New RIA Custody Rules In Force FridayMar 10, 2010By Jerry Gleeson New rules aimed at preventing registered investment advisors from pulling off ponzi schemes take effect Friday. Among other things, RIAs firms that hold clients assets in custody will be required to undergo annual surprise audits, conducted by independent public accountants. ... Clients, The New BreakawaysFeb 23, 2010By Halah Touryalai First, there was the breakaway broker phenomenon; now, it seems, we have a growing vogue of breakaway clients—former wirehouse investors who ditch their old advisors for new ones at independent RIAs or broker/dealers. ... Uniform Fiduciary Standard Still A Question MarkFeb 17, 2010By Kristen French Senator Tim Johnson (R- S.D.), incoming Senate Banking Committee Chair, began floating an amendment last week that would eliminate from Senate regulatory reform legislation the application of a fiduciary standard to investment advice provided by brokers. Instead, Johnson’s amendment calls for an 18-month SEC study on the fiduciary issue. But some say it may just be a negotiating tactic.... One Tough YearSep 1, 2009
The industry’s biggest players are managing less money this year, but they remain focused on their clients and better times ahead... Career Moves: The Call of IndependenceSep 1, 2009By 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, 2009By 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... Independent Brokers Fear Congress May Re-Write Laws On Independent ContractorsAug 28, 2009By Christina Mucciolo Recently introduced legislation threatens to change the IRS rules on independent contractor worker classification and the Financial Service Group (FSI) is worried. ... Merrill Is Not Desperate—The Race For Top Advisors ContinuesAug 17, 2009By Mindy Diamond Merrill Lynch is embarking on an aggressive “push” to hire financial advisors, according to the Financial Times. The story says that since the signing bonuses are greater than those handed out in the bull market of 2006 and 2007, it is a sign of desperation. ... Financial Advisor Switching Firms Jumps in JuneJul 14, 2009By Halah Touryalai June was a busy month for financial advisors on the move. The number of advisors switching firms jumped 45 percent in June versus May, according to Discovery Database. Last month, 2,183 advisors changed b/ds compared with 1,506 in May.... AIG Bailout Unconstitutional?Dec 23, 2008By Halah Touryalai There have been plenty of arguments against the government bailout of AIG, but religion would appear as an unlikely one. ... Celebrate Your Sales AssistantAug 27, 2008By Halah Touryalai Maybe your sales assistant is like Debbie Wagner who shuns vacation time to keep others from messing with clients, or maybe your assistant is more like Joni Schultz who arrives at work before sunrise. ... Would You Invest With Client No. 9?Jun 10, 2008By David A. Geracioti According to today’s New York Sun, Eliot Spitzer, the disgraced former New York State governor once heralded as Sheriff of Wall Street, is mulling launching a distressed real estate fund.... Merrill Stops Squirming, Reps Have Mixed ReviewsNov 15, 2007By Christina Mucciolo Unless you live in a cave, you know that Merrill Lynch hired NYSE Euronext’s CEO, John Thain. The appointment was announced yesterday. ... At Citi, Profits Are Down; Smith Barney Wins Five Morgan FAs With Nearly $600m AUM; ML Loses TwoOct 18, 2007By Halah Touryalai So Citigroups’ third quarter profits are down 57 percent, net income fell to $2.38 billion compared with $5.51 billion in the same quarter last year. The stock price has been at a near standstill since 2004. Investors are calling for Chuck Prince’s head. ... Wanted: YouAug 1, 2007By Halah Touryalai In the week following the implosion of Brookstreet Securities, a disaster caused by massive margins calls on highly leveraged CMO derivative investments... Comings & GoingsJul 1, 2007
Janney Montgomery Scott LLC hired Edward Walters as director of investments in the firm's wealth management division and David Mullan as director of performance... A LICENSE TO LIEMay 1, 2007BY KAREN DONOVAN WHEN YOU DECAMP one brokerage for another, your firm can say anything it wants about you on your Form U5 even if it's a lie, even if it's defamatory, just to punish you.... The Great ReckoningMay 1, 2007BY JOHN CHURCHILL Oy. What a headache. That's what many Series 7-carrying advisors are saying about the prospect of the end of the Merrill Lynch rule. ... 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... A.G.E. to Catch a RepNov 1, 2006By John Churchill AG Edwards wants to recruit top dogs, but it doesn't want to pay out the ear for them. The midwestern regional is trying a different tack... Golden Handcuffs StickNov 1, 2006John Churchill Another assault on deferred compensation fails. After going two for three in a unique tug of war involving both the arbitration and court systems, former Smith Barney broker James McCarthy is likely throwing in the towel in his three-year fight for the money left in his deferred-compensation plan.... Comings & GoingsNov 1, 2006
Wachovia Securities promoted Mary Mack to president of its Investment Services Group. She will replace Dwight Moody, who is scheduled to retire in 2007.... The Right StuffNov 1, 2006By Anne Field It takes some planning to identify and woo advisors who will be the right fit for a boutique advisory firm and broker/dealer... To Market, To MarketNov 1, 2006By Tami Kamin-Meyer A few simple rules to remember when you're creating a marketing plan for your advisory business... Please Don't GoNov 1, 2006By Mindy Diamond For brokers and branch managers, the process of switching broker/dealers inevitably involved bad blood... |
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