FINRA Frisks Select B/D RIAs 

Jan 22, 2009,

By Christina Mucciolo

B/D RIAs have come under fresh scrutiny post Madoff. ...

Thain Departs BofA—An $87,000 Rug? Say It Ain't So, John! Client AUMs Fall By 30 Percent In 2008 

Jan 22, 2009,

By John Churchill

John Thain, former CEO of Merrill Lynch and the man who engineered the sales of the storied Wall Street firm to Bank of America in September, is leaving the combined firm "immediately," according to a report from CNBC. ...

Dropping Client Assets And Jet Fleets 

Jan 21, 2009,

By Christina Mucciolo

Citigroup, which reported a whopping $8.29 billion fourth-quarter loss on Friday, should take a harder look at its balance sheet. ...

Citi's Global Wealth Mgt Unit: Retail Clients Flee; Merrill Drags Down 

Jan 16, 2009,

By John Churchill

Everybody knows that Citigroup announced yesterday it was putting itself out of its misery. ...

Schapiro’s Replies: Blame The SEC—Not FINRA—For Madoff 

Jan 15, 2009,

By Karen Donovan

It wasn't my job, man....

Are We Mostly Crooks? High-Flying Fraudster (Literally) Equals More Bad Publicity For Financial Advisory Profession 

Jan 14, 2009,

By John Churchill

Marcus Schrenker is no Bernie Madoff, that's true. ...

Schapiro, FINRA Head And Obama's SEC Chair Selection Head To D.C. Tomorrow For A Confirmation Hearing 

Jan 14, 2009,

By Karen Donovan

Mary L. Schapiro heads to Capitol Hill tomorrow morning for the hearing on her Senate confirmation as President-elect Barack Obama's nominee to chair the U.S. Securities and Exchange Commission. ...

Citi, Morgan Stanley Agree To Form Joint Venture; Reps Will Receive Retention Bonus—Gorman Says: “We’re Not Stupid” 

Jan 13, 2009,

By David Geracioti

It’s official: Morgan Stanley will pay $2.7 billion to acquire a 51 percent stake in Smith Barney, Morgan Stanley and Citigroup management told Registered Rep. this afternoon. The agreement was signed today. The deal will close in about six months, says Morgan Stanley Co-President James Gorman. ...

Citi Grabs a Lifeline, Morgan Stages a Coup 

Jan 12, 2009,

By Halah Touryalai

Despite a $45 billion capital injection from the government in 2008, Citi is in dire enough need of capital that it is planning to spin off its retail brokerage operation, Smith Barney, according to reports, in a joint venture with cross-town rival Morgan Stanley. At least one analyst says Citi also hopes the deal will save Smith Barney, where disgruntled advisors and clients are said to be exiting. ...

Citi: What Sandy Built, Pandit Will Dismantle? 

Jan 9, 2009,

By David Geracioti, and staff

So much for Citi CEO Vikram Pandit’s endorsement of the universal banking model. ...

Motion To Dismiss In Arbitration? Not So Fast. 

Jan 8, 2009,

By Halah Touryalai

Firms and advisors facing disputes in arbitration will have a tougher time getting the case dismissed thanks to a new dispute resolution rule, FINRA announced today....

Sontag Takes McCann’s Job At Merrill 

Jan 6, 2009,

By John Churchill

Dan Sontag has replaced Robert McCann as head of Merrill Lynch’s brokerage unit. ...

Merrill’s McCann Clashed With Thain 

Jan 6, 2009,

By John Aidan Byrne

On Monday, Bob McCann, a popular Merrill veteran who led the firm’s 16,850-person “thundering herd” of brokers, resigned. ...

Calling All Outstanding Advisors 

Jan 6, 2009,

By David A. Geracioti

We present our annual Outstanding Advisor Awards each May, but we’re always on the lookout for charitably inclined financial advisors. ...

AIG Bailout Unconstitutional? 

Dec 23, 2008,

By Halah Touryalai

There have been plenty of arguments against the government bailout of AIG, but religion would appear as an unlikely one. ...

Merrill Tweaks Grid; Lowers It For Smaller FAs 

Dec 19, 2008,

By Christina Mucciolo

Merrill Lynch executives Dan Sontag, head of Americas Wealth Management, and John Hogarty, COO, released the 2009 Financial Advisor Comp Plan yesterday afternoon. ...

Have Arthur Levitt's Words Come Back to Haunt Him? 

Dec 16, 2008,

By Bill Singer

Mark DeCambre and Kaja Whitehouse published a story today in the New York Post titled: “Ex-SEC Boss: Not My Fault,” which opened a window onto the thoughts of those charged with regulating Wall Street. ...

SEC Finalizes $30 Billion ARS Settlement With Citi And UBS 

Dec 11, 2008,

By John Churchill

Today the SEC resolved charges against Citi and UBS alleging that the two firms misled investors about liquidity risks related to auction-rate securities. ...

AIG Executives: Fat Cats Or Valuable Management Worth Keeping? 

Dec 4, 2008,

By David A. Geracioti

Giving bonuses to company executives of a bankrupt, government-rescued company, now that’s a story most news organizations dream about. After all, nothing plays better than outrage—especially when you can play the greedy fat-cat theme, too. So, on its surface, AIG’s handing over $3 million to executives would seem absolutely outrageous. With all due respect to our friend Paul Tharp, the veteran newsman over at the New York Post, we think he miffed the angle of his story yesterday. He should have looked under the obvious story line for mitigating circumstances....

RIA Consolidators Going After Wirehouse Reps 

Dec 2, 2008,

By Halah Touryalai

RIA holding companies are opening their arms to welcome wirehouse advisors. Not just garden variety reps, but the cream of the crop: those who have significant assets under management and heavily fee-based books....

Fido Poaches Schwab RIA Executive 

Nov 25, 2008,

By Brooke Southall

Fidelity Investments was negotiating a contract with the former head of Schwab’s advisor business long before he was allegedly squeezed out due to corporate restructuring at the San Francisco company....

Citi Has A Thirst For Capital; One Research Group Says Buy 

Nov 21, 2008,

By David A. Geracioti

Pop culture, at the moment, is awash with movies, cable-T.V. shows and novels about modern-day vampires—the undead—trying to control (or indulge) their thirst for human blood. ...

Schwab Re-Org Combines RIAs With Retirement Biz 

Nov 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 Deadline 

Nov 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 Time 

Nov 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. ...

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The American Dream Planner is designed to develop and stress- test wealth accumulation, management and transfer choices. The software accepts unlimited investments, tax deferred accounts, real property and business interests, income and expenses. Plans can include Trusts (Bypass, Marital, ILITs, CRTs, GRATs), SCINs, marketability and minority interest discounts and other techniques with income, gift and estate tax calculations. Data rich and interactive pie, line and bar charts and tabular data and mail merge provide a source for customizable reports. All versions can share encrypted data. The Personal Edition is intended for individuals with current estates of less than $3-5M. ...


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