Registered Rep.'s 2008 Broker Report Cards: Dear Management, Thanks For Nothing.Dec 1, 2008By Christina Mucciolo In our 18th annual Broker Report Card survey, wirehouse FAs say they are fed up with management ruining their excellent franchises and platforms. Will the great advisor diaspora begin?... Taming An In-House RivalryDec 1, 2008By John Churchill As head of Citigroup's Private Bank, John Longley has to pull off one of the more vexingly stubborn organizational challenges of the modern financial... Career Moves: The Boutique RouteDec 1, 2008By Mindy Diamond The September meltdown in the financial markets, not surprisingly, undermined the confidence of many financial advisors, and their clients, in the Wall... JPMorgan Chase/Bear Stearns: Happy To Be HereDec 1, 2008Halah Touryalai Bear Stearns was swallowed up by JPMorgan Chase nine months ago, which seems like a lifetime when you consider what's happened to the financial industry... Book Excerpt: Chain of BlameDec 1, 2008By Paul Muolo & Mathew Padila When E. Stanley O'Neal was promoted to CEO of Merrill Lynch in the summer of 2002, he aimed to change the perception among institutional investors that... Smith Barney: While Citi Was SleepingDec 1, 2008Christina Mucciolo The slogan may be, Citi never sleeps, but judging by this year's performance, Smith Barney reps might think Citi was napping on the job. This year, Smith... Edward Jones: Drinking The Kool-AidDec 1, 2008Christina Mucciolo What's in the water supply at Edward Jones? For the 16th consecutive year, the firm scored the highest overall approval rating (9.4) on our Annual Broker... Merrill Lynch: Back Sliding?Dec 1, 2008Kristen French Just a few months ago, working for Merrill Lynch was the pinnacle of achievement for many in the Merrill herd: Eighty percent of Broker Report Card respondents... Endpiece: The Puzzler #11Dec 1, 2008By John Kador Think You're Smart? Try these brainteasers that recruiters use in actual job interviews. THIS MONTH'S CONTEST A financial services firm has 10 employees.... Morgan Stanley: Best Of The Lot?Dec 1, 2008Christina Mucciolo While Merrill Lynch and Wachovia Securities' respective mergers might recall Frankenstein, Morgan Stanley's transformation brings to mind a Park Avenue... Comings & GoingsDec 1, 2008
Dean Bell has joined independent broker/dealer Leonard & Company as a senior vice president of investments. Before joining Leonard, Bell served as a branch... UBS: Tough Times for the SwissDec 1, 2008John Churchill The Swiss firm's reputation for conservative financial savvy has been crushed, and the dour mood of the firm's U.S. FAs clearly reflects that. Since the... Fido Poaches Schwab RIA ExecutiveNov 25, 2008By Brooke Southall Fidelity Investments was negotiating a contract with the former head of Schwab’s advisor business long before he was allegedly squeezed out due to corporate restructuring at the San Francisco company.... Citi Has A Thirst For Capital; One Research Group Says BuyNov 21, 2008By David A. Geracioti Pop culture, at the moment, is awash with movies, cable-T.V. shows and novels about modern-day vampires—the undead—trying to control (or indulge) their thirst for human blood. ... Schwab Re-Org Combines RIAs With Retirement BizNov 18, 2008By Brooke Southall Schwab Institutional had an awesome year in 2008, stealing clients and assets from wirehouse advisors and expanding its lead in the RIA custodian business. ... Update: 6,200 Merrill FAs Sign BofA Retention At DeadlineNov 14, 2008By Kristen French Merrill Lynch confirmed that 6,200 advisors, or about 37 percent of all Merrill financial advisors, signed a retention agreement from new parent company Bank of America by 4 p.m. on Friday. But Merrill says that only about half of the firm's nearly 17,000 advisors were eligible in the first place, and that they are responsible for about 75 percent of the firm's production. Almost 95 percent of these eligible advisors signed. Of the absolute best at the firm—those producing annual revenue of $1.75 billion or more—99 percent signed the agreement. ... Rep. Readers Worry About Tax Impact of Obama PresidencyNov 8, 2008By Kristen French Registered Rep. readers, most of whom are Republicans or Independents, are not too enthusiastic about the country’s new president Barack Obama—even though securities and investment firms ponied up $12.65 million in funds for Obama’s campaign, making it the third largest industry donor, according to opensecrets.org. (McCain got only $7.96 million in contributions from securities and investment firms.)... Top Merrill FAs Playing Hardball With Retention PackageNov 4, 2008By John Churchill The top 50 financial advisors at Merrill Lynch aren’t happy with the wording of their retention package, and they’ve taken the first step towards getting changes made by collectively hiring a lawyer.... Advisor For Life: Make Like MadonnaNov 1, 2008By Stephen Gresham Crises are not kind to those who are stuck in ruts. Take this opportunity to make a transformative change.... Top 20 Independent Broker/DealersNov 1, 2008
Firm: Producing Reps Average Payout Recruiting Executive Clearing Firm Parent Co LPL FinancialSan Diego, Calif., (888) 250-2420www.joinlpl.com 11,089... The Hybrid ApproachNov 1, 2008By Halah Touryalai The hybrid channel—made up of advisors who have their Series 7 and are registered as investment advisors—is growing, and b/ds and clearing and custody firms are here to help... The State Of IndependenceNov 1, 2008
Independent broker/dealers and their reps have come a long way over the last few years. Track their progress... America’s Top 100 Independent AdvisorsNov 1, 2008
Name Firm (b/d) City Est. AUM in $MM Yrs. In Biz Business Description/Specialty 1 Kevin Myeroff NCA Financial Planners (Royal Alliance) Cleveland $2.650... Meet The IndiesNov 1, 2008
With so many independent b/ds in the industry, it’s not always easy to tell one from the next. In a continuing effort to help our readers become more familiar with their options, we’ve asked the heads of two independent b/ds to answer a few questions about their firms and themselves.... Fix My Business: Working with WidowsNov 1, 2008BY Anne Field It can be a rewarding and lucrative niche, but you have to know how to price your services and have a lot of patience. ... Outing The Old, Summoning The NewNov 1, 2008BY JOHN CHURCHILL Michael Corbat certainly has his work cut out for him. Tapped to head up Citigroup's Global Wealth Management unit (GWM) in the middle of the global financial... Expectation ControlNov 1, 2008David A. Geracioti Editor-In-Chief I have a friend, a financial advisor, who keeps what he calls The Yell-At-Tom Index. (His name is Tom.) Interestingly, The Yell-At-Tom Index (TYAT) is... Small Business Advisor: Gimme Some CreditNov 1, 2008By Mollie Neal How to help your small-business clients secure their cash reserves and find alternative sources of credit in these difficult markets.... If Bank of America Signs Protocol, It’s Business As Usual. If Not, Maybe NotOct 31, 2008By Kristen French and John Churchill If Bank of America signs the broker protocol, it will be pretty much business as usual for Merrill advisors, say securities lawyers. But advisors may not know whether BofA will sign it before they have to sign their own retention agreements—by November 14. If the bank is going to sign, some wonder, what is it waiting for?... Merrill Lynch Says Broker Protocol Still Intact, Clarification ForthcomingOct 30, 2008By John Churchill and Kristen French Merrill Lynch financial advisors put off by non-compete language in the retention package they received last week—and must now decide whether to sign—are getting assurances from Merrill that it’s not as bad as they think. ... Merrill’s Retention Package: Just For White Guys?Oct 30, 2008By Halah Touryalai Stowell & Friedman, a Chicago-based law firm, must not want Merrill Lynch to forget about an unresolved discrimination suit it filed against the firm three years ago. ... AIG B/Ds Looking for a New Home. Any Takers?Oct 28, 2008By Halah Touryalai Now that its parent has announced plans to sell off portions of itself, the AIG Advisor Group is looking for a new home. ... Merrill Retention Package Angers FAs With “TRO” LanguageOct 28, 2008By John Churchill Merrill Lynch financial advisors are worried about one paragraph in the retention contract they received last Friday, October 24—very worried. ... Separate BofA Retention Package Targets Top Half of BofA forceOct 27, 2008By John Churchill Bank of America and Merrill Lynch released retention bonus plans for their financial advisors on Friday and both send a consistent message to financial advisors: If you’re a top producer, we want you to stay. (Click here for the Merrill retention package.) If you’re not, see ya. ... Merrill Retention Is Adequate for Top Dogs, Scanty for Lower-Tier ProducersOct 24, 2008By John Churchill The long-awaited Merrill Lynch retention package has arrived. Not surprisingly, top producers will probably be pleased, but others may not.
The long-awaited Merrill Lynch retention package has arrived. Not surprisingly, top producers will probably be pleased, but others may not. |
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Got the Social Media Spins? Help Is On The Way
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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