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The firm entered the bank broker business four years ago when it bought Investment Professionals Inc.
Meanwhile, the investment bank announced plans to launch a digital wealth manager in the U.S. next year targeting affluent clientele.
James Gorman of Morgan Stanley and Charlie Scharf of Wells Fargo both took time during their earnings conference calls to share some thoughts about their RIA competitors.
Customers added 1.2 million retail brokerage accounts during the third quarter, almost double the number added in the year-ago period.
The firm's trading operation posted a 23% increase in revenue, while its consumer and wealth management business pulled in $2.02 billion, up 16% from a year earlier.
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.
The wirehouse made yet another acquisition in the wealth management space last month, this time a retirement plan company with $43 billion in assets.
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.
Fees from advising on deals almost tripled in the third quarter, crushing analysts’ estimates and helping to push the bank’s net income to $11.7 billion.
The online brokerage said that a significant portion of its second-quarter revenue was fueled by virtual currencies, primarily Dogecoin, and predicted it would see lower revenue during the third quarter.
The leading TAMP by assets is racking up the number of advisers on its platform and new accounts are opening at a faster pace than prior quarters, said CEO Bill Crager in an earnings call.
Revenue per Avantax adviser for 2020 totaled $111,000, at the low end of the independent brokerage and RIA business for large enterprises.
The largest independent brokerage was firing on all fronts for the three months that ended in June, including recruiting advisers, bringing in net new assets and completing previously announced deals to purchase advisers.
AssetMark reported a 33.8% increase in AUM following a recent pivot to offer products tailored to registered investment advisers.
The company's success in 2021 in recruiting advisers comes at a delicate time as the financial advice industry tries to figure out the best way to return to the office amid the Covid-19 pandemic.
UBS in the Americas appears to be focusing on recruiting giant teams of private banking advisers as it continues to see experienced advisers walk to competitors.
The wealth management business saw $25 billion of inflows of net new fee-generating assets across all regions and also made $7 billion in net new loans to rich clients in the quarter.
Wells Fargo & Co. is revamping its wealth management franchise and such changes often lead to a reduction of the number of financial advisers at large enterprises.
Merrill Lynch reported a 6% dip in adviser head count and said that 80,000 clients are now using its self-directed investing platform.
The firm's investment banking business, including financial advisory, helped propel second-quarter revenues.