Beating the High Cost of Personal InsuranceMay 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…AgainMay 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 OptimismApr 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 WantsApr 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’ MagazineApr 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 LearnApr 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 IntegrationApr 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-CREFApr 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 AdviceApr 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 UpApr 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 InsuranceApr 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 UnitApr 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 MasonApr 7, 2006,By Kevin Burke Proprietary mutual funds continue to disappear.... Lincoln Acquisition Could Squeeze AdvisorsApr 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. ... UBS Wins Prominent Black Rep From Smith BarneyApr 5, 2006,By John Churchill In what can be considered a coup of sorts for the firm, UBS hired a prominent black Smith Barney broker this past winter—while it was under fire from a lawsuit brought by former brokers alleging a pattern and practice of racial discrimination.... Money Market Funds Worth a Look—and MoreApr 5, 2006,By Kristen French Gorman UnrestrainedMar 30, 2006,By Kristen French On Thursday afternoon, Morgan Stanley retail chief James Gorman was freed by a New York State judge of the temporary restraining order that prevented him from raiding Merrill Lynch’s brokerage ranks.... Gorman Wields Knife AgainMar 30, 2006,By Kristen French Yesterday, new Morgan Stanley retail chief James Gorman unleashed a fresh round of cuts – with more expected shortly – as part of his efforts to right the faltering brokerage operation. ... Mutual Fund Performance Overstated, Says StudyMar 30, 2006,By John Churchill Actively managed mutual funds have done worse than is generally thought. Those, at least, are the findings of a study released yesterday covering a ten-year period of performance figures reported by Morningstar, the popular mutual fund tracker. ... Narrow Your Focus to Get Bigger ClientsMar 29, 2006,By John Churchill Not all wealthy clients are created equal. Yes, we know, some are a lot richer than others. But seriously. According to new research, despite years of effort by financial advisory firms to force reps to focus on millionaire clients, less than a third of financial advisors have clients among this category.... Broker/dealer Recruiting and Retention (Transcript from “New York Times Job Market Roundtable” with Registered Rep.)Mar 28, 2006,By David Geracioti NEW YORK TIMES JOB MARKET ROUNDTABLE: “Best Practices in Recruitment and Retention of Financial Planners,” Fall, 2005 (Some of the ideas addressed in this roundtable formed the basis for our March cover story, “Our Diversity Problem,” By Halah Touryalai.)... SEC Targets Investment Traps Set For SeniorsMar 27, 2006,By Kristen French The Securities and Exchange Commission is cracking down on investment seminars aimed at taking advantage of seniors, SEC Chairman Christopher Cox announced Friday at the annual consumer assembly of the Consumer Federation of America.... New Legg Mason President Marks the End of an EraMar 24, 2006,By Halah Touryalai Asset-management firm, Legg Mason, announced on Thursday that its founder, Raymond “Chip” Mason, is stepping down as president.... Investment Fraud Suit Brought By Brokers Blocked By The SupremesMar 23, 2006,By Kevin Burke If you listen to your firm’s analyst and your client loses money, who is to blame? You, the client, the analyst or the firm? ... |
Current Issue Asset-Gathering MachinesBY HALAH TOURYALAI In the first half of 2008, Camden Capital Management, a fee-only RIA in El Segundo, Calif., added $100 million to its growing pot of client assets... advertisement
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