Sep 13, 2011
By Charles Paikert
Wildfires, soaring temperatures and Governor Rick Perry aren’t the only things hot about Texas these days. The Lone Star States’ booming wealth management market is also attracting considerable attention, most recently by private equity powerhouse The Caryle Group’s purchase of the largest minority stake in Houston-based Avalon Advisors. ...
Sep 1, 2011
By Mindy Diamond
Sometimes teams fail. If it happens to you, take a close look at your strengths and weaknesses before you determine your next move....
Aug 24, 2011
By Charles Paikert
Families who have most of their wealth tied up in a thriving family business present a classic double-edged sword dilemma for wealth managers. To be sure, the potential market is large and lucrative: Nine out of 10 businesses in the United States are family-owned, and family businesses account for half the country’s gross national product....
Aug 17, 2011
By Diana Britton
Ameriprise Financial’s (NYSE: AMP) sale of Securities America to Ladenburg Thalmann (AMEX: LTS), announced today, is mostly a positive for the firm’s rep base, industry sources said. But the size of the retention packages Ladenburg offers the reps will determine how many advisors stay. Back in late June, Registered Rep. was the first to write about Ladenburg as a potential buyer of Securities America. ...
Aug 17, 2011
By Jerry Gleeson
The Certified Financial Planner Board of Standards has decided that applicants for the coveted CFP mark must take a controversial 45-hour “capstone” course, starting next year, before being allowed to sit for the certification exam. Now there are signs that applicants for the designation are starting to crowd into the program in order to be grandfathered out of taking the course.
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Aug 15, 2011
By Lauren Barack
When Jude Boudreaux launched his solo practice, Upperline Financial Planning in September, he headed for the clouds. Everything from his portfolio system to invoicing, customer relationship management (CRM) programming, to email is all stored in a cloud-computing environment. There’s no server, no software upgrades, no technology manager — just him, his MacBook Air and a home office....
Aug 12, 2011
By Diana Britton
Some advisors have jumped ship from independent broker/dealer Securities America for LPL Financial (NASDAQ: LPLA) following news that parent Ameriprise Financial (NYSE: AMP) would sell SAI. Most recently, a $420 million team in Cornelius, N.C., Cornerstone Financial Partners, which includes four partners, have made the move and formed their own registered investment advisory firm under LPL’s hybrid platform....
Aug 3, 2011
By Kristen French
Nancy Martignago, a sales assistant for Merrill Lynch in the firm’s Fort Worth, Tex. office, filed a class action lawsuit on Jun. 9 against Merrill in the Southern District of New York for unpaid overtime compensation. ...
Aug 1, 2011
By Anne Field
A 57-year-old financial advisor is trying to plan his retirement and prepare a successor in case anything should happen to him. But he's not sure what the best route is....
Aug 1, 2011
By John Aidan Byrne
Bob McCann is ready to declare a small victory in the UBS turnaround story, but he's still got a long road ahead. He gives the firm's financial advisors much of the credit....
Aug 1, 2011
By Mindy Diamond
Multi-family offices are becoming a popular option for top-tier financial advisors....
Aug 1, 2011
By Jerry Gleeson
Growing dissatisfaction among advisors at the top Wall Street firms is fueling breakawy broker interest, the Chicago-based RIA says. ...
Aug 1, 2011
By Jerry Gleeson
Michael Stolper, founder and general partner, Veritable LP...
Aug 1, 2011
By Jerry Gleeson
Hours add up when you trade directly. ...
Aug 1, 2011
By Diana Britton
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Jul 29, 2011
By Diana Britton
In 2005, Frank Martin, founder of private, independent RIA Martin Capital Management in Elkhart, Ind., wrote an essay in his annual report to his clients called “The Perfect Storm,” which warned of a potential financial crisis related to the market’s disregard for risk. ...
Jul 21, 2011
By Kristen French
Morgan Stanley financial advisors should expect more cost-cutting in the global wealth management division in coming quarters—possibly in the guise of cuts to staff or financial advisors. On a second-quarter earnings conference call Thursday morning, Morgan Stanley CEO James Gorman said that while revenues, flows and assets are all strong in the global wealth management group, the firm remains very focused on expenses in that business. “Margins must improve and do so soon,” he said. ...
Jul 21, 2011
By Diana Britton
Raymond James Financial’s (NYSE: RJF) private client group added 20 advisors in the U.S. during the fiscal third quarter despite a tough recruiting environment for regional firms. But second-quarter earnings were down....
Jul 20, 2011
By Charles Paikert
Chase Private Client, an under-the-radar wealth management unit of the giant bank, plans to open 160 offices to serve 600 branches around the country in two years, up from only 16 dedicated offices currently, JPMorgan Chase &Co. announced Tuesday. ...
Jul 19, 2011
By Kristen French
BofA's Global Wealth and Investment Management, which includes Merrill Lynch, reported $506 million in net income for the quarter. Merrill Lynch contributed the bulk of revenues, with $3.5 billion, up from $3.1 billion a year ago....
Jul 14, 2011
By Jerry Gleeson
VWG Wealth Management, with assets of $700 million, is the fifth wirehouse team this year to join HighTower Advisors, a Chicago-based hybrid RIA with national reach and $18 billion in AUM. HighTower signed up three Merrill Lynch teams in Palm Desert, Calif,, Naples, Fla. and Portland, Me., and another Morgan Stanley team in Palm Desert....
Jul 13, 2011
By Stephen Boswell & Kevin Nichols
Jul 11, 2011
By Susan Konig
Coaching is a pivotal part of any branch manager’s role as a leader—of course. Being truly effective at it can make all the difference in the morale and success of your branch office. ...
Jul 8, 2011
By Jodie Papike
When broker-dealers shut their doors, a lot of people suffer: home office staff, advisors, clients. The good news is, new technology and today’s 24-hour media cycle have put advisors in a much better position to sniff out trouble and to know when things are bad enough to leap. ...
Jul 5, 2011
By Charles Paikert
Talent – or the lack thereof – has long been a top-of-mind issue for wealth management executives. But concern about the topic has become even more pressing as the industry finds itself facing mounting growth, demographic and regulatory challenges....
Jul 5, 2011
By Jerry Gleeson
Average profits surged 45 percent last year among registered investment advisors surveyed in Charles Schwab’s annual benchmarking study, but don’t look for a repeat of this year, says Bernie Clark, the head of Schwab Advisor Services. The revenue and asset growth that fueled last year’s performance isn’t likely to set the same pace in 2011. ...
Jul 1, 2011
By Mindy Diamond
When switching firms, who you meet and what you ask matter...
Jul 1, 2011
When an FA breaks away from his full-service broker/dealer to move to an independent firm, it is the ultimate test of client loyalty...
Jul 1, 2011
By Diana Britton
Robert Jenkins has been appointed president of the Financial Research Corporation, an asset management research and consulting firm. Jenkins previously held positions at Fidelity Management & Research and Fidelity Investments...
Jul 1, 2011
By Susan Konig
The Strange Group, Janney Montgomery Scott, Richmond, Va....
Jul 1, 2011
By David A. Geracioti, Editor-In-Chief
There is a theme that seems to repeat itself in the broker/dealer industry: quality advisors join shops that, deliberately or not, peddle bad investments and get caught, and those good advisors suffer for it...
Jul 1, 2011
By Jerry Gleeson
In the world of RIAs, there's more to business than just selling performance. For asset managers who just manage client money, there are few places to hide when markets head south and their clients' portfolios tank...
Jun 30, 2011
By Anne Field
There are a few common obstacles to expanding an advisory practice, but often they represent blind spots. Once you identify them, you can do something about them...
Jun 27, 2011
By Diana Britton
Small independent broker/dealers are dropping like flies, leaving many financial advisors in the lurch. But the good advisors have plenty of broker/dealers to choose from, while the bad guys—the ones who bought a lot of troubled alternatives and private placements—weigh limited options...
Jun 23, 2011
By Diana Britton
Ladenburg Thalmann, parent company of Triad Advisors and Investacorp, has emerged as a potential buyer of Securities America, which Ameriprise Financial (NYSE: AMP) announced plans to sell in late April, according to several industry sources...
