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UBS cites cautious wealth clients as it reports disappointing earnings
While the firm added $28 billion in new funds from clients during the quarter, revenue at the wealth business fell short of estimates.
Steward Partners adds team from UBS overseeing $200 million
James Forsyth and Steven Miller, who operate as the Valencia Group, will be Steward Partners' first team in the Los Angeles metropolitan area.
Merrill COO Kirstin Hill to leave firm, following Sieg’s departure
Some of Hill's responsibilities will be handed off to Jeff Busconi, who holds the newly created position of head of wealth management strategy, products and services.
LPL recruits $450 million Raymond James team
James Sheehan is based in Charleston, South Carolina, while Shawn Tighe works in northern New Jersey.
Rockefeller hauls in $2.3 billion First Republic group
New York City-based Liberty Wealth Partners is just the latest team to leave First Republic in the wake of the turmoil that struck regional and West Coast banks.
Morgan Stanley boosts wealth management revenue in first quarter
But the wealth management unit was clearly a bright spot for the firm in the first quarter, with Morgan Stanley's overall earnings falling 19% from the year-earlier period.
Merrill Wealth Management weathers stormy first quarter
Bank of America's wealth management business, which includes Merrill, saw a 3% year-over-year decline in revenue in Q1, as lower equity and fixed-income valuations hit asset management fees.
Morgan Stanley wealth boss emerges as one to watch in CEO race
Andy Saperstein oversees the $4.5 billion wealth management unit that's catapulted Morgan Stanley's market value above that of archrival Goldman.
Wells Fargo no longer reports how many financial advisors it employs
The company's new policy on head count, made clear in its first-quarter earnings report, aligns with decisions made by Morgan Stanley and Bank of America.
UBS in talks with former executive Naratil about possible return
Naratil left the bank just six months ago after holding a number of senior positions in almost four decades at UBS, including president of UBS Americas, co-head of wealth management and CFO.
Credit Suisse deal will make UBS a wealth management ‘powerhouse’: JPMorgan
The price UBS paid for its Swiss rival is 'attractive' even after factoring in potential losses on Credit Suisse assets, litigation costs and restructuring expenses, according to a report by JPMorgan analysts.
$10.8 billion First Republic team bolts to Morgan Stanley
The New York City-based Zipper Duarte team generates $12.5 million in annual revenue.
Merrill ordered to pay $9.7 million for failing to disclose foreign exchange fees
The SEC enforcement action is another example of the agency's increased scrutiny of wrap-fee programs.
Top 10 financial advice firms ranked by investor satisfaction in 2023
Investors’ happiness with their advisors took a hit last year as the stock market dived, according to J.D. Power’s annual survey.
Andy Sieg leaves Merrill to rejoin Citigroup
He is being replaced at Merrill Lynch by Lindsay Hans and Eric Schimpf, who have been appointed presidents and co-heads of Merrill Wealth Management.
Morgan Stanley ordered to pay $782,272 for mishandling estate
Finra arbitrators ruled on the estate's claim that Morgan Stanley ignored rules laid out by a court for how funds in the estate were to be handled.
Steward Partners finds balance by adding Pershing custody alongside Raymond James
The addition of breakaway Ensign Wealth Partners, a $500 million RIA, pushes Steward's total custodial assets on the Pershing platform to more than $1 billion.
UBS brings back Ermotti as CEO to lead Credit Suisse takeover, replace Hamers
Ermotti, who previously served as UBS' CEO for nine years, is familiar with UBS and the Swiss financial landscape, qualities seen as critical for the integration.
First Republic sees more financial advisors walk
The San Francisco-based Marchetti Porter Wealth Partners jumped ship over the weekend.
UBS advisor overseeing $315 million in assets joins Raymond James
New York-based Steven M. Rozencwaig will join the firm’s Manhattan office.
