The Ten to Watch '07Aug 1, 2007,By 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... Comings & GoingsAug 1, 2007,Halah 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... 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... Wanted: YouAug 1, 2007,By 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, 2007,Christina Mucciolo Michael McNamara, McNamara Financial Services Firm: Commonwealth Financial Network City: Marshfield, Mass. Established: 1987 AUM: $306 million Number... The DelegatorAug 1, 2007,Halah 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, 2007,Christina 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... You've Got CompanyAug 1, 2007,Kristen 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... Advisor to the MassesAug 1, 2007,Halah Touryalai Trudy Haussmann, Haussmann Financial Inc. Firm: Securities America City: Newport Beach, Calif. Established: 1990 AUM: $465 million Number of Clients:... Thinking Big in Small TownsAug 1, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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, 2007,By 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.... Developing JuniorJun 1, 2007,By 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, 2007,BY 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, 2007,By 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, 2007,By 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, 2007,Kristen 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, 2007,Halah 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... The Ownership SocietyJun 1, 2007,By Halah Touryalai Sure running your own RIA or independent company has its drawbacks. But you can make more money... Wachovia Buys A.G. Edwards for $6.8 Billion, Creating New Rival to Merrill, Smith BarneyMay 31, 2007,By 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.... |
Current Issue Humbled But (Somehow) TriumphantBy Kristen French With reporting from John Churchill and Halah Touryalai Rescued by Bank of America from its near-death experience, Merrill Lynch is still managing to set the industry standard. advertisement Recent NewsREP. RESEARCHadvertisement BOOKS
This reference book was updated for 2008 and now contains over 900 pages of information on essential financial concepts and wealth management strategies for your work with wealthy clients. The book not only contains brief summaries of each topic, but it also contains many useful diagrams and charts that can be used with clients when explaining difficult financial concepts. The information in this book meets current FINRA/NASD guidelines. Click here. Bookstore
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