Schwab Re-Org Combines RIAs With Retirement BizNov 18, 2008,By Brooke Southall Schwab Institutional had an awesome year in 2008, stealing clients and assets from wirehouse advisors and expanding its lead in the RIA custodian business. ... Update: 6,200 Merrill FAs Sign BofA Retention At DeadlineNov 14, 2008,By Kristen French Merrill Lynch confirmed that 6,200 advisors, or about 37 percent of all Merrill financial advisors, signed a retention agreement from new parent company Bank of America by 4 p.m. on Friday. But Merrill says that only about half of the firm's nearly 17,000 advisors were eligible in the first place, and that they are responsible for about 75 percent of the firm's production. Almost 95 percent of these eligible advisors signed. Of the absolute best at the firm—those producing annual revenue of $1.75 billion or more—99 percent signed the agreement. ... UBS Executive Indicted, Faces Up To Five-Years Jail TimeNov 12, 2008,By John Churchill The U.S. Government’s investigation of cross-border business by UBS and alleged tax evasion by some of the firm’s US clients has resulted in an indictment of Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking. ... Rep. Readers Worry About Tax Impact of Obama PresidencyNov 8, 2008,By Kristen French Registered Rep. readers, most of whom are Republicans or Independents, are not too enthusiastic about the country’s new president Barack Obama—even though securities and investment firms ponied up $12.65 million in funds for Obama’s campaign, making it the third largest industry donor, according to opensecrets.org. (McCain got only $7.96 million in contributions from securities and investment firms.)... Bank Of America To Sign Protocol, Herd Still Weighing OptionsNov 6, 2008,By John Churchill Bank of America intends to sign the so-called “broker protocol,” an agreement signed by most of the brokerage firms and RIAs stipulating what client information is acceptable for a departing financial advisor to take without getting sued by the former employer. But when?... Top Merrill FAs Playing Hardball With Retention PackageNov 4, 2008,By John Churchill The top 50 financial advisors at Merrill Lynch aren’t happy with the wording of their retention package, and they’ve taken the first step towards getting changes made by collectively hiring a lawyer.... If Bank of America Signs Protocol, It’s Business As Usual. If Not, Maybe NotOct 31, 2008,By Kristen French and John Churchill If Bank of America signs the broker protocol, it will be pretty much business as usual for Merrill advisors, say securities lawyers. But advisors may not know whether BofA will sign it before they have to sign their own retention agreements—by November 14. If the bank is going to sign, some wonder, what is it waiting for?... Merrill Lynch Says Broker Protocol Still Intact, Clarification ForthcomingOct 30, 2008,By John Churchill and Kristen French Merrill Lynch financial advisors put off by non-compete language in the retention package they received last week—and must now decide whether to sign—are getting assurances from Merrill that it’s not as bad as they think. ... Merrill’s Retention Package: Just For White Guys?Oct 30, 2008,By Halah Touryalai Stowell & Friedman, a Chicago-based law firm, must not want Merrill Lynch to forget about an unresolved discrimination suit it filed against the firm three years ago. ... AIG B/Ds Looking for a New Home. Any Takers?Oct 28, 2008,By Halah Touryalai Now that its parent has announced plans to sell off portions of itself, the AIG Advisor Group is looking for a new home. ... Merrill Retention Package Angers FAs With “TRO” LanguageOct 28, 2008,By John Churchill Merrill Lynch financial advisors are worried about one paragraph in the retention contract they received last Friday, October 24—very worried. ... Separate BofA Retention Package Targets Top Half of BofA forceOct 27, 2008,By John Churchill Bank of America and Merrill Lynch released retention bonus plans for their financial advisors on Friday and both send a consistent message to financial advisors: If you’re a top producer, we want you to stay. (Click here for the Merrill retention package.) If you’re not, see ya. ... Merrill Retention Is Adequate for Top Dogs, Scanty for Lower-Tier ProducersOct 24, 2008,By John Churchill The long-awaited Merrill Lynch retention package has arrived. Not surprisingly, top producers will probably be pleased, but others may not.
The long-awaited Merrill Lynch retention package has arrived. Not surprisingly, top producers will probably be pleased, but others may not. Wachovia Reports Record $24 Billion Loss, Brokerage Results Weak, But With Bright SpotsOct 22, 2008,By John Churchill Wachovia financial advisors don’t have a great story to tell their reportedly fed-up clients today. ... Raymond James Q4 Net Drops 22%Oct 21, 2008,By David A. Geracioti Raymond James Financial net income ($49 million) fell by 22 percent in its fiscal fourth quarter, ended September 30. ... Merrill Posts $5.2 Billion Loss, Fifth In A RowOct 17, 2008,By John Churchill Merrill Lynch reported its fifth straight quarterly loss today. ... Schwab 3Q Earnings Not Bad At All, ConsideringOct 15, 2008,By John Churchill Charles Schwab reported a slight drop in its third quarter earnings today, but excluding the sale of U.S. Trust in the year-ago quarter, results are mostly flat versus last year—which is an achievement considering the market environment. ... Morgan Stanley Sweetens Deal For Mitsubishi, Stock SoarsOct 13, 2008,By John Churchill Morgan Stanley eased investor worries about its future today, closing on its $9-billion deal with Mitsubishi UFJ Financial Group. ... Citi Walks, Wells Fargo Gets Wachovia, Wachovia Reps RelievedOct 10, 2008,By Christina Mucciolo Wells Fargo emerged the victor in the battle for Wachovia after Citi was left at the altar. ... McCann: Merrill Managers Get No Retention, FA Package Due in Two WeeksOct 10, 2008,By John Churchill On a nationwide conference call this morning with branch managers and regional directors, Robert McCann, president of Merrill’s global private client group, told them that they will not be getting anything in the way of retention. He also told them that the retention package for financial advisors would be released in the next week or two, and that only some financial advisors would get a deal. ... Don’t Fear Morgan Stanley, Says Analyst (But Don’t Trust My Buy Rating Either)Oct 10, 2008,By John Churchill Morgan Stanley is having trouble convincing the market it’s a good investment. ... Smith Barney Closing Branches, Letting Managers GoOct 9, 2008,By Kristen French As part of a larger cost-cutting effort, Smith Barney is consolidating some of its branch offices and laying off a number of its branch managers. ... Bank of America Reaches Second Settlement To Buy Back ARSOct 8, 2008,By Registered Rep. Staff Bank of America settled with the SEC and state regulators today over allegations of fraud in connection with the sale of auction-rate securities, agreeing to buy them back from its retail customers at par.... Citigroup, Wells Fargo Still Battling Over WachoviaOct 6, 2008,By John Churchill After a weekend of court battles, Citigroup and Wells Fargo are still battling over who has the right to purchase Wachovia. ... UPDATE 2: Wachovia Hooks Up with Wells Fargo; Citi Says Wachovia In BreachOct 3, 2008,By Kristen French There are some very happy Wachovia shareholders, and advisors, out there this morning. Wells Fargo agreed to acquire all of Wachovia’s operations for $15.4 billion, or about $7 a share, in an all stock deal, the companies announced on Friday--without any help from the government. ... |
Current Issue Promises Will Be BrokenBy Addison Wiggin Are you factoring future Social Security payments into your clients’ financial plans? Bad idea. advertisement
Most Popular Storiesadvertisement Featured Book
Bookstore
|
|||
| Back to Top |
