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.... CFP Board Approves Tighter Code of EthicsMay 31, 2007
Today the Board of Directors of the Certified Financial Planning Board of Standards Inc. (CFP Board), which controls the CFP designation, approved a second round of revisions to its code of ethics that were proposed in March, essentially strengthening the duty of care CFP certificants must use with regards to their clients. ... 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.... Smith Barney's Krawcheck to Smooth Out Comp. PlanMay 29, 2007,By Kevin Burke Smith Barney’s top executive last week told the firm's army of more than 13,000 financial advisors that she will tweak the brokerage giant’s new compensation plan in an attempt to address their repeated complaints over its complexity and, in some cases, unfairness.... Spitzer Forms Panel to Clean up NY RegulationMay 29, 2007,By Kristen French In his new role as New York governor, Eliot Spitzer is joining forces with those he used to terrorize—Wall Street chief executives—to modernize financial services regulation in the state, the Financial Times reports. Spitzer is forming a panel with the executives, as well as with lawyers, consumer groups and regulators to streamline regulations and make New York more competitive with London, without sacrificing investor protection. The committee will be chaired by Eric Dinallo, the New York insurance superintendent, and will seek to simplify regulation of insurance companies state-chartered banks and securities dealers. ... Mother Merrill Reshuffles Management TeamMay 23, 2007,By Kevin Burke Merrill Lynch today announced a firm-wide reorganization that introduces a new reporting structure while silencing rumors that retail brokerage head Bob McCann may have been on his way out.... Sick DaysMay 22, 2007
Does Merrill Lynch have an employee attendance problem? Nah, Mother Merrill may have been too generous, is all. The firm recently announced a new sick-day protocol that, upon first blush, appears to be rather severe. Gawker.com, the pop-culture gossip blog for hip New York professionals, has posted what it describes as a bona fide internal memo sent by an employee that outlines Merrill’s “amended” policy on employee sick days. The amended policy was made affective on May 14.... Schwab Institutional President "Retires"May 21, 2007,By Halah Touryalai Deborah McWhinney, president of Schwab Institutional, retired this morning at the age of 52, something communicated to the firm’s advisors and employees via a trio of e-mails--first from Schwab chairman and CEO Charles “Chuck” Schwab, then from Deborah McWhinney herself, and finally, from Schwab COO Walt Bettinger.... Massachusetts Enforces Rules On Use of Senior DesignationsMay 17, 2007,By Halah Touryalai This week Massachusetts fired a round in the new regulatory war waged by state securities regulators against the use of senior designations to commit senior fraud. The Massachusetts State Securities Division adopted the nation’s first regulation requiring advisors to advertise only accredited credentials, or credentials that can clearly demonstrate that they call for meaningful expertise, when offering financial advice to elderly clients.... “Merrill Lynch” Rule Dead, But SEC to Ask for TimeMay 14, 2007,By John Churchill The SEC isn’t going to fight the March 30 D.C. Court of Appeals ruling that vacated Rule 202, the broker/dealer exemption (a.k.a. the Merrill Lynch rule)—they’re just asking for a little mercy for firms that have to adjust. The securities industry still hopes that the SEC will somehow come up with a new plan to keep the fee-based brokerage account (or something like it) from coverage by the Investment Advisers Act of 1940, which mandates that to offer financial advice, you have to be a fiduciary.... NASD Chair Sees Better Oversight of New ProductsMay 14, 2007,By Kevin Burke WASHINGTON, D.C. – Speaking at the 49th annual Investment Company Institute general membership meeting, NASD Chairman Mary Shapiro told mutual fund executives she sees better regulation of investment products as a result of the expected merger of the NYSE and NASD regulatory bodies. While this potentially is better news for investors, purveyors of mutual funds may find themselves in the crosshairs when bringing more nuanced products to market.... SEC Impostors on the LooseMay 10, 2007,By Kristen French Crooks come in all shapes and sizes—even, apparently, in the guise of SEC examiners and staff. The SEC issued an alert Thursday to securities industry firms, warning them to keep an eye out for impostors—individuals pretending to work for the SEC. Not the most menacing of disguises, you might think. But on the other hand, regulatory fines and bars can hurt. ... At Annual Confab, ICI Chairman Defends Mutual Funds’ Fees; Bogle Shakes His HeadMay 10, 2007,By Kevin Burke WASHINGTON, D.C. – Speaking at the Investment Company Institute’s general membership meeting here today, Chairman Martin Flanagan told attendees that legislators’ concerns over mutual fund fees, particularly in 401(k) plans, may be misplaced. Such remarks left Jack Bogle, the industry’s scold and founder of Vanguard, who was in the audience, shaking his head. ... Morgan Stanley to pay $7.96 Million for Best Execution FraudMay 9, 2007,By Christina Mucciolo Today the Securities Exchange Commission announced Morgan Stanley will pay $7.96 million and penalties to settle the SEC’s charges against the firm for failing to provide best execution to clients. More specifically, the SEC charged Morgan with undisclosed mark-ups and mark-downs on certain retail over-the-counter orders processed by its automated market-making system, as well as delayed execution of other retail OTC orders.... Smith Barney Closes a Few Offices, Prepares to Consolidate OthersMay 7, 2007,By Christina Mucciolo Smith Barney has begun the job of consolidating some branch offices, as part of a larger cost-cutting program in the works at parent Citigroup. Sources close to the firm say Citi’s retail broker/dealer arm has closed 5 satellite branches outright in Georgia and Florida, and plans to combine 40 branch offices into others. Branches will be consolidated all over the country, but the majority of these consolidations will be concentrated in the Southeast. About 30 financial advisors will depart for sure, out of a total at Smith Barney of 13,100, and 80 Smith Barney employees. ... More Millionaires Investing on Their Own, Study SaysMay 6, 2007,By Christina Mucciolo There are a lot of millionaires in the U.S.. More than ever, in fact, according to recent research published by London-based market research firm TNS. But are they turning to financial advisors for help? Well, yes, and no. ... Fund Shareholders to Advisors: We Need Ya’, Big GuyMay 3, 2007,By Kevin Burke If you’re a rep who sells mostly mutual funds, you may sometimes wonder whether you’re adding enough value to justify your fees... SEC Fines A.G. Edwards for Failure to SuperviseMay 2, 2007,By John Churchill Add A.G. Edwards to the long list of firms that have been fined by the SEC for long-ago failures to supervise brokers who deceptively market timed mutual funds. ... It’s Not About the MoneyMay 2, 2007,By Kevin Burke Most financial advisors don’t switch firms for better compensation or a big signing bonus. They’re more interested in finding places that will give them good support for their practices. A new report shows the highest paid reps aren’t necessarily the happiest reps.... To Appeal or Not to Appeal? SEC Feels Heat Over Pro-FPA Court RulingApr 26, 2007,By John Churchill The SEC is feeling lobbyist pressure from both sides as it prepares to either appeal or let stand the March 30th ruling by a Federal Court of Appeals that vacated the “Merrill Lynch” rule.... Hydie Sumner Fired by WachoviaApr 26, 2007,By Halah Touryalai Hydie Sumner’s ongoing battle with Wall Street took a new twist on Wednesday. It’s been ten years of legal wrangling with her former employer, Merrill Lynch. But today it’s another firm at the center of the Sumner drama—Wachovia Securities, which fired her yesterday.... Women Win Another Round: Morgan Stanley to Pay $46 million in Gender Discrimination SettlementApr 25, 2007,By Halah Touryalai Wall Street: zero. Women: five. Or is it six? It’s not easy keeping track of the gender discrimination suits filed by female advisors against their firms over allegedly piggish working environments. (Well, wait, it’s not always women filing gender discrimination suits.)... At Last: Pilgrim Baxter Shareholders To Get ‘Market-Timing’ RestitutionApr 23, 2007,By Kevin Burke The SEC said today that it will distribute $125 million to more than 254,000 investors who were harmed by trading abuses in the PBHG Funds. The move is the first in a series of three disbursements from the Fair Fund coffers that will pay out $267 million to over 384,000 affected PBHG Funds shareholders. The payment comes about three-and-a-half years after Spitzer blew the whistle—indicating just how difficult it was to determine who was defrauded out of how much. ... Lawyer Claims U5 Defamation Claim Tossed Before it Was TriedApr 20, 2007,By Kristen French The lawyer for a former Merrill Lynch broker has accused an NASD arbitrator of deciding a key part of the broker’s case before he even had a chance to offer his arguments. ... Chuck Prince: Smith Barney Goin’ NowhereApr 18, 2007,By Halah Touryalai At Citigroup’s three-hour shareholder meeting Tuesday, CEO Chuck Prince made it clear he has no intention of selling Smith Barney.... |
Current Issue Promises Will Be BrokenBy Addison Wiggin Are you factoring future Social Security payments into your clients’ financial plans? Bad idea. advertisement
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