NASD Fines B/D for Account Transfer ChargesOct 26, 2006,By Kevin Burke On Thursday, the NASD slapped a small independent broker/dealer with a $50,000 fine and sanctions for overcharging more than 1,500 customers who decided to follow their brokers to another firm... Another One Bites the Dust: Broker Fined Record Amount for Market-Timing SchemeOct 25, 2006,By Halah Touryalai The NASD today made a statement: Brokers who try to game the system will be severely smote. Today the NASD fined Paul Saunders, a registered rep, CEO and majority owner of James River Capital Corporation (JRCC) in Richmond, Va., $2.25 million. That sum represents the largest fine against an individual for marketing timing, including disgorgement of about $750,000 in illegal profits.... Fiduciary Flap Trips Up CFP BoardOct 25, 2006,By John Churchill and Kristen French The rift in the investment-advisor industry came into sharp focus Tuesday, when the CFP Board announced that it has put off making proposed changes to its Code of Ethics until January 2007 in order to consider the heated reactions of industry members. The flap over the board’s Code of Ethics has been ongoing since the proposed changes were announced in late July. But, really, this is just the latest scuffle in an ongoing battle over the differing legal responsibilities that investment-advisor reps and registered reps have to clients—in other words, over the broker/dealer exemption (a.k.a. the Merrill Lynch rule) and the term fiduciary.... Opulence (and a Wee Bit of Strife) at FPA Confab in NashvilleOct 23, 2006,By John Churchill Education and networking were on order at the annual Financial Planning Association conference in Nashville, Tenn., this weekend. But inside the garish, biosphere-like Gaylord Opryland Resort and Convention Center outside Nashville, larger philosophical issues loomed.... Retail Brokerage Has Strong Third QuarterOct 17, 2006,By Kristen French The third quarter shaped up pretty well for the retail brokerage divisions of the big Wall Street firms. Despite a continued rough market environment in June through August—with gains of just 1 percent on the S&P 500 and the Dow Jones Industrial Average, and a 2 percent loss on the NASDAQ—the retail client didn’t take his money and run.... Divorce Is For AdvisorsOct 11, 2006,By David Geracioti In our litigious times, prenuptial agreements are becoming "wackier" and more prolific than ever. Some husbands, according to a survey by the American Academy of Matrimonial Lawyers and described by the New York Post, are even spelling out "how much sex they want and how much weight their wives are allowed to gain . . .." Of course, lawyers say good luck enforcing some of these stranger prenups.... Gaps in Philanthropic Services to Wealthy Are Opportunities for AdvisorsOct 10, 2006,By John Churchill Ever since Warren Buffett announced his intention to give away a massive chunk of his fortune in June, advisors say they have noticed an increased enthusiasm for philanthropy among wealthy investors. But that enthusiasm may not be finding adequate outlets. A new survey of the wealthy finds that the first links in the giving chain—financial advisors and nonprofit organizations—don’t communicate effectively with potential philanthropist clients.... Citigroup Wins Long, Strange CAP BattleOct 4, 2006,By John Churchill Another assault on deferred compensation fails. After going two for three in a unique tug of war involving both the arbitration and court systems, former Smith Barney broker James McCarthy is likely throwing in the towel in three-year fight for money left in his deferred-compensation plan.... How the Pension Bill Will “Kick-Start” 529 SalesOct 3, 2006,By Kristen French For most financial advisors, the 529 College Savings has never been an easy sell or a big moneymaker. But, in the past six weeks, Bradley Pace, president of Pace Capital Management, says he’s had about 70 potential clients fill out applications for 529 plans following his seminars. “That’s more than I typically do in a year,” he says. He has also opened new 529 plans for his two daughters, he says.... Merrill Hands Over Mutual Fund Reins to BlackRockOct 2, 2006,By Kevin Burke The biggest asset-management deal in history officially closed today. BlackRock, the nation’s third-largest bond fund manager, said it has completed its takeover of the asset-management arm of Merrill Lynch; the union is one of the world’s largest asset managers—and the largest publicly traded asset manager on the New York Stock Exchange—with nearly $1.1 trillion in assets.... Merrill Appoints New Board MembersOct 2, 2006,By Kevin Burke Merrill Lynch announced Monday that it has elected two new members to its board of directors, one of whom is a British human rights activist. The move, effective on Oct. 1, is likely geared toward alleviating some of the pressure from its ongoing discrimination claims brought by women and African-Americans.... Stan O’Neal: Call Your Managers in BrazilSep 29, 2006
On a Brazilian beach, a Merrill Lynch private banker is caught on a video in flagrante delicto with an MTV personality and former girlfriend of soccer great Ronaldo. Do you think this will help the Merrill’s broker business or hurt it? (Stupid question.)... Women on Wall Street Still Fighting DiscriminationSep 27, 2006,By Angela Covo Less than 10 years after they settled the infamous “boom-boom room” case, Smith Barney is being sued for discrimination again. ... Asking the Tough Questions—For Your Clients’ SakeSep 26, 2006,By Halah Touryalai What questions do you dread when you are exploring a client’s financial needs? The Dow Jones Wealth Management Advisory Council—which is made up of eight wealth managers and one industry consultant—recently unveiled what it believes are some of the toughest issues for wealth managers to discuss with clients. ... Will Amaranth Debacle Curb Enthusiasm for Hedge Funds of Funds?Sep 20, 2006,By Kristen French News of colossal losses at one of the largest hedge funds in the U.S., Amaranth Advisors, throws yet another cloud over the alternative investments.... Merrill’s O’Neal to Be Deposed for Discrimination SuitSep 19, 2006,By John Churchill Stanley O’Neal, chairman and CEO of Merrill Lynch, will be deposed on Nov. 1 in New York as part of the discovery phase in a race-discrimination suit filed by one of the firm’s black brokers.... Sun Life Attracts Suitors in Effort to Unload MFSSep 18, 2006,By Kevin Burke MFS Investment Management, long rumored to be on the auction block due to lagging profit margins, middling performance and increasing regulatory demands, could be mere days away from a blockbuster merger with another large asset-management firm, according to published reports.... NASD Fines Securities America for Failure to SuperviseSep 14, 2006,By Halah Touryalai The NASD has fined Securities America $2.5 million for failing to supervise an advisor who allegedly lured clients into early retirement with exaggerated promises of high returns.... Merrill Opens More Boutique Branches For Ultra Wealthy; Now Recruiting Private BankersSep 14, 2006,By Kevin Burke Merrill Lynch launched on Wednesday a new “wealth management center” in New York, as part of a larger effort to capture market share in the ultra high-net-worth advice business.... Morgan Joins Inter-Brokerage TRO PactSep 13, 2006,By Halah Touryalai Morgan Stanley has officially opted to join the inter-brokerage pact, first created in the fall of 2004, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them—as long as they are moving to another firm named in the pact. ... The Wealthy Rank the Brokerage IndustrySep 13, 2006,By John Churchill Every brokerage firm is courting wealthy clients, and many of them say that serving the wealthy is what they do best. So just how are these firms doing? A new study based on high-net-worth customer opinions reveals a surprising mix of success and failure at 20 of the most prominent brokerage firms.... An Offer They Can’t RefuseSep 8, 2006,By Halah Touryalai UBS is doing all it can to hold onto as many of the advisors at newly acquired Cleveland-based McDonald Investments as possible—beginning with a retention package that will be hard to refuse. ... Merrill Discrimination Suit Moves Forward After Failed Settlement TalksSep 8, 2006,By Halah Touryalai The racial-discrimination suit against Merrill Lynch is under way again after settlement talks between African-American brokers and the firm came to a halt in early June.... Male-Bashing at Mother Merrill?Sep 8, 2006,By Kevin Burke Blas Catalani, a former sales manager at Merrill Lynch’s San Antonio office, is suing a female ex-broker and her lawyer on grounds that the two women conspired to get him fired.... UBS Buys Another BrokerageSep 6, 2006,By John Churchill With the ink still drying on its deal to purchase Piper Jaffray’s brokerage arm, UBS announced today it will now buy Cleveland-based McDonald Investments, KeyCorp’s brokerage unit.... |
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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