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.... The Ownership SocietyJun 1, 2007By Halah Touryalai Sure running your own RIA or independent company has its drawbacks. But you can make more money... Developing JuniorJun 1, 2007By Anne Field Industry experts say there are perhaps three important stages to an advisor’s development. Help your junior reps master them, but not all at once.... Best of Both WorldsJun 1, 2007BY SUSAN KONIG During his 20-year career in the brokerage business, Stuart Silverman says he saw a significant void in the industry. He felt there was such a formidable gap between the captive and independent worlds that it was preventing reps who wanted to migrate to the independent side from making that switch.... Who Owns the Client?Jun 1, 2007
It should be easy to sell your book when you’re leaving the business. But it’s not.... Todd FeltzJun 1, 2007
Registered Rep.: You're a golfer. Best golf course in the Omaha area? Todd Feltz: Shadow Ridge Country Club. RR: Ever let a client beat you? TF: Plenty of times, but you have to be careful.... Cracking the Golden HandcuffsJun 1, 2007By Mindy Diamond Non-vested deferred compensation can be hard to leave behind. But it’s important to weigh the advantages of a sweet recruiting offer and a new firm against that pile of money at the end of the rainbow. ... Credit and Banking: The New Frontier for Securities FirmsJun 1, 2007By Andre Cappon, Guy Manuel, Stephan Mignot Broker/dealers are starting to market credit products through financial advisors, and it’s good for everyone: the firms, the advisors and the clients. ... Comings & GoingsJun 1, 2007
RBC Dain Rauscher promoted Doug Artus to complex director of its Milwaukee complex. Artus was previously the Chicago complex director for the firm, and has been a member of the Branch Manager Advisory Council, the Branch Manager Leadership Council, as well as the Regional Foundation Advisory Board.... David DevoeJun 1, 2007Kristen French Registered Rep.: What is driving the record pace of RIA mergers and acquisitions seen in the past few years? David Devoe: The average advisor is 55 years old. About 30 percent are over 60 years old. So, you have folks who started in this business probably 20 years ago starting to reach retirement age.... Time Really is MoneyJun 1, 2007Halah Touryalai An efficient use of time could mean more money gained when it comes to the per diem routine at independent fee-based advisory firms... Wachovia Buys A.G. Edwards for $6.8 Billion, Creating New Rival to Merrill, Smith BarneyMay 31, 2007By Kevin Burke Wachovia just launched itself into the big leagues. In a blockbuster deal this morning, Wachovia Corp. announced that it will acquire A.G. Edwards for roughly $6.8 billion in cash and stock to create a firm with $1.1 trillion in client assets under management and nearly 15,000 financial advisors. That puts Wachovia among the top three competitors in retail brokerage--in terms of both assets and advisors--and retail banking.... Smith Barney's Krawcheck to Smooth Out Comp. PlanMay 29, 2007By Kevin Burke Smith Barney’s top executive last week told the firm's army of more than 13,000 financial advisors that she will tweak the brokerage giant’s new compensation plan in an attempt to address their repeated complaints over its complexity and, in some cases, unfairness.... Mother Merrill Reshuffles Management TeamMay 23, 2007By Kevin Burke Merrill Lynch today announced a firm-wide reorganization that introduces a new reporting structure while silencing rumors that retail brokerage head Bob McCann may have been on his way out.... Help The Elderly—On Your StaffMay 10, 2007By Susan Konig Advisors have been retiring for years, of course. But now, with the huge baby boom cohort beginning to head for the exits, the issue is a big one, to wit: How to help older brokers keep their businesses alive? What is the best way to transition their businesses into the future? ... Smith Barney Closes a Few Offices, Prepares to Consolidate OthersMay 7, 2007By Christina Mucciolo Smith Barney has begun the job of consolidating some branch offices, as part of a larger cost-cutting program in the works at parent Citigroup. Sources close to the firm say Citi’s retail broker/dealer arm has closed 5 satellite branches outright in Georgia and Florida, and plans to combine 40 branch offices into others. Branches will be consolidated all over the country, but the majority of these consolidations will be concentrated in the Southeast. About 30 financial advisors will depart for sure, out of a total at Smith Barney of 13,100, and 80 Smith Barney employees. ... More Millionaires Investing on Their Own, Study SaysMay 4, 2007By Christina Mucciolo New research published May 1 by London-based market research firm TNS shows that there is a record-breaking number of millionaires in the United States but fewer are consulting financial advisors... Good Times Roll On In Securities Industry; Brokerage Units Prosper, TooMay 2, 2007By John Churchill Remember the bear market? Remember how ugly that was, in 2002 and 2003, when the securities industry was lopping off employees and in a general state of defense? We can’t either. The post-bubble good times just keep on getting better. The first quarter of 2007 was the best ever in terms of revenue growth for the securities industry. The performance even tops the first quarter of 2000.... It’s Not About the MoneyMay 2, 2007By Kevin Burke Most financial advisors don’t switch firms for better compensation or a big signing bonus. They’re more interested in finding places that will give them good support for their practices. A new report shows the highest paid reps aren’t necessarily the happiest reps.... IT'S NOT ABOUT THE MONEYMay 1, 2007By Kevin Burke In an aggressive recruiting environment, with ridiculously high sign-on bonuses flying left and right, it's hard to keep financial advisors from getting the itch to defect. ... Take the Headquarters TourMay 1, 2007By Mindy Diamond There's nothing like a home-office visit to give you a flavor for the new firm you're considering and to help you decide whether it's the right place for you and your clients.... BUILDING AN EMPIREMay 1, 2007BY HALAH TOURYALAI WHEN RAYMOND RIVAS first walked into the LPL offices, where he was being courted to join the firm, he was greeted by a handsome, well-dressed man about 15 years his junior.... Hydie Sumner Fired by WachoviaApr 26, 2007By Halah Touryalai Hydie Sumner’s ongoing battle with Wall Street took a new twist on Wednesday. It’s been ten years of legal wrangling with her former employer, Merrill Lynch. But today it’s another firm at the center of the Sumner drama—Wachovia Securities, which fired her yesterday.... Women Win Another Round: Morgan Stanley to Pay $46 million in Gender Discrimination SettlementApr 25, 2007By Halah Touryalai Wall Street: zero. Women: five. Or is it six? It’s not easy keeping track of the gender discrimination suits filed by female advisors against their firms over allegedly piggish working environments. (Well, wait, it’s not always women filing gender discrimination suits.)... Lawyer Claims U5 Defamation Claim Tossed Before it Was TriedApr 20, 2007By Kristen French The lawyer for a former Merrill Lynch broker has accused an NASD arbitrator of deciding a key part of the broker’s case before he even had a chance to offer his arguments. ... Chuck Prince: Smith Barney Goin’ NowhereApr 18, 2007By Halah Touryalai At Citigroup’s three-hour shareholder meeting Tuesday, CEO Chuck Prince made it clear he has no intention of selling Smith Barney.... Registered Rep.’s Annual Compensation SurveyMar 20, 2007
Today, our subscribers will receive an invitation to fill out Registered Rep. magazine’s annual Compensation Survey. It's confidential and important. You can read a copy of the letter by clicking on the title.... Thousands of Female Morgan Stanley Reps May SettleMar 16, 2007By Halah Touryalai Morgan Stanley is the latest firm to settle a class-action discrimination suit filed by thousands of its female reps.... RBC Goes East, Acquires New Jersey-Based FirmMar 13, 2007By Halah Touryalai RBC Dain Rauscher is in acquisition mode. The Midwest regional is set to purchase New Jersey-based J.B. Hanauer, an employee-owned firm with $10 billion in assets under management.... LPL’s Got ‘Bank.’ What’s Next? An IPO?Mar 8, 2007By Halah Touryalai LPL’s acquisition last week of three Pacific Life Insurance Company broker/dealers was just one more step in its quest to for a successful sale of the company or initial public offering.... Signature GuaranteesMar 1, 2007
I am a registered representative and work out of a credit union. The credit union has a Medallion Stamp Signature Guarantee. We try to follow the guidelines... Gorman Gets ItMar 1, 2007BY KRISTEN FRENCH Morgan Stanley's retail brokerage is humming. Is it the magic of one man? One man can't take all the credit for a $5.5 billion-a-year revenue organization.... Of Myths and Moving: RevisitedMar 1, 2007By Mindy Diamond It is hard to believe that it has been two-and-a-half years since the inaugural Career Moves column, entitled Of Myths and Moving, was published in the... Business Goals: Motivators or Mirages?Mar 1, 2007By Matt Oechsli As the first quarter of 2007 draws to a close, it's a good time to revisit your business plan: those goals you established at the end of last year, the... |
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