Wealth management

Americans could have significantly more money saved for their retirement, if not for all the fees that the asset management industry charges. What's worse is most savers are unclear how much they are paying, to whom, and for what. The authors of "What They Do With Your Money: How the Financial System Fails Us and How to Fix It" propose some changes that they say would not only help the economy grow faster but improve corporate America overall.

For its commitment to improving the long-term health of depositors, and a nimble, failure-is-not-a-dirty-word approach to innovation, USAA has earned an honor American Banker normally bestows on a single individual.

Johnson, 54, will succeed her father, Edward "Ned" Johnson, as chairman of the family-run firm in early December.

In the days of diskettes, Quicken was an innovator. Now, the personal financial manager aims to reclaim its glory days as it targets the 35-and-older crowd.

Northern Trust on Tuesday promoted Michael O'Grady to president. O'Grady currently serves as head of corporate and institutional services at the Chicago-based custody bank, overseeing businesses such as asset servicing and investment management.

The digital-advice startup SigFig has now teamed up on robo-advisory offerings with Wells Fargo and UBS, while BlackRock's FutureAdvisor has lined up agreements with U.S. Bancorp, BBVA and others.

Midland States Bancorp in Effingham, Ill., has launched an efficiency push after a period of expansion that reached another milestone Thursday.

The bank's decision, announced Wednesday is an indication many in the industry believe the rule isn't going away, despite speculation that the incoming Trump administration could delay or kill it.

They are called HENRYs — high earners, not rich yet — and they have the potential to generate lucrative wealth-management and other fees for banks if they could just dial back their spending.

UBS is piloting a program with Alexa, Amazon's chatbot. Clients won't be able to ask Alexa about their portfolios yet, but they can ask questions about the economy.