Wealth management

Online financial management tools may have caught the attention of younger investors, but a recent survey by Capstrat-Public Policy Polling suggests the Internet is a long way from gaining everyone else's trust.

Banks that are successful in cross-selling wealth management products are widely admired by their peers.

Warren Buffett's Berkshire Hathaway Inc. is the darling of U.S. millionaires, or at least those in Tiger 21, a peer investment group.

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Bank of America Corp. announced Tuesday it hired Lisa Shalett as chief investment officer of Merrill Lynch Global Wealth Management and head of investment management and guidance.

For Robert Matthews, it was a case of serendipity. Matthews, a 25-year executive with Citigroup and its Smith Barney unit, had left the company in 2008 and was in the early stages of building a high-touch private banking boutique. That's when he stumbled on a shortcut. He discovered Fieldpoint Private Bank and Trust, a two-year-old company that matched his vision, had deep pockets and was looking for leadership.

Daiwa Securities Group Inc., Japan's second-largest brokerage, reported a second-straight quarterly loss as underwriting fees and trading profit slumped.

UBS AG, Switzerland's biggest bank, reported a third consecutive quarterly profit, beating analysts' estimates on higher-than-expected trading revenue.

Securities and Exchange Commission Chairman Mary Schapiro asked for market participants' "good faith" input Tuesday on the host of rules the agency must draft to enforce the financial reform law.

Affiliated Managers Group Inc. said Tuesday that its second-quarter earnings more than doubled as revenue surged.

U.S. Trust announced the hiring of nine senior wealth management executives on July 22 for its California, Arizona and Washington operations as part of a wealth management expansion effort, according to a press release.

Forty merger and acquisition deals were completed by registered investment advisory firms in the first half of the year, the best first half ever in terms of deal volume, according to data from the Schwab Advisor Services unit of Charles Schwab Corp.

For as much press as the recent financial reform legislation received, most financial advisers appear unaware of its importance for their business and clients.

Financial advisers spend 23 hours a week on the Internet visiting industry and fund manager websites as well as social networking, a survey by kasina found.

Sometimes regulatory changes that are meant to benefit investors end up taxing industry professionals, though this does not appear to be the case for the Securities and Exchange Commission's new format for investment company brochures.

A securities industry regulator investigating abuses in mortgage-linked investments has focused on the activities of Morgan Stanley, Barclays PLC and Credit Suisse Group AG, a person with direct knowledge of the matter said.

TD Ameritrade Institutional said ramping up services to help breakaway brokers paid off in fiscal 2010, with 212 brokers joining firms using it as their custodian.

Only 52% of advisers proactively offer charitable planning advice to their clients, according to a survey by the Fidelity Charitable Gift Fund.

Global assets under management have risen, yet asset managers are still struggling to earn a profit, according to a report from Boston Consulting Group.

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