Industry

A five-advisor team in Tampa, Fla. has jumped ship from Bernstein for UBS's Private Wealth Management division.

The private equity firm will help the company pursue 'continued growth, technology development and expansion by acquisition,' according to the RIA. Founder and CEO Ron Carson will still be the majority owner.

A senior Merrill Lynch executive said the bank expects single-digit growth in headcount as it focuses on its advisor training and development programs.

Strong M&A trends, alongside marketing and outsourced CFO features, resulted in stronger-than-predicted growth for Advisor Services Exchange.

Citi is adding a no-fee, self-directed brokerage option to complement the robo it launched last year.

While the brokerage's headcount keeps dropping, those that stay at the firm are becoming more productive and raking in additional client assets.

The investment in SpiderRock Advisors adds to BlackRock’s personalization and tax management capabilities for SMAs and builds on its acquisition of Aperio.

The settled charges come after a pair of investigations by the New York state attorney general and the SEC, who both argued TIAA-CREF pushed investors into managed accounts with higher fees.

With new capital backing from the Pritzker Organization and Goldman Sachs custody, Steward Partners has boosted its recruiting, adding seven advisors in six weeks.

Morningstar is facilitating direct indexing with its latest risk metric toolkit, Risk Ecosystem, a mix of PlanPlus financial planning and FinaMetrica risk evaluation.