wealth Management of Kentucky.
After recruiting seven teams of advisers in the first half of the year, the bank added just one team over the summer, executives of the firm said on an earnings call.
The industry saw another year of growth, according to an InvestmentNews study, but compensation for most positions has shown little growth.
UBS Financial Services misreported interest paid on taxable munis, resulting in higher tax bills for clients, according to a lawsuit.
Ullmann Wealth Partners, with $582 million in client assets, is the 28th acquisition Focus Financial Partners has made this year.
Yes, the RIA industry is growing but it's getting more complex, too, say top industry leaders, including Schwab's Bernie Clark.
Jeffrey Dampf was barred from the securities industry last week for not cooperating in Finra's investigation of allegations that he stole money from elderly clients.
