Meet Your New BossSep 1, 2007By Mindy Diamond The last two years have seen a rash of acquisitions in the broker/dealer world, and more are sure to come. It's no secret that the resulting upheaval... Ryan JacobSep 1, 2007Kevin Burke Ryan Jacob, the dot-com portfolio manager notorious for having lost 90 percent of client assets during the market collapse in 2000, has come full circle.... Teaming Up For High PerformanceSep 1, 2007By Matt Oechsli Many years ago our research on the affluent led us to investigate wealth management teams. We turned our focus to teams simply because it became obvious... Alan Greenspan, Back In The DugoutSep 1, 2007Christina Mucciolo The 81-year-old former chairman of the Federal Reserve recently signed on as a senior advisor at Deutsche Bank (at an undisclosed salary). Only time will... The Rocky Road to IndependenceSep 1, 2007By Anne Field When Holly Hunter decided to leave the wirehouse she'd been with for five years, she knew the going would be tough. But she had no idea exactly how tough.... Cold CallSep 1, 2007Kevin Burke Registered Rep.: How'd you end up in Hawaii? John Robinson: My wife is from Hawaii. We married in 1996, and moved to her hometown of Honolulu. It was... Sell, It’s The Democrats!Sep 1, 2007By John Churchill The Party of Roosevelt is talking a lot about taxes these days, about fairness and about how fat-cat hedge fund managers pay taxes at lower rates than... Fee(ling) HighSep 1, 2007Christina Mucciolo Investment advisor reps raised their fees last year for the first time since 2002. This nudged them up to a median 1 percent on assets from 0.98 percent... McColgan Abruptly Leaves FidelitySep 1, 2007Christina Mucciolo In August, after 17 years with the firm, Ellyn McColgan stepped down as president of Fidelity Investments distribution and operations, which includes... What Growing Pains?Sep 1, 2007Halah Touryalai It's good to be an investment advisor rep these days actually for at least the next five years. According to a Pershing Advisor Solutions LCC and Moss... Merrill Grabs Advisors Producing $5.5 million From Rival UBSAug 13, 2007By Halah Touryalai Merrill Lynch won big last week in the aggressive industry-wide recruiting war for top advisors. The firm recruited away from UBS a team of three producers, and their support staff, with $2.5 billion in assets under management and $5.5 million in trailing 12-month production.... Wanted: YouAug 1, 2007By Halah Touryalai In the week following the implosion of Brookstreet Securities, a disaster caused by massive margins calls on highly leveraged CMO derivative investments... The Family GuyAug 1, 2007Christina Mucciolo Michael McNamara, McNamara Financial Services Firm: Commonwealth Financial Network City: Marshfield, Mass. Established: 1987 AUM: $306 million Number... The DelegatorAug 1, 2007Halah Touryalai Stephan Cassaday, Cassaday & Company Firm: Royal Alliance City: McLean, VA Established: 1993 AUM: $263 million Number of Clients: 265 Education: Radford... Cold CallAug 1, 2007Christina Mucciolo Registered Rep.: Strangest request you ever received from a client? Helene Robertson: In 1982, a retired schoolteacher asked me to find a mutual fund... America's Top 100 Independent AdvisorsAug 1, 2007
Name Firm (B/D) City Est. AUM in MM Yrs. in Biz Business Description/Specialty 1 Ron Carson Carson Wealth Management Group (LPL) Omaha, NE $1,560 24 Holistic... Advisor to the MassesAug 1, 2007Halah Touryalai Trudy Haussmann, Haussmann Financial Inc. Firm: Securities America City: Newport Beach, Calif. Established: 1990 AUM: $465 million Number of Clients:... The Ten to Watch '07Aug 1, 2007By David A. Geracioti Creating lists such as this can be a notoriously capricious business. For starters, why only 10 people? Good question. But it forces a silly answer: The... You've Got CompanyAug 1, 2007Kristen French The securities industry has been doing an awful lot of hiring lately. June 2007 saw an increase of over 10,000 new jobs in the industry the biggest increase... Comings & GoingsAug 1, 2007Halah Touryalai Lincoln Financial Group's chairman and CEO, Jon A. Boscia, has announced his retirement from the company effective Sept. 1, 2007. The company's board... Thinking Big in Small TownsAug 1, 2007By Mindy Diamond For top-producing wirehouse advisors in mid-sized cities (say Baltimore, Maryland or Salt Lake City, Utah), the career-change opportunities can sometimes... Fired Merrill Manager Promoted at New FirmJul 26, 2007By Halah Touryalai So maybe his reputation wasn’t so damaged after all—or maybe it’s just made a comeback. The former Merrill Lynch sales manager who sued Hydie Sumner and her lawyer Linda Friedman in September of 2006 on grounds that the women damaged his reputation and had him fired was promoted to branch office manager of Southwest Securities’ private client branch in San Antonio, Tex. last week.... Ex-Merrill Broker Wins $1.6 Million in Rare Arbitration AwardJul 23, 2007By Kevin Burke An NASD arbitration panel awarded a former Merrill Lynch broker $1.6 million for wrongful termination and defamation, claims he had filed against his former employer. The award included compensatory damages of $400,000 plus interest and punitive damages of $1.2 million. Awards of that size are a rarity in arbitration cases brought by employees against brokerage firms. ... Merrill Reports Strong Revenues, Adds 270 AdvisorsJul 18, 2007By Kevin Burke Merrill Lynch’s retail brokerage arm turned in another strong quarter, as fee-based revenue continued to climb to record levels. Merrill Lynch Global Private Client saw its revenues increase by 13 percent to $3.3 billion from $2.9 billion in the year-ago quarter. The pretax profit margin for the entire Global Wealth Management division was 27.9 percent, up from 23.7 percent in the prior-year period, driven by the impact of the investment in BlackRock and prudent expense controls.... With Wuffli Out, What Next for UBS? A Wealth Management Surge in the USAJul 10, 2007By John Churchill Peter Wuffli was replaced as CEO of UBS last week after the firm realized millions of dollars in losses in an internal hedge fund, according to published reports. Marcel Roehner, who was previously deputy CEO and head of global wealth management and business banking, replaced him. ... Are They Worth It?Jul 1, 2007By John Churchill In 2006, the average CEO of an S&P 500 company received $14.8 million in total compensation, according to the Corporate Library. That's a 9.4 percent... The Dreaded DsJul 1, 2007By Bill Singer Before you start a new b/d or RIA before you sign a lease or write a check you must consider the Dreaded Ds: Death, Disability, Disqualification and Divorce.... Overcoming Recruiting ObstaclesJul 1, 2007By Mindy Diamond There are always a couple of snags when you're switching firms. Fortunately, most obstacles are not as intractable as they might seem. Here are a few... The Face(s) of Things to ComeJul 1, 2007By Kevin Burke Wachovia Securities' takeover of 120-year-old A.G. Edwards is a big deal a surprising deal, even. But not just because with 14,784 FAs and $1.147 trillion... Wachovia Securities to Make New Home in St. LouisJun 28, 2007By Christina Mucciolo St. Louis will officially be home to the new Wachovia Securities, after Federal Antitrust regulators approved Wachovia Corp.’s acquisition of A.G. Edwards on Monday. Wachovia says the proxy detailing the ins and outs of the deal for shareholder approval should be ready within the next week.... EEOC Goes After Merrill in Discrimination SuitJun 27, 2007By Halah Touryalai Merrill Lynch was hit by yet another discrimination suit yesterday. This time the Equal Employment Opportunity Commission, the federal agency that enforces laws regarding workplace discrimination, is heading the complaint on behalf of former employee Majid Borumand, a Muslim from Iran. ... Smith Barney Golden Handcuffs Hard to CrackJun 21, 2007By Christina Mucciolo A New Jersey Appellate Court ruled in favor of Smith Barney’s deferred compensation plan on June 15, reversing a lower court’s decision that said the firm’s Capital Appreciation Plan (CAP) violated New Jersey wage laws. The decision is another notch in Smith Barney’s belt, whose CAP plan has often been the target of broker lawsuits, though the firm rarely loses.... Wachovia Extends Olive Branch to A.G. Edwards Reps. Will They Accept?Jun 15, 2007By Kevin Burke Just 15 days after it announced it was buying A.G. Edwards, Wachovia Securities has announced its retention package for A.G. Edwards reps. ... J.P. Morgan Returns to “Wall Street”Jun 15, 2007By Christina Mucciolo It’s a full circle move for J.P. Morgan, which is returning to its 1799 roots in lower Manhattan. On Thursday, the firm announced that it will move its investment banking headquarters to one of five towers to be built at ground zero, with occupation scheduled for 2012. (The firm will keep its corporate headquarters at 270 Park Avenue, which will be renovated over the next couple of years.)... Wachovia Accelerates Hiring in Private BankJun 8, 2007By Christina Mucciolo Under plans to expand its private banking presence, Wachovia Securities said on Thursday it would hire about 300 private bankers over the next three years, more than doubling its number of private banking relationship managers, according to a release.... |
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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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