ICI Skipper Sounds the Alarm On Retirement Savings 

May 17, 2006,

By Kevin Burke

With Social Security careening toward insolvency and defined-benefit plans falling by the wayside, baby boomers collectively are ill prepared for their coming retirement. Getting more folks committed to 401(k) enrollment at a younger age is crucial,...

Overtime Suits Are All the Rage 

May 17, 2006

Registered Rep.’s May cover story on the battle between brokers and their firms about overtime pay seems to be having a ripple effect. Last week, The Boston Globe reported that Smith Barney was facing an overtime suit filed by a Milton, Mass., advisor who claims he routinely worked 70 to 80 hours per week without overtime pay....

Monster Arbitration Ruling Against Ameriprise Unit 

May 17, 2006,

By John Churchill

An NASD Arbitration panel awarded 32 retired Exxon employees a total of $22 million in damages for losses suffered when their broker put most of their savings in variable annuities and B-share mutual funds....

Getting the Big Picture: Managing the Finances of Art, Antiques and Other Collections 

May 17, 2006,

By Kristen French

An often-overlooked area of estate planning is the financial management of a family’s art, antiques and other collectibles. But the financial advisor who works this into his practice can help his clients save millions of dollars, potentially end up with additional assets to manage and get to know the next generation....

Ryan Beck Readies IPO Number Two 

May 15, 2006,

By Kevin Burke

Ryan Beck wants its own ticker symbol. And who can blame the tiny regional brokerage after the recent wave of IPO successes enjoyed by rival U.S. brokerage houses?...

Is Dain Rauscher the Next Brokerage Buyer? 

May 12, 2006,

By Halah Touryalai

John Taft, chief executive of RBC Dain Rauscher, is aiming to have to 2,500 brokers within five years, and sees acquiring another brokerage unit as one of the way to reach his goal....

Morgan Stanley Cuts 500 Trainees 

May 10, 2006,

By Kristen French

Morgan Stanley announced Wednesday in an internal memo that it is firing 500 financial advisor trainees and redesigning its training program....

Where 401(k) Providers Fail, Advisors Can Succeed 

May 10, 2006

Advisors have a great opportunity to build up their retirement rollover business because so many recent retirees are unhappy with their old plans, according to a survey released this past week....

In Memoriam: Vincent Cantella, Founder of Cantella & Co. and Former Boston Stock Exchange Chairman 

May 9, 2006

Vincent Cantella, a son of Sicilian immigrants who grew to become a legend in Boston’s financial-services community, died May 4 at the age of 89, the Cantella & Co. said in a statement yesterday....

UBS Posts Strong Gains and Says Hunger for Brokerage Firms Unfulfilled 

May 5, 2006,

By John Churchill

In reporting record first-quarter profits yesterday, UBS expressed interest in following up its recent acquisition of Piper Jaffray’s brokerage unit with more purchases...

Beating the High Cost of Personal Insurance 

May 3, 2006,

By Kristen French

If you are a wealth manager who caters to doctors, real estate developers or jet owners, you ought to know about captive insurance. It’s a small-but-growing area of personal insurance that can provide cheaper coverage than standard plans....

Merrill’s Japanese Venture Opens Its Doors…Again 

May 2, 2006,

By Kevin Burke

Merrill Lynch has teamed with Japan’s Mitsubishi UFJ Financial Group. Yesterday, the two behemoths launched a private banking unit armed with 150 financial advisors....

Independent B/Ds: Cautious Optimism 

Apr 27, 2006,

By John Churchill

Independent broker/dealers gathered in “Hot-lanta” at the Buckhead InterContinental Hotel for the SIA’s Second Annual Independent Firms conference on Tuesday, but, despite the beautiful weather, the usual clouds lingered....

What an Indie FA Wants 

Apr 26, 2006,

By Kevin Burke

Independent advisors require a vastly different level of support from money managers and their field forces than their wirehouse and bank rep counterparts, according to newly published research from Financial Research Corp....

Merrill Launches ‘Leadership’ Magazine 

Apr 24, 2006,

By Kevin Burke

Merrill Lynch is launching a new career-development magazine geared toward executive leadership in corporate America. Entitled 360 Degrees and published by Spot On Media, the first edition is expected to hit the presses in the coming weeks....

Don’t Know What SRI is? It’s Time to Learn 

Apr 24, 2006,

By John Churchill

For many investors, incorporating personal values into a portfolio is a must, and socially responsible investing (SRI) is a way to do that. If you don’t know what SRI is, or only have a vague idea, it turns out you’re in good company. Most registered investment advisors (RIAs) don’t know either, and because of it they’re missing a big opportunity with their clients....

New Morgan Hire to Advance Dean Witter Integration 

Apr 20, 2006,

By Kristen French

James Gorman, the Merrill Lynch defector who, since February, heads the retail brokerage unit at Morgan Stanley, continues to build his leadership team. Gorman announced in a memo to employees on Thursday that Donald Herrema will join the company on May 1 as the head of Private Wealth Management Americas, the U.S. and Latin America division of the old Morgan Stanley institutional group; that group focuses the ultra-rich, clients with $20 million and up. Herrema will also become president of Morgan Stanley Trust Company, where he will focus on further expanding the firm’s trust service offerings. ...

Fidelity Wins California 529 Plan; Replaces TIAA-CREF 

Apr 20, 2006,

By Kristen French

In the battle over California’s 529 college savings program, Fidelity Investments provisionally beat out the Vanguard Group to replace TIAA-CREF as the provider this week. TIAA-CREF had been running California’s ScholarShare College Savings program since its inception in 1999, but its contract expires Oct. 21. Unlike TIAA-CREF, Fidelity offers a broker-sold option....

Rewarding Advice 

Apr 19, 2006,

By John Churchill

Advisors bent on serving the rich might consider taking an occasional look at the middle-class market. Consider this: Median net worth from 2001 to 2004 rose only 1.5 percent to $93,100, according to the Fed’s Survey of Consumer Finances, and the future appears gloomy. Last year, the country had a negative savings rate—minus .5 percent—for the first time since the Great Depression....

Merrill’s Brokerage Earnings Up 

Apr 19, 2006,

By Kevin Burke

retax earnings at Merrill Lynch’s global private client group (GPC) rose 27 percent in the first quarter ending March 31 to $646 million from $510 million in the same period a year ago. As might be expected, the division’s headcount increased along with profits. Merrill added 1,170 advisors from the first quarter of 2005, bringing its industry-leading total to 15,350....

Financial Advisors: Hot Prospects? 

Apr 12, 2006,

By Kristen French

Financial advisors have the best jobs after college professors and software engineers, according to a research report from Money magazine and Salary.com released today....

Wealthy Clients Are Primed to Talk About Long-Term Health Care Insurance 

Apr 12, 2006,

By Halah Touryalai

This may be remembered as the year advisors found out that even their wealthiest clients were worried about long-term health care costs....

UBS Snaps Up Piper Jaffray’s Brokerage Unit 

Apr 11, 2006,

By John Churchill

The Swiss banking giant UBS added the retail unit of Midwestern gem Piper Jaffray today to its wirehouse brokerage division for $500 million in cash and other considerations....

Bye, Bye Smith Barney Funds; Welcome Legg Mason 

Apr 7, 2006,

By Kevin Burke

Proprietary mutual funds continue to disappear....

Lincoln Acquisition Could Squeeze Advisors 

Apr 5, 2006,

By Kristen French

Lincoln Financial completed its $7.5 billion acquisition of Jefferson-Pilot on Monday, creating one of the largest life insurers in the U.S. The Philadelphia insurance broker/dealer paid $1.8 billion in cash, with rest of purchase price coming in the form of its common stock. ...