When Big Means BadJun 1, 2004By John Churchill One problem with focusing on big-game clients is that sometimes they grow too big a fact one West Coast wirehouse broker learned the hard way. The client... Full Service Carries the DayJun 1, 2004By David A. Gaffen Daniel Yasharel learned his most important lesson about the financial advisory business even before he became a full-fledged member of it. It was 1992,... Fee-ling GoodJun 1, 2004By Kevin McKinley A recent article in The Wall Street Journal described a probe securities regulators have launched into fee-based accounts. I paid extra attention, because... Indie ExistentialismJun 1, 2004BY WILL LEITCH Freedom has its price, the saying goes, and perhaps nowhere is that price more frequently calculated than in the brokerage industry. Year after year,... Five Star Upgrade at A.G. EdwardsMay 1, 2004Will Leitch For years, the biggest gripe A.G. Edwards reps harbored about their firm concerned the technology platform. Specifically, reps say, their workstations... The Money DoctorsMay 1, 2004By Henry M. Grix Doctors and financial advisors have a lot in common, and perhaps nowhere is this more evident than on late-night television. There, sandwiched between... Whom Do You (Trust)May 1, 2004By John Churchill The brokerage business is good or better, at least. The market is climbing slowly, firms are showing a profit and hiring again (albeit after massive layoffs),... Fair PayMay 1, 2004By Matt Oechsli I know my assistant is getting paid far too much, mused Jerry. She is getting 2.5 percent of my production, making her the highest paid assistant in the... Less Than Zero: Risk Management in a Life-or-Death EnvironmentMay 1, 2004By Jason Van Steenwyk On Jan. 15, 2003, a phone call abruptly transformed me from a freelance contributing editor to Registered Rep. magazine into an infantry officer bound... E Pluribus UnumMay 1, 2004By Hannah Shaw Grove and Russ Alan Prince As advisors set their sights ever higher, one of the most sought-after types of client is the family office, with advisor notions of the ideal falling... Wealthy Investors Are More Like InstitutionsApr 1, 2004David A. Gaffen In a prelude to its annual World Wealth Report, which tracks the investing and spending habits of ultra-high-net-worth investors, the consulting firm... The Baby Kabloomers!Apr 1, 2004By Kevin McKinley The phrase helping people quit dredges up all manner of images, most of them having to do with substance-abuse therapy. For many advisors that's apt,... Trouble In The House That Purcell Built?Apr 1, 2004By Joan Warner Back in 1981, when Philip J. Purcell helped engineer the odd-sounding merger of Sears Roebuck and Dean Witter, he had a vision. He knew the 401(k) legislation... Get Busy LivingApr 1, 2004Matt Oechsli Wealth management teams have at least one thing in common with sharks: If they're not moving forward, they're in danger of dying. Last month, the first... Morgan Ups Offers to Prospective CandidatesApr 1, 2004David A. Gaffen With other firms rapidly improving their recruitment offers to top candidates, Morgan Stanley is guarding against getting left in the dust. Industry recruiters... It's All RelativeApr 1, 2004By Anne Field But a lot had to happen before they could take their place in the driver's seat. For starters, the neophytes (who were in their 20s at the time) needed... Charm City's Firm Charming More RepsApr 1, 2004Will Leitch Brokers looking for a home at a regional firm find their options quite limited these days. Many regionals have been swallowed up, or, in the case of Wachovia,... A Measure of IndependenceMar 1, 2004Will Leitch The rumors are proving true: The larger brokerage firms, including Raymond James and Wachovia Securities, are warming to the idea of letting reps dabble... Not the Boss of MeMar 1, 2004By Anne Field Last May, Paul Sikorski earned his degree from the School of Intestinal Fortitude when he and his two partners opened their own broker/dealer for business.... The Great DivideMar 1, 2004BY DAVID A. GAFFEN There aren't a lot of $50 million clients out there, so when one comes around, there's going to be competition to win his business. One such situation... The Happy DivorcéesMar 1, 2004By Neal St. Anthony Andrew Duff, CEO of Piper Jaffray in Minneapolis, likes to tell a little story to his troops about why Piper's 1998 marriage to neighboring U.S. Bancorp... Primetime for Practice PurveyorsFeb 1, 2004By Anne Field Attention shoppers: Those of you looking to purchase a financial advisory practice should be prepared for an arduous search. For every practice sporting... The Problem with Upfront MoneyJan 1, 2004By Nick Ferber If my recent experience in placing a wirehouse broker at a new firm is any indication, the ripples from the securities industry scandals are starting... Here Comes the BearJan 1, 2004By Gregg Wirth Eric Williams, a retail broker at Morgan Stanley, was minding his own business when the phone rang one Friday afternoon 18 months ago. Williams says he... Step Up to the MikeJan 1, 2004By Anne Field You'd never know it to hear him speak now, but Joe Saul-Sehy once suffered a severe stutter one that earned him the grade-school nickname Jackhammer.... Money Talks. Do You Need a Translator?Jan 1, 2004John Churchill It's a testament to the increasing complexity of the advisory business: Many advisors people whose very living depends on their ability to track the ebbs... Smith Barney Alters Payout GridJan 1, 2004David A. Gaffen Smith Barney is altering its compensation system for 2004, with the main goal being to simplify its payouts and make them more revenue-neutral. The new... Spare Us the CutterDec 1, 2003By Will Leitch If you don't look too closely, you might think the securities industry is in a golden age. After all, the thing that matters most profits is up. Way up.... Group TherapyDec 1, 2003By Anne Field When it comes to developing new business, Tom Croft has a foolproof weapon. Six years ago, Croft, a rep with Edward Jones in Santa Rosa, Calif., joined... Firing ClientsDec 1, 2003By Will Leitch It is at once the simplest and most complex question a rep can ask: How many clients are too many? Clearly, a rep cannot service an unlimited number of... Brokers without BordersNov 1, 2003By Bennett Voyles Borderline, feel like I'm going to lose my mind, Madonna sang in one of her earlier hits, and many brokers share her mental anguish perhaps none more... The Art of Moving a PracticeOct 1, 2003By Anne Field A year ago, during a honeymoon-inspired reverie, Jon Moore and his new bride, Justan, hatched a plan for their coming life together. As soon as they could,... Growing PainsOct 1, 2003By Gregory Crawford Waddell & Reed reps, dispersed around small towns mostly in the Midwest, have long had a strong opening pitch for clients and prospects: I work for one... When Your Day Job Is Not EnoughAug 1, 2003By Anne Field More reps are moonlighting these days to fill the income gap and to fulfill their dreams.... Generations: Forget the Conventional Wisdom Go After Middle AmericansJun 1, 2003By Kevin McKinley Sure, it's heresy to say you aren't targeting high-net-worth clients. But you can make more if you serve your Mom and Pops efficiently.... |
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