Institutions RSS

Reilly: Raymond James Closer to Being the ‘Alternative to Wall Street’

Wed, 23 May 2012 19:36:00 EDT

Acquiring Morgan Keegan brought Raymond James Financial closer to being an “alternative to Wall Street,” CEO Paul Reilly told the firm’s independent advisors this morning.

Live From Orlando: Driving Over the Fiscal Cliff

Wed, 23 May 2012 09:00:00 EDT

The “mother of all lame duck sessions” will bring volatility to the markets, opportunity for advisors.

NAPFA's New Chair Takes on FINRA

Fri, 18 May 2012 11:12:00 EDT

Ron Rhoades is not going to sugarcoat this: FINRA is a failed organization that has no business stepping into the role of regulating RIAs.

Morgan Now Says All Retail Clients Can Get Facebook Shares

Thu, 17 May 2012 16:08:00 EDT

The firm told financial advisors they could offer clients anywhere from one to 500 shares, thanks to founder Mark Zuckerberg’s desire to get a wide pool of investors.

Show Me the Money

Tue, 15 May 2012 12:08:00 EDT

How to get the most value for your practice when its time to sell? Put a plan in place to ensure clients will barely notice you are gone.

The Little Discount Brokerage That Could

Tue, 08 May 2012 11:37:00 EDT

It’s likely you haven’t heard of Scottrade’s advisor platform – but if current growth rates continue, you will.

Ranking Morningstar’s Mutual Fund Ranking System

Mon, 07 May 2012 12:49:00 EDT

With much fanfare, Morningstar introduced a new fund grading system in November, and so far the results have not been inspiring. During the first quarter of this year, top-rated large-cap blend and mid-cap value funds trailed category averages by half a percentage point.

NFP’s 1,700 Advisors Now Have Access to Institutional Research

Mon, 07 May 2012 10:05:00 EDT

NFP Advisor Services Group (formerly NFP Securities) announced a new partnership today with institutional consulting firm DiMeo Schneider & Associates, giving its 1,700 advisors access to DiMeo’s investment research capabilities.

Wirehouse Loyalist No More

Fri, 04 May 2012 07:29:00 EDT

Peter Sargent, a 20-year veteran of Merrill Lynch, stunned many when he left to join Janney in March. He chose Janney for its focus on client relationships and the combination of scale and intimacy that it offers.

YIELD OF DREAMS: Military Experience a Plus When Choosing an Advisor, or Is It?

Thu, 03 May 2012 13:25:00 EDT

DUE DILIGENCE: No Free Pass for Morgan Keegan on Auction Rate Securities

Thu, 03 May 2012 12:56:00 EDT

The auction rate securities hangover has not gone away, yet. A federal appeals court on Wednesday ruled that Morgan Keegan

When Studying Together Leads to More

Wed, 02 May 2012 13:06:00 EDT

Great minds think alike; sometimes, they even end up in bed together. Why should the world of RIAs be any different?

UBS Brokerage Breaks Profit Record

Wed, 02 May 2012 11:02:00 EDT

UBS Wealth Management Americas (WMA) expanded its advisor force by 48 to 7,015 financial advisors in the last quarter as the brokerage unit of the Swiss banking giant posted both record pre-tax profit and invested assets.

Returns Now Rule At Morgan Stanley

Wed, 02 May 2012 09:13:00 EDT

Advisors who manage client portfolios can now benchmark themselves against each other, as the firm rolls out a suite of new tools aimed at making investment returns a top priority for clients. That may make some clients happy and some advisors cringe. It may also make the firm a bit safer from legal fallout.

Seasoned Veterans

Tue, 01 May 2012 12:00:00 EDT

General George S. Patton once said, You cannot be disciplined in great things and indisciplined in small things. That same philosophy could be applied to being a financial advisor. According to an Edward Jones survey of 1,006 Americans, 57 percent of people believe the skills gained in the military are transferable to a career as an FA. The survey, conducted by ORC International on behalf of Edward

Doug Brown: A Knight Against Poverty

Tue, 01 May 2012 12:00:00 EDT

Firm: The Advisors Group of Chicago (NFP Securities) City: Oakbrook Terrace, Ill. Age: 55 Years as a rep: 14 Years with current firm: 14 AUM: $192 million Product mix: Fee-based, 85%; commission, 10%; insurance, 5% Specialty: Comprehensive financial planning Designations, licenses: Series 7, 24; MBA; CFP In 2007 when Doug Brown first met Fredy, a 13-year-old child he sponsors in Guatemala through

Isaac Simon: A Driving Force

Tue, 01 May 2012 12:00:00 EDT

Firm: UBS Financial Services City: New York Age: 40 Years as a rep: 16 Years with current firm: 11 AUM: $160 million Product mix: Stocks, 32.5%; insurance, 15%; bonds, 32.5%; managed accounts, 20% Specialty: Transactional business Designations, licenses: Series 4, 7, 24, 65, 66; Insurance license Almost everyone can remember where they were on 9/11. Isaac Simon? He was standing 100 yards from the

Albert A. Fox: Finding a Cure

Tue, 01 May 2012 12:00:00 EDT

Firm: Merrill Lynch City: Mt. Laurel, N.J. AGE: 40 Years as advisor: 18 Years with current firm: 18 AUM: $525 million Production: $3.5 million Specialty: transition management with retirees and business owners, full suite of financial planning and investment management services for people without the time, wherewithal or mindset to handle their financial affairs for themselves. Designations, licenses:

Patricia J. Hinds: Spreading Retirement Smarts

Tue, 01 May 2012 12:00:00 EDT

Firm: Granite Financial (Securities America) City: Saint Cloud, Minn. AGE: 60 Years as advisor: licensed since 1991, started as insurance agent 1989 Years with current firm: 21 AUM: $73.7 million 12-mo. Production: $681,000 Product Mix: Stocks and bonds 1%, insurance 8%, managed accounts 59%; annuities, 32% Specialty: retirement, income distribution and estate planning. Designations, licenses: CFP,

Jessica Jones: Living by Faith

Tue, 01 May 2012 12:00:00 EDT

Firm: Edward Jones City: The Woodlands, Texas Age: 36 Years as a rep: 11 Years with current firm: 11 AUM: $126 million Product mix: stocks, 1%; insurance, 5%; managed accounts, 94% Specialty: Comprehensive financial services Designations, licenses: CFP, Accredited Asset Management Specialist, Series 7, 63, 66, insurance Jessica Jones had just given birth to her second child in 2009 when she jumped

Patrick McClain: Not By Bread Alone

Tue, 01 May 2012 12:00:00 EDT

Firm: Hanson McClain Inc. City: Sacramento, Calif. Age: 49 Years as a rep: 22 Years with current firm: 19 Production: $4.4 million AUM: $624.2 million Product mix: managed accounts, 100% Designations, licenses: Series 6, 7, 24, 63 Patrick McClain first encountered the Sacramento Food Bank and Family Services while a student at the local campus of the state university, researching a case study for

Bradford Pine: Good to the Bone

Tue, 01 May 2012 12:00:00 EDT

Firm: Bradford Pine Wealth Group (Cantella & Co.) City: New York City Age: 44 Years as a rep: 20 Years with current firm: 5 AUM: $50 million Product mix: Stocks, 15%; bonds, 9%; managed accounts, 75%; insurance, 1% Designations, licenses: Series 4, 7, 24, 63, 65, life and health There are 800 million users of Facebook but only 9 million on a national registry for bone marrow donors, Bradford Pine

Jerry Quick: A Dangerous Place

Tue, 01 May 2012 12:00:00 EDT

Firm: Edward Jones City: Taylorville, Ill. Age: 56 Years as a rep: 34 Years with current firm: 34 Production: $820,000 AUM: $144 million Product mix: 4% stocks; 3% bonds; 10% insurance; 20% mutual funds; 63% managed accounts Designations, licenses: Series 7, 63, 66 There was a time when doing good in Juarez, Mexico was a simpler matter. Jerry Quick recalls heading down 12 years ago to the region a

Timothy Cusick: Hands Across the Border

Tue, 01 May 2012 12:00:00 EDT

Firm: Wells Fargo Advisors City: San Diego, Calif. Age: 53 Years as a rep: 31 Years with current firm: 18 (joined Prudential Securities 1994) Production: $800,000 AUM: $200 million Product mix: Stocks, 25%; insurance, 5%; bonds, 25%; managed accounts, 45% Designations, licenses: Series 5, 7, 8, 31, 63, insurance Timothy Cusick's passport has gotten a lot of use over the years. A broker with Wells

George T. Cox: Building Character in Kids

Tue, 01 May 2012 12:00:00 EDT

Firm: Morgan Stanley Smith Barney City: Seattle AGE: 68 Years as advisor: 25 Years with current firm: 3 AUM: $250 million 12-mo. Production: $1.75 million Product Mix: Stocks, 65%; insurance, 3%; bonds, 30%; managed accounts, 2% Specialty: emphasis on value. Designations, licenses: CFP, CIMA, CAP, CPWA, Series 7, Series 63 One evening over a decade ago, George T. Cox was standing in the history section

LPL Posts Lower Earnings on Record Net Revenue, Assets

Mon, 30 Apr 2012 14:25:00 EDT

LPL Financial saw mixed results in the first quarter, with lower earnings and net new advisory assets and record net revenue and advisory and brokerage assets.

Raymond James’ Recruiting, Productivity Up Despite Focus on Morgan Keegan

Thu, 26 Apr 2012 14:40:00 EDT

Despite the focus on retaining Morgan Keegan advisors and integrating the b/d into its operations, Raymond James reported a solid recruiting quarter as well as record advisor productivity.

RIA RISING: Statman Brings a Comic’s Timing at IAA Conference

Thu, 26 Apr 2012 13:06:00 EDT

Meir Statman, author of “What Investors Really Want,” led off today’s programs at the Investment Adviser Association’s annual conference in San Francisco. Statman supplements his discussion about the ways investors betray their best interests with plenty of visual aids, chiefly commercials and film clips from TV programs.

New $2.7 Billion RIA Eschewed Aggregator Route

Thu, 26 Apr 2012 11:34:00 EDT

Savant Capital Management and The Monitor Group say combining forces gives them a more holistic level of expertise and a retirement route for their advisors – more importantly, they aren’t giving up equity to aggregators.

Don’t Fake It

Wed, 25 Apr 2012 17:35:00 EDT

Full-service brokerage firms need to take a lesson from their fast-growing online peers when it comes to communicating with clients via technology, says MFEA panelists.

Ameriprise Profits Disappoint; Advisor Productivity, Headcount Improve

Tue, 24 Apr 2012 14:34:00 EDT

While Ameriprise Financial (NYSE: AMP) reported lower profits for the first quarter, the firm managed to bring advisor productivity back up near record levels and slightly increase its advisor headcount.

LPL Goes Downstream To Target $7 Trillion Middle Market

Fri, 20 Apr 2012 11:30:00 EDT

Firm Bets On Hunger For Advice Among Mass and Middle Markets; New Venture Will Be “Training Ground” For Rookie Advisors

Regulator Burdens Prompt Florida Bank B/D to Form Own Hybrid RIA

Fri, 20 Apr 2012 10:55:00 EDT

Expecting more cumbersome regulations and greater scrutiny of the industry, the head of a small Florida broker/dealer left its affiliation with a community bank in favor of starting an independent hybrid RIA – and took half his staff with him.

Morgan Stanley Loses FAs, Raises Margins and Fee-based Assets in Q1

Fri, 20 Apr 2012 10:25:00 EDT

Morgan Stanley has three goals for its retail brokerage business, CEO James Gorman said on a conference call Thursday morning

BofA Merrill Claims the Crown in Q1: More Advisors, Higher Productivity, Fatter Margins

Thu, 19 Apr 2012 19:29:00 EDT

The battle for the retail brokerage crown is real. Both Merrill and Morgan Stanley scoffed at the idea that they were competing for the No. 1 slot back when we wrote about their new-ish rivalry...

Insurance B/D to Shutter, Transfers Reps to Transamerica

Wed, 18 Apr 2012 12:00:00 EDT

World Securities Group tops the list of broker migration in the first quarter of 2012, terminating its FINRA filings and merging with Transamerica Financial Advisors.

TD Ameritrade Recruitment of Breakaways Up 10%

Tue, 17 Apr 2012 15:35:00 EDT

The number of breakaway brokers joining TD Ameritrade in its fiscal second quarter continued at the double-digit pace set in 2011, the company said today.

Schwab RIA Unit Sees “Consistent” Growth

Mon, 16 Apr 2012 17:35:00 EDT

Schwab Advisor Services is signing up advisor assets at a pace that tracks its historical average, Executive Vice President of Advisor Services Bernie Clark said.

If You Build It, Will They Come? RIA Consortium Says Branding Is Key

Mon, 16 Apr 2012 12:00:00 EDT

A startup wants to unite the universe of disconnected RIAs into a national recognized brand of networked firms, with standards, marketing muscle and economies of scale.

Wells Fargo Wealth Management Business Posts Stagnant First Quarter

Fri, 13 Apr 2012 14:19:00 EDT

Wells Fargo’s wealth management business reported no growth in assets and a slight decline in advisors for the first quarter versus the same time period a year ago. Total client assets in the bank’s wealth, brokerage and retirement division sat at $1.4 trillion, flat versus the first quarter of last year, despite a 6 percent rise in the S&P 500 over that period.

Wall Street's Secret Fiduciaries

Wed, 11 Apr 2012 12:00:00 EDT

The fiduciary standard is one of those subjects that can spark heated conversation in a room full of financial advisors. It is a topic du jour at industry conferences and in offices across the wealth management industry; it is the theme underlying a recent scalding editorial written by departing Goldman Sachs employee Greg Smith, who accused Goldman of profiting by ripping off its own clients. If

RIA RISING: TD Ameritrade’s Dorsey On What Advisors Should Do First

Mon, 09 Apr 2012 15:16:00 EDT

Peter Dorsey, TD Ameritrade’s new managing director of institutional sales, has this tip for advisors: restrain the urge to tell potential clients what you know at the get-go.

Raymond James Reminds New $4 Million Team of Wheat First Days

Thu, 05 Apr 2012 16:14:00 EDT

A $4 million revenue producing team from Wells Fargo Advisors Financial Network (FiNet) has jumped ship to Raymond James Financial Services, the firm’s independent contractor unit.

Data Dive: Where Brokers Get a Second Chance

Thu, 05 Apr 2012 09:30:00 EDT

Very few "terminated" brokers find work again in the industry, regardless of circumstances. What firms will hire them? Author and financial advisor Josh Brown looks at the numbers to find out.

It’s Official: Morgan Keegan Advisors Now Work for Raymond James

Mon, 02 Apr 2012 14:53:00 EDT

Raymond James Financial announced this morning that it has closed the deal to purchase regional firm Morgan Keegan from Regions Financial Corp. for $1.2 billion in cash. The combined firm will have 6,500 advisors and $372 billion in total client assets.

Concert Breaks Into the Hybrid Market Via LPL Partnership

Mon, 02 Apr 2012 14:45:00 EDT

RIA aggregator Concert Advisor Services has launched a new hybrid platform, Concert Advisors, and partnered with independent broker/dealer LPL Financial to provide brokerage and custody services.

60 Seconds: John Taft

Sun, 01 Apr 2012 12:00:00 EDT

Registered Rep.: How will the SEC handle the fiduciary standard for broker/dealers this year? John Taft: They'll propose a rule, ask for comment on that proposed rule, and they're going to do cost-benefit analysis based on that rule, and go back and look at it. I'm hopeful the rule is mostly right. The SEC has done a very good job of listening to the industry and the people who are going to be affected

Comings & Goings: April 2012

Fri, 30 Mar 2012 13:00:00 EDT

Richard Aneser has been hired by Lincoln Financial Distributors to serve as chief marketing officer, a newly created position. He joins from UBS, where he served as managing director and head of advisory and solutions marketing and Wealth Management Americas. LPL Financial named Mimi Bock as its new executive vice president of independent advisor services and Joan Khoury as managing director and chief

Former Merrill FA Accused of Pilfering $2.2 Million From NFL Player

Wed, 28 Mar 2012 17:04:00 EDT

Former Merrill Lynch/Bank of America advisor Eva Weinberg is accused of helping steal $2.2 million from NFL player Dwight Freeney, according to a federal complaint.

Management Shakeup at UBS Wealth-Management Americas

Tue, 27 Mar 2012 09:45:00 EDT

A management shakeup by CEO Bob McCann at the Americas brokerage unit of Swiss bank UBS AG will see two of his top executives assume more direct responsibility over its financial advisors, according to people familiar with the changes.