UBS Hires McCannOct 27, 2009,By Kristen French UBS announced Tuesday that it has hired Bob McCann as the CEO of its UBS Wealth Management Americas unit. Speculation about his appointment to the position had been mounting. As recently as two weeks ago, McCann declined to comment on specific job appointments in an exclusive interview with Registered Rep. despite the growing rumors.... Ed Jones To Sell Brokerage Unit in U.K.Oct 23, 2009,By Christina Mucciolo Edward Jones today announced the sale of its U.K. business operations to Towry Law, an independent wealth management firm based in the U.K., for an undisclosed sum. The operation was simply too expensive to operate, and only accounted for about 1 percent of the firm’s global business. ... Financial Planners Need Better Answers To Client QuestionsOct 21, 2009,By John Churchill With all that’s occurred in the past 18 months, financial advisors have had a lot to ponder. Is Modern Portfolio Theory sufficient? Is buy and hold a sucker’s bet (more like “buy and hope”)? Is 60/40 stocks to bonds diversification enough? Or do clients need exposure to other asset classes? As tends to happen when a crisis hits, traditional ways of thinking get challenged and new theories emerge. ... Morgan Posts First Profit In YearOct 21, 2009,By Kristen French Morgan Stanley reported its first profit in a year on Wednesday, with third-quarter earnings of $757 million, or $0.38 per diluted share, beating analyst estimates for earnings per share of $0.30. The company’ results were boosted by higher underwriting fees and trading revenue, as well as the firm’s acquisition of Smith Barney. Morgan Stanley ranked #1 in both global M&A and IPOs.... UBS Hires Bob McCannOct 8, 2009,By Staff CNBC reported Thursday that UBS has hired former Merrill Lynch executive Bob McCann to run its wealth management division in the Americas. His appointment will be announced at the end of October. CNBC also said that McCann plans to lure Merrill brokers over to UBS. ... Exclusive: McCann Back To Work In OctoberOct 7, 2009,By John Aidan Byrne Over a leisurely breakfast in an upscale hotel in Short Hills, New Jersey, Robert J. McCann, former president of Merrill Lynch’s mighty thundering herd, sat down with Registered Rep. contributor John Aidan Byrne for this exclusive interview. Just last week, McCann settled a bitter lawsuit with Merrill parent company Bank of America over a non-compete agreement. The settlement frees McCann to return to work this month. ... Merrill Launches Branding Campaign; Recruiting Net PositiveOct 5, 2009,By Kristen French Merrill Lynch launched a new marketing campaign Monday called help2, which includes the iconic Merrill bull logo. It will cost the firm $20 million in the fourth quarter, the most Merrill has ever spent on marketing, according to Sallie Krawcheck, the new head of global wealth and investment management. ... RIAs WANT YOUOct 1, 2009,BY JOHN CHURCHILL It's no secret that RIAs are looking to hire successful wirehouse reps. Here's how to evaluate your options... 2009 Outstanding SA: Robin McNallyOct 1, 2009,ROBIN MCNALLY Sextant Wealth Advisory Group Raymond James & Associates Jacksonville, FL Robin McNally was 18, fresh out of high school and on her way to the beach, in Melbourne, Fla., when she started her career in the financial services... BOMs For HireOct 1, 2009,By SUSAN KONIG As the breakaway broker market heats up, RIAs have begun picking off BOMs... DOING MORE WITH LESSOct 1, 2009,BY CHRISTINA MUCCIOLO Sales assistants were not spared the slings and arrows of the global economic crisis. They have fewer resources and a heavier workload. ... BLOTTEROct 1, 2009,John Churchill Ponzi Porn: Philip Barry, a 52-year old Brooklyn native, stole $40 million from 800 investors, many of whom were his neighbors or elderly, between 1978... Risky BusinessOct 1, 2009,Christina Mucciolo Women with more testosterone tend to be less risk averse when taking financial risks, according to a University of Chicago study of more than 500 MBA... CLIENT SERVICE EXPERTSOct 1, 2009
Sales assistants are spending a little bit more time talking to worried clients than they were two years ago, according to our survey. But SAs are often... YOUR CLIENTS' OTHER TRUSTED ADVISOROct 1, 2009
Many SAs are like mini advisors. Their advisors not only trust them to take initiative without supervision, but they are also involved in setting goals... Breaking Away Breaks Some ControlOct 1, 2009,Jan Sackley Fiduciary Risk Management and Regulatory Compliance Professional Twitter @jansackleybit. The recent article, Talking to Clients About Breaking Away, [a blog on our website posted by Mindy Diamond on Sep. 3, and reprised in Mindy's column this... COMINGS & GOINGSOct 1, 2009
Mike Curran, retired founder and CEO of Executive Benefit Services, joined Captrust Financial Advisors as vice president of Nonqualified Deferred Compensation... 2009 Outstanding Sales Assistant: Julie FoxOct 1, 2009,JULIE FOX Wisehaupt Bray Asset Management HighTower Advisors Palm Beach Gardens, Fla. When Stella Bray and David Wisehaupt had an opening on their $1 million team at Merrill Lynch in 2006, Julie Fox jumped at the opportunity. I wanted the... THE CLIENT SERVICE QUARTERBACKOct 1, 2009,LAURA COLTMAN RM Compass Group Morgan Stanley Smith Barney Atlanta, Ga. Laura Coltman got her start as a sales assistant (SA) in an Atlanta Lehman Brothers brokerage office back in the mid 1980s, when financial advisors were... Career Moves: Moving TalkOct 1, 2009,By Mindy Diamond Five questions to expect from clients when you change firms... THE PICTURE OF A SALES ASSISTANTOct 1, 2009
Registered Rep.'s October 2009 Sales Assistant Survey data in charts and tables... Can you take it with you?Oct 1, 2009,By Halah Touryalai When an advisor leaves a wirehouse before his term on his forgivable loan is up, the firm often demands he pay back the balance at once. Mark Thierman is behind a new class action lawsuit that could change that. ... TOUGH TIMES, TOUGHER PAYOct 1, 2009
Given market conditions in 2008 and early 2009, the majority of sales assistants either expect their pay and bonus to stay put or to drop this year; some... The Puzzler #16Oct 1, 2009,BY JOHN KADOR THIS MONTH'S CONTESTPRIME 907 The number 907 is prime. It has no factors other than one and itself. To prove that 907 is prime, you must check to see... Survey Says: Wall Street Advisors Going…Wait For It…Independent!Sep 11, 2009,By Halah Touryalai Another day, another study showing that wirehouses are losing advisors and assets. According to new Cerulli report called “Advisor Migration: The Changing Landscape of Retail Distribution,” more than $800 billion in client assets will be transferred from one firm to another as a result of financial advisors switching employers this year. Of that, Wall Street wirehouse firms are expected to see a net loss of $188 billion in client assets to other channels in the industry, including RIAs, independent broker/dealers and regional b/ds. ... Gorman Grabs Morgan Stanley CEO SlotSep 10, 2009,By Kristen French James Gorman has risen to the top at Morgan Stanley. The former head of Morgan Stanley’s retail brokerage division, now co-president of the firm, is slated to take over the CEO job on Jan 1, 2010, when John Mack retires, the firm announced Thursday. Mack, who told Morgan’s board of directors he wanted to step down after turning 65 in November, will continue to serve as Chairman of the firm. Meanwhile, co-president Walid Chammah will become Chairman of Morgan Stanley International at year end. ... Talking To Clients About Breaking AwaySep 3, 2009,By Mindy Diamond For the past six months or so, big wirehouse advisors (with $100 million in assets or more) have increasingly been asking us about joining RIA firms. This has been accompanied by a similar increase in the number of advisors seeking to have compelling and meaningful discussions with their clients about the benefits of joining an RIA firm. ... Schapiro’s Got An Eye On Your Recruiting BonusSep 1, 2009,By Halah Touryalai The SEC sent a warning to b/d executives Monday about the recruiting bonuses they pay to advisors, saying they could create conflicts of interest. In an open letter to b/d CEOs, SEC Chairman Mary Schapiro “reminded” them of their supervisory responsibilities. ... Career Moves: The Call of IndependenceSep 1, 2009,By Mindy Diamond In the last nine months, the number of wirehouse advisors moving to an independent firm has grown as switching within the wirehouse channel has slowed... Recruiting GamesSep 1, 2009,By Halah Touryalai Plenty has changed at wirehouses recently—except for the level of recruiting deals. Wirehouses continue to offer major upfront money (and some extras) to top producing advisors... Wirehouse to Wirehouse Switching SinksAug 11, 2009,By Kristen French Fewer and fewer financial advisors are leaving one wirehouse for another these days, according to data from Discovery. ... UBS Close to Deal With Bob McCann, Reorg Under WayAug 5, 2009,By Kristen French and John Churchill UBS has stepped up its courtship of former Merrill executive Bob McCann, discussions that began in June, according to a story in the Financial Times. If he is hired, he would replace Marten Hoekstra, head of UBS’s wealth management business in the Americas.... Dan Sontag Departs Merrill LynchAug 4, 2009,By Kristen French and John Churchill Much beloved by Merrill financial advisors, Dan Sontag is stepping down as head of Merrill Lynch Global Wealth Management.... AIG Advisor Group Sale Is CloseJul 29, 2009,By Halah Touryalai The AIG Advisor Group may finally have found a buyer after nine months of operating in limbo. Two private equity firms, Lightyear Capital and Lovell Minnick Partners, are said to be final bidders on the three independent broker/dealers that make up the group, according to a source who’s talked to senior executives at AIG Advisor Group. ... Schwab Profits Down for Q2 But Keeps Adding Breakaway BrokersJul 16, 2009,By Halah Touryalai Charles Schwab reported that its second quarter profit fell 31 percent, thanks to low interest rates and soft capital markets.... |
Blogs & OpinionGet the latest from Registered Rep. Editor-in-Chief David A. Geracioti on his blog Von Aldo.
Get the latest from Registered Rep. Managing Editor Kristen French on her blog The Reformation.
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