Big Changes to Variable Annuities Here and More on the WayApr 7, 2009,By Christina Mucciolo In 2001 and 2002, insurance companies began introducing the guaranteed withdrawal benefit, giving VA owners a guaranteed income stream. The current bear market is forcing insurance companies to cut benefits and to increase costs. ... IRS Circling, UBS Bans Travel for Some AdvisorsApr 6, 2009,By John Churchill The United States’ ongoing hunt for tax cheats will be putting a crimp in some clients’ quarterly portfolio reviews. UBS financial advisors who have clients outside of the country where they do business have been instructed to stay put by the firm. ... Citi Smith Barney Head, Michael Corbat, Now Head of “Bad Bank”Apr 6, 2009,By John Churchill Just over six months after he was named the new leader of Citi Global Wealth Management, Michael Corbat is bouncing to another post. Today, the firm named Corbat CEO of Citi Holdings.... Do As I Say, Not As I DoApr 6, 2009,By David A. Geracioti, VonAldo.com Wall Street types might be wise to eat their own cooking. For more, go to VonAldo.com, the new blog by David A. Geracioti, Registered Rep. editor-in-chief.... Congress Is Bad for Business, Stock MarketsApr 2, 2009,By David A. Geracioti, VonAldo.com In today’s Investor’s Business Daily, there is a wonderful quotation from a bank CEO that, I think, neatly sums up the problem caused by an activist government. Go to VonAldo.com, the new blog by Registered Rep. editor-in-chief David A. Geracioti.... No Buyers--Still--For AIG-owned B/DsApr 1, 2009,By Halah Touryalai AIG announced its plan to sell its independent broker/dealers back around October 2008. Six months later, nothing has changed—except that reps we spoke to are even more frustrated. Some say they are ready to bolt.... Bank of America Leading Bank Brokerage in 2008Mar 30, 2009,By David A. Geracioti Bank of America was the number one bank brokerage again in 2008, according to the Bank Insurance Market Research Group (BIMRG). BofA brokerage posted $1,792.9 million in “investment income” in 2008—way ahead of the second-largest, Wells Fargo. ... Trailing 12? Try Trailing Three. Recruiting Bonuses Cool Down.Mar 26, 2009,By Halah Touryalai You know times are tough when recruiting deals are dropping across the board at major b/ds. Sometimes that trailing 12-month bonus is more like trailing three. ... McCarver Wins Award for Losses in Morgan Keegan FundsMar 25, 2009,By John Aidan Byrne FINRA recently awarded $100,000 to baseball broadcaster Tim McCarver related to his losses on Morgan Keegan mutual funds. McCarver invested $400,000 in four closed-end mutual funds and one open-end fund. The funds suffered from the meltdown in subprime mortgage and other collateralized debt securities. ... Regionals Buying B/D Branches, It’s All About AIG, BofA’s ReassurancesMar 25, 2009,By Kristen French This week, Stifel Nicolaus announced it was buying 55 UBS wealth management branches spread across 24 states, which include $15 billion in assets under management, 320 reps and over $100 million in revenue.... Reverse Split? Who Cares? AIG Is the Government’s New Whipping Post and TARP Bank Execs Too; Lehman’s Ebay BlockbustersMar 23, 2009,By Christina Mucciolo Vikram Pandit is making moves. They may not mean much, but he’s making them nonetheless. Citigroup says it’s considering a reverse split of its own stock—a move the New York Times describes as “the market equivalent of giving investors a $10 bill in exchange for two fives.” ... Populism Run AmokMar 20, 2009,By David A. Geracioti, VonAldo.com guess it wins votes: Exploiting the outrage a populace who loves to hate failed Wall Street fat cats. But the vicious moralizing is revealing. What it says about politicians is actually very scary indeed. In case you had any doubts about the purpose of taxes, they are punitive—doled out on whoever (group or industry) is out of favor at the moment. Go to VonAldo.com for more. ... Yet Another Fraud; AIG, Merrill Bonuses Going Going G…; Lehman Brothers Killed by Shorts?Mar 19, 2009,By John Churchill Today, the SEC charged two former top-ranking New York political figures with orchestrating a multi-million dollar fraudulent “kick back” scheme. ... It's A Great Time To InvestMar 18, 2009,By David A. Geracioti, VonAldo.com Bear market rally or the beginning of a new bull market? Please go to VonAldo.com for more.... Congress Is Outraged—Again; Citi’s New CEO?; Meredith Whitney Spews More Venom; and Madoff’s Accountant’s Life Just Got More InterestingMar 18, 2009,By Halah Touryalai More bonus outrage over AIG; Whitney says more pain for Citi; hedge funds closing at record pace.... No Depression In HeavenMar 17, 2009,By David A. Geracioti So sang the great country music pioneer Maybelle Carter of the Carter Family. As the 1936 song goes, “This dark hour of midnight [is] nearing/And tribulation time will come.” Perhaps it’s time to bust out the ‘ole Depression-era songbook. According to a recent survey, the Great Depression is going to happen all over again. So says a CNN/Opinion Research poll released this morning (Tuesday, 17 March). Forty-five percent of the 1,019 adult American respondents say another depression is likely. Not just likely, but will occur within the next year. That’s up from 38 percent in last December’s survey. And, perhaps the Doomsdayers are right. Our new president seems to be making the very same mistakes that FDR’s New Deal made . . . To read more, go to VonAldo.com, the blog of Registered Rep. editor-in-chief David A. Geracioti. ... AIG Smackdown: The Way of the Samurai? TARP is ‘Assinine.’ Pandit’s Comp Attack. Mrs. Ponz’s Many SeacraftMar 17, 2009,By Christina Mucciolo This week, Wall Street is bearish on compensation. Perhaps the most alarming (read hilarious) bit of news was a veritable death sentence for AIG executives issued Monday by Iowa Senator Charles “Chuck” Grassley, who told Cedar Rapids, Iowa, radio station WMT that AIG executives should follow "the Japanese example" by publicly apologizing to the American people and then doing “one of two things: resign or go commit suicide,” reports Dealbreaker. ... The Defined Benefit CrisisMar 16, 2009,By David A. Geracioti, VonAldo.com This article appears on VonAldo.com, Registered Rep. editor David A. Geracioti’s new blog. Geracioti is a devotee of the Austrian School of Economics leading lights Ludwig von Mises and Friedrich von Hayek. VonAldo.com will opine on the financial advisory business via the gimlet eye of free-market libertarianism. Please go to VonAldo.com. ... Which Billionaires Have Fallen on Hard Times? Which Actually Rocked Last Year? What the Forbes Billionaire List Says About the Economy.Mar 13, 2009,By John Aidan Byrne Sandy Weill and Hank Greenberg are no longer billionaires, and the great Warren Buffett took a hit too. But the Forbes annual billionaire's list reaveals that Mayor Mike Bloomberg got richer. ... In the News: Madoff Pleads Guilty; AG Cuomo Says Merrill Mislead Him, UBS Retail Unit Stumbled in ’08, Fund Manager Steve Leuthold Is (Still) Very BullishMar 12, 2009,by John Churchill Is New York AG Cuomo Eliot Spitzer incarnate? How much in client assets did UBS's U.S. retail brokerage lose in 2008? Why is Steve Leuthold still bullish?... Brokers Versus Advisors--SIFMA Wants "Universal," Not Fiduciary, StandardMar 11, 2009,By Christina Mucciolo The current financial regulatory apparatus, all agree (at last), is outdated, having been cobbled together over the decades, beginning after the Great Crash of 1929. Setting aside whether a Glass-Steagall-type law might be resurrected in the wake of the over-leveraged universal securities firm fiasco, will the patchwork rules governing the conduct of Series 7 holders and registered investment advisors, a patchwork that confuses the public, finally be sorted out? Not yet: Broker/dealers and registered investment advisors continue to wage their battle over standards of care. ... Extreme Makeover: SECMar 11, 2009,By Halah Touryalai When you weigh the Securities and Exchange Commission’s manpower, technology and budget against the securities industry’s size and complexity, it’s easy to imagine gaps in the regulatory system. With or without an increased budget, the SEC wants to make up for its shortcomings.... We Are All Fiduciaries; Citi Q1 Starts Strong; Glass-Steagall Comeback?; Meredith Whitney Says Credit Card Crunch NextMar 10, 2009,By Kristen French Are Wall Street financial advisors ready to be held to a fiduciary standard in all of their dealings with clients? Maybe they should be. In a Tuesday testimony about regulatory reform before the Senate Committee on banking, Housing and Urban Affairs, Paul Schott Stevens, President and CEO of the Investment Company Institute, recommended ... Trust An Advisor?Mar 9, 2009,By David A. Geracioti The Madoff Effect helping DIY online brokers and Citi’s “gift card” bonus to top brokers back firing? ... Federal Regulator For Insurance Firms? Barney Frank says Yes.Mar 6, 2009,By Halah Touryalai House Financial Services Committee Chairman Barney Frank, D-Mass., gave insurance lobbying groups something to argue about yesterday. In a press conference about financial regulatory reform, Frank said he wants lawmakers to create an optional federal charter (OFC) for insurance companies. Such an OFC would allow all insurance companies to opt to be regulated by a federal authority—creating an SEC-like overseer for insurance firms. Currently, insurance companies are regulated by individual state regulators in the states where they operate. ...
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Blogs & OpinionGet the latest from Registered Rep. Editor-in-Chief David A. Geracioti on his blog Von Aldo.
Get the latest from Registered Rep. Managing Editor Kristen French on her blog The Reformation.
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