Vanguard CEO Bill McNabb said Morgan Stanley had decided to stop selling its mutual funds because it wants "to be compensated for being on their platform in one way or another, and that's something we just won't do."

Over the decades, active mutual funds have gotten fat on big fees, investor ignorance and a rising market that let people overlook the costs. That era is over.

AllianceBernstein just lost a chief executive with the guts to tell a proud industry what it must do to be competitive.

That may change if another London Whale or Wells Fargo fake account scandal emerges.

By the numbers.

Clients are using tax refunds to pay down debt, not invest; Ameriprise gains team from Wells Fargo and MainSource Banks acquires Indiana investment firm.

“I hear from a number of advisors that they would make the move to independence if there was a way to get some liquidity around the move, because they view it as a way to potentially de-risk the move,” said Dynasty President and CEO Shirl Penney.

Pre-tax profits were up 79 percent to $1.3 billion year-over-year, with help from the wealth unit.