Bank of America’s wealth unit had another lackluster quarter, with a 5 percent drop in profits and revenues in line with a year ago. The firm attributes the slide to low interest rates—even as the overall bank almost doubled its profits. The C...

So far this year, merger and acquisition activity in the registered investment advisor space has hit record levels, and the average size of deals are bigger than ever, according to new data by DeVoe & Company. The first half of 2015 saw a tota...

Wells Fargo reported net income of $5.7 billion, or $1.03 a share, during the second quarter, in line with what the bank reported a year ago and with analysts’ estimates. The firm’s revenue of $21.3 billion, up 1 percent from a year...

LPL Financial recently brought onboard a six-person advisory team with $220 million in client assets from Raymond James Financial Services. ...

Global asset manager Affiliated Managers Group has just added to its portfolio of boutique wealth advisory firms, acquiring a majority interest in Philadelphia-based myCIO Wealth Partners, one of the largest RIAs in the country with $7 billion...

Christopher Flint has stepped down from his role as president of Lincoln Financial’s independent broker/dealer arm to serve as ProEquities’ new president and CEO. ProEquities, an independent b/d in Birmingham, Ala., has about 1,000...

Three years ago, state examiners supplanted the SEC as overseers for thousands of mid-level RIAs, prompting dire warnings of death by inept bureaucracy. What actually happened? These advisors lived to tell the tale. 

The independent channel is still the fastest growing advisory model, a trend that should continue despite the rise of robo-assisted, do-it-yourself investors.

The Financial Industry Regulatory Authority ordered LPL Financial, Wells Fargo Advisors and Raymond James to pay a combined $30 million in restitution to clients who were wrongly sold more expensive classes of mutual funds over the past five years...