UBS Brokerage Unit Turning the Corner?  

Jul 28, 2010,

By John Aidan Byrne

The "turning point" in client fund outflows is about to appear for UBS Wealth Management Americas, UBS Chief Financial Officer, John Cryan, said today, as the brokerage business of the Swiss banking giant showed an underlying profitability of $72 million in the second quarter. Outflows at the Americas unit, led by CEO Bob McCann, were $2.47 billion compared with $6.8 billion in the first quarter....

Overtime Suits Resurface, This Time for Independent Reps  

Jul 27, 2010,

By Halah Touryalai

The man who led the overtime wage battle against wirehouses (and won millions for reps) is now making the argument against the largest independent broker/dealer in the nation, LPL....

An ETF Commission War Is Brewing 

Jul 23, 2010,

By Brad Zigler

There’s something afoot in the ETF space that’s going to challenge reps and advisors to create value-for-money propositions for their services. In case you haven’t noticed, suites of commission-free ETFs are now being offered by a number of brokerages....

Raymond James Financial and Wells Fargo Retail Brokerage Units Hang In There  

Jul 22, 2010,

By Christina Mucciolo

Raymond James and Wells Fargo Advisors report decent results in a tough environment. ...

Assets, Advisors Decline at Morgan Stanley Smith Barney in Q2  

Jul 21, 2010,

By Jerry Gleeson

Morgan Stanley said today in its earnings report that it is making “continued progress” on its integration with Smith Barney, but declines in assets and headcount suggest it may be feeling the pain of client and advisor departures. Total retail net new assets in the Global Wealth Management Group were down $5.5 billion in the second quarter, with an inflow of $2.4 billion in international assets offset by sharply higher domestic outflows of $7.9 billion. The global rep census was 18,087, down just under 2 percent from the second quarter of 2009; annualized revenue per advisor was $679,000, up 1 percent from a year ago but down 1 percent sequentially....

The Social Security Flip 

Jul 21, 2010,

By Kevin McKinley

In the current economic environment one of the greatest challenges faced by financial advisors is how to boost income for retired, risk-averse clients....

Consultant: Profit Growth Poses New Challenges for Asset Managers  

Jul 20, 2010,

By Jerry Gleeson

Cutting costs can be quick and easy, but it isn’t a guarantee that you can grow profitability, according to a new report by Boston Consulting Group. Asset managers that BCG tracked in 34 major markets around the world for its study, “In Search of Stable Growth: Global Asset Management 2010,” were able to reduce expenses last year by an average of 7 percent. Yet operating margins were off by 19 percent and net revenues fell by 11 percent. In tough times, the gap between top performers and those further down the scale widens, Boston Consulting Senior Partner Monish Kumar said today at a press program in New York City to discuss the results. The top 20 percent of managers produced 88 percent of net sales last year, while holding just 23 percent of AUM, the report said....

Edward Jones, RBC top J.D. Power investor survey  

Jul 19, 2010,

By Jerry Gleeson

Edward Jones topped annual investor satisfaction rankings compiled by J.D. Power and Associates for the second consecutive year, with RBC Wealth Management a close second, according to the study released yesterday. (See how they rated.) Overall investor satisfaction with the dozen companies in the study was markedly higher this year, although the survey also showed that investors increasingly believe that investment firms are more focused on profits than on customer satisfaction....

A Mixed Second Quarter for Merrill, Schwab  

Jul 16, 2010,

By Jerry Gleeson

Second-quarter earnings results posted today by Merrill Lynch and Charles Schwab Corp. offered a mixed picture to financial advisors hoping for a stronger recovery. ...

UBS Launches New Wealth Planning Unit  

Jul 16, 2010,

By John Byrne

UBS Wealth Management Americas has launched a newly-created unit known as wealth planning and investment strategies, according to an internal memo at the firm. ...

Goldman Sachs Agrees To Record $550 Million Abacus Settlement  

Jul 15, 2010,

By Kristen French

Goldman Sachs agreed Thursday to pay a record $550 million to settle charges that it committed fraud when it misled investors in its Abacus subprime mortgage CDO deal, sold to institutional investors. The settlement is the largest the S.E.C. has ever leveled at a Wall Street firm in its history, said enforcement director Robert Khuzami in a press conference. ...

In Final Vote, Senate Passes Wall Street Reform 60 to 39  

Jul 15, 2010,

By Kristen French

The Senate voted 60 to 39 Thursday afternoon to pass the Wall Street regulatory reform bill. The bill, which has been the subject of intense debate for months, now goes to President Obama for his signature....

LPL Acquires Retirement Broker/Dealer  

Jul 14, 2010,

By Halah Touryalai

LPL continues its growth streak with the acquisition of assets from National Retirement Partners, a California based broker/dealer. ...

How I Fixed My Business 

Jul 14, 2010,

By Anne Field

Over the years, we’ve offered expert advice to financial advisors with business problems to solve in the Fix My Business column. We thought it was time to check back in with some of the advisors we counseled to see how they fared. ...

BOMs Work More, Earn Less  

Jul 13, 2010,

By Susan Konig

Used to be that plenty of FAs hoped one day to become branch managers. That was then....

The Rise of the Super OSJ 

Jul 12, 2010,

By Christina Mucciolo

Super OSJs are increasingly taking over the supervisory burden and providing other back-office and business services for breakaway advisors....

Fiduciary BDs Could See Higher Insurance Bills  

Jul 9, 2010,

By Jerry Gleeson

Will a broader application of the fiduciary standard be accompanied by higher insurance costs? Some broker/dealers are bracing for the possibility. ...

For 401k Advisors, Comp Models Must Change 

Jul 8, 2010,

By Michael Stillman

New regulation under ERISA section 408(b)(2) is expected to be released in the fall of 2010 and take effect in 2011. One key consequence of these regulations is level pricing for financial advisers (FAs) who provide services to 401(k) plans. ...

Compensation 2010. Crisis? What Crisis? 

Jul 7, 2010,

By David A. Geracioti

Though 2009 comp was way off from 2008, on average, financial advisors' compensation has, for the most part, returned to pre-crash levels. Expectations are high for a resumption of growth for 2010....

Top Crusading SRI Funds To Invest In 

Jul 6, 2010,

By Stan Luxenberg

Socially responsible funds all seek to invest in businesses that are good corporate citizens. But the funds rarely agree on which stocks pass the test. The Gulf oil spill has served to highlight the differences in strategies. ...

Will Your Clients’ Money Last Through Retirement? Researchers Find Answers In Genes  

Jul 2, 2010,

By Jerry Gleeson

It’s the unanswerable question every investor eyeing retirement, and his financial advisor, seek an answer to—How many years do I have to live? New genetic research may narrow the variety of possible answers to that question significantly. ...

New Technology Lets MetLife Love The Little Guy  

Jun 30, 2010,

By Jerry Gleeson

MetLife is making new inroads with what some call the “mass retail” investor segment. Six months after launching a platform that welcomes clients with as little as $10,000 to invest, the MetLife Broker-Dealer Group has accumulated $160 million in AUM on that platform, says Jeffrey Wilk, vice president of Investment and Advisory Product Management. ...

Clients, Though Mostly Satisfied, in the Dark about FA Fees, Says Study  

Jun 30, 2010,

By Christina Mucciolo

“Most brokers want to do right by their client, but there is a difference between doing right by their client and acting in their best interest.” ...

The New Sheriffs In Town 

Jun 29, 2010,

By Halah Touryalai

Under reform legislation, RIAs with less than $100 million in assets will no longer be regulated by the SEC. State regulators will step in. Will states be more successful than the SEC?...

Investors More Sophisticated, but Still Buying and Selling at Wrong Times  

Jun 28, 2010,

By Stan Luxenberg

In recent years, shareholders have become smarter fund shoppers. But too many still buy and sell at the wrong times, says Don Phillips, Morningstar’s managing director....

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In This Issue: September 2010

Cover Story

Outgrowing The Series 7

When the 7 becomes more of a burden than a benefit.



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