The four largest national brokerages dropped advisor head count by over 1,000 brokers during the past year, according to the most recent round of earnings reports, as each tries to bring advisory services to new types of clients.
The five-person Dupre Keating Group is based in Pennsylvania and will join Janney from Morgan Stanley.
The $4.4 billion in revenue for Goldman Sachs' private banking and wealth management group is tiny compared to brokerage behemoths Morgan Stanley, Merrill Lynch and even JPMorgan Chase.
Bank of America Corp., Morgan Stanley, Deutsche Bank AG and JPMorgan Chase & Co. are among Wall Street firms beefing up wealth-management teams in Northern California.
As the S&P 500 Index once again tests its record high, the top five publicly-traded American companies now make up a record 18% share of the benchmark’s capitalization—higher than the tech bubble.