Smaller Producers PinchedDec 1, 2009By Mindy Diamond Many full service firms are cutting pay and benefits to advisors who generate under a half million in revenue. But there are good career alternatives at regionals and independents.... Today’s Gems: Thain Drops Hints, Trading Tax UnlikelyNov 19, 2009By Christina Mucciolo John Thain, former CEO of Merrill Lynch, who commandeered the brokerage firm’s sale to Bank of America and then was axed by BofA CEO Ken Lewis in January, resurfaced to redeem his reputation. According to today’s NY Post, in Thain’s recent media appearances, the executive has shared that he’s ready to run another public company, “something many observers say is a not-so-subtle hint that he's available to be BofA's next CEO,” after Lewis retires at the end of the year.... McCann Sets Ambitious Targets for UBSNov 17, 2009By John Aidan Byrne Bob McCann, chief executive of UBS’ Wealth Management Americas, set out some ambitious targets today for the brokerage’s unit—including turning around client asset flows and boosting capital. He also reiterated his profitability target of 15 to 20 percent for the division, and set a goal of CHF1 billion for annualized pre-tax profit. ... Morgan Stanley Smith Barney Recruiting Deals Break 300 PercentNov 12, 2009By Halah Touryalai The cooling off of recruiting bonuses didn’t last very long. This week Morgan Stanley Smith Barney upped its recruiting offer for “top quintile” reps to 330 percent of trailing 12-month production—among the highest figures the industry has seen.... BofA Pressures Merrill FAs To Sell Bank ProductsNov 9, 2009By Kristen French It was inevitable. Some of Merrill Lynch’s 15,000 financial advisors are feeling pressure to sell parent company Bank of America’s checking and savings account products—and they’re not happy about it, say sources. ... Q&A with Larry RothNov 1, 2009Halah Touryalai CEO, AIG Advisor Group.... The A.G. Edwards Legacy ContinuesNov 1, 2009By Christina Mucciolo After a little over a year in business, Benjamin F. Edwards has made deliberate strides forward. But can the nascent firm, started by the great-great grandsom of A.G. Edwards' founder, fill the shoes of of its predecessor? ... Edit Letter: The Independent Life, AgainNov 1, 2009David A. Geracioti Editor-In-Chief The migration of financial advisors to independent firms used to be mostly talk. But in the past year, has begun to gather some momentum.... Rookie SurvivorsNov 1, 2009By John Churchill Newly minted advisors, fresh out of training program, more often fail than succeed. Add a credit crisis, a market crash and a recession to the mix, and most green FAs quit before year one is up. Here's a handful who are bucking the odds. ... The Corrected Top 100 Independent AdvisorsNov 1, 2009
Highlighting the biggest in the independent b/d world. ... Bob McCann: Back In BusinessNov 1, 2009By John Aidan Byrne Freed from his non-compete with Bank of America, McCann is allowed to head back to work. In this interview, Registered Rep. talks with him about his next appointment, and his time at Merrill Lynch.... Stock Doc: Don't Put All Your Ego In One BasketNov 1, 2009By Dr. Alden Cass The wealthy suffer financial setbacks in unique ways. Here's a prescription for protecting yourself in the future.... Independent Land GrabNov 1, 2009By Christina Mucciolo The great migration of wirehouse advisors and assets to independents is well underway. ... Cold Call: Jason WenkNov 1, 2009Christina Mucciolo President, Retirement Wealth Advisors, Inc., an RIA in Jenison, MI.... Comings & Goings, November 2009Nov 1, 2009Halah Touryalai Job hoppers in the financial advisory industry. ... Career Moves: The X(Y) FactorNov 1, 2009By Mindy Diamond Life at the brokerages has gotten easier for female financial advisors, but there's still room for improvement.... An Uneasy UnionNov 1, 2009By Halah Touryalai For the past decade, insurance companies have gone back and forth about whether owning independent b/ds makes sense. ... Q&A with Jim LivingstonNov 1, 2009Halah Touryalai President, CEO National Planning Holdings broker/dealer network, a Jackson National Life Insurance company... The State of IndependenceNov 1, 2009
The independent broker/dealer channel remains the largest in terms of number of advisors, when you factor in dually registered reps. But it still has some catching up to do in other areas, like client assets per advisor. The wirehouse world still has a monopoly on the biggest advisors--those with the most assets in the industry. ... RJFS Raises RIA minimums, LPL Pulls Past RJ in RIA AssetsOct 29, 2009By Kristen French Raymond James is raising minimums for new RIAs who want to custody assets on its RJFS-IAD platform from $30 million to $50 million. The firm said the move will both help it cut the cost of serving RIAs and also act as a draw for bigger RIAs, who tend to want to work with other RIAs of similar size. Advisors who do not meet the new asset minimums will be referred to existing Raymond James RIAs and encouraged to partner with them.... McCann Vows to Return UBS Wealth Management To ProfitabilityOct 27, 2009By John Aidan Byrne In an interview with Registered Rep., McCann said the wealth management division would not be put on the block, despite rumors that UBS is dressing it up for sale to boost its capital position. He also vowed to cut costs for the unit, and raise pre-tax profit margins to 15 percent over the course of “the economic cycle.”... UBS Hires McCannOct 27, 2009By Kristen French UBS announced Tuesday that it has hired Bob McCann as the CEO of its UBS Wealth Management Americas unit. Speculation about his appointment to the position had been mounting. As recently as two weeks ago, McCann declined to comment on specific job appointments in an exclusive interview with Registered Rep. despite the growing rumors.... Ed Jones To Sell Brokerage Unit in U.K.Oct 23, 2009By Christina Mucciolo Edward Jones today announced the sale of its U.K. business operations to Towry Law, an independent wealth management firm based in the U.K., for an undisclosed sum. The operation was simply too expensive to operate, and only accounted for about 1 percent of the firm’s global business. ... Financial Planners Need Better Answers To Client QuestionsOct 21, 2009By John Churchill With all that’s occurred in the past 18 months, financial advisors have had a lot to ponder. Is Modern Portfolio Theory sufficient? Is buy and hold a sucker’s bet (more like “buy and hope”)? Is 60/40 stocks to bonds diversification enough? Or do clients need exposure to other asset classes? As tends to happen when a crisis hits, traditional ways of thinking get challenged and new theories emerge. ... Morgan Posts First Profit In YearOct 21, 2009By Kristen French Morgan Stanley reported its first profit in a year on Wednesday, with third-quarter earnings of $757 million, or $0.38 per diluted share, beating analyst estimates for earnings per share of $0.30. The company’ results were boosted by higher underwriting fees and trading revenue, as well as the firm’s acquisition of Smith Barney. Morgan Stanley ranked #1 in both global M&A and IPOs.... UBS Hires Bob McCannOct 8, 2009By Staff CNBC reported Thursday that UBS has hired former Merrill Lynch executive Bob McCann to run its wealth management division in the Americas. His appointment will be announced at the end of October. CNBC also said that McCann plans to lure Merrill brokers over to UBS. ... Exclusive: McCann Back To Work In OctoberOct 7, 2009By John Aidan Byrne Over a leisurely breakfast in an upscale hotel in Short Hills, New Jersey, Robert J. McCann, former president of Merrill Lynch’s mighty thundering herd, sat down with Registered Rep. contributor John Aidan Byrne for this exclusive interview. Just last week, McCann settled a bitter lawsuit with Merrill parent company Bank of America over a non-compete agreement. The settlement frees McCann to return to work this month. ... Merrill Launches Branding Campaign; Recruiting Net PositiveOct 5, 2009By Kristen French Merrill Lynch launched a new marketing campaign Monday called help2, which includes the iconic Merrill bull logo. It will cost the firm $20 million in the fourth quarter, the most Merrill has ever spent on marketing, according to Sallie Krawcheck, the new head of global wealth and investment management. ... Can you take it with you?Oct 1, 2009By Halah Touryalai When an advisor leaves a wirehouse before his term on his forgivable loan is up, the firm often demands he pay back the balance at once. Mark Thierman is behind a new class action lawsuit that could change that. ... The Puzzler #16Oct 1, 2009BY JOHN KADOR THIS MONTH'S CONTESTPRIME 907 The number 907 is prime. It has no factors other than one and itself. To prove that 907 is prime, you must check to see... RIAs WANT YOUOct 1, 2009BY JOHN CHURCHILL It's no secret that RIAs are looking to hire successful wirehouse reps. Here's how to evaluate your options... 2009 Outstanding SA: Robin McNallyOct 1, 2009ROBIN MCNALLY Sextant Wealth Advisory Group Raymond James & Associates Jacksonville, FL Robin McNally was 18, fresh out of high school and on her way to the beach, in Melbourne, Fla., when she started her career in the financial services... BOMs For HireOct 1, 2009By SUSAN KONIG As the breakaway broker market heats up, RIAs have begun picking off BOMs... DOING MORE WITH LESSOct 1, 2009BY CHRISTINA MUCCIOLO Sales assistants were not spared the slings and arrows of the global economic crisis. They have fewer resources and a heavier workload. ... BLOTTEROct 1, 2009John Churchill Ponzi Porn: Philip Barry, a 52-year old Brooklyn native, stole $40 million from 800 investors, many of whom were his neighbors or elderly, between 1978... |
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A bunch of social media services have emerged to help financial services firms comply with regulations and make the most of social networks to build business. They've got big plans for 2012.
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