With the Department of Labor’s proposed fiduciary rule due out in the first half of 2016, the Financial Services Institute is focusing on helping prepare advisors and firms to comply with the new standard, and will turn its advocacy...
AIG has sold its Advisor Group broker/dealers to Lightyear Capital, a private equity firm, and PSP Investments, a Canadian pension fund investment manager, the insurer announced Tuesday morning. The deal is expected to close in the second quarter...
Sargent Bickham Lagudis, a $1 billion registered investment advisor headquartered in Boulder, Colo., is merging with Colorado Financial Management, a $250 million firm in northern Colorado, and taking on the smaller shop's...
Morgan Stanley’s wealth management unit saw a 4 percent uptick in profits for the fourth quarter, outperforming peers who struggled with the strong yearend market volatility...
Challenging market conditions drove down business in the fourth quarter for Bank of America’s wealth management unit, with the firm reporting a nearly 13 percent dip in profits. ...
Wells Fargo’s wealth management division had an uneven final quarter in 2015, reporting higher expenses that wiped out revenue gains and led to an $11 million drop in quarterly profits...
Morgan Stanley (MS.N) has promoted its head of institutional securities, Colm Kelleher, to president, prompting Greg Fleming, the head of wealth management, to leave the bank.
Gorman sent a firm-wide memo on Wednesday announcing Kelleher’s pro...
Wealth advisory services for high-net-worth clients is still considered the biggest opportunity for firms, despite an increasingly challenging environment. Last year, about 22 percent of advisors reported they primarily focus on clients with...
RCS Capital (RCAP) said Monday it intends to file for prearranged Chapter 11 bankruptcy by the end of the month and has negotiated a $150 million investment from its lenders to keep Cetera Financial Group’s doors open. Once RCAP emerges from...
If there was one phrase to sum up 2015’s M&A activity in the RIA space, it would be “go big, or go home.” It has been the year of the “mega-deal”—those over $5 billion, according to David DeVoe, managing partner at DeVoe ...
