BlotterJul 1, 2006,John Churchill SEC Tackles Wachovia Insider... As American Clients Go Global, So Too Must Their AdvisorsJun 28, 2006,By Kristen French That familiar adage “think globally, act locally” doesn’t’ apply to the wealthy—at least not anymore. That’s because high-net-worth investors are increasingly thinking and acting globally: seeking international investment opportunities and living abroad part-time, according to the latest Merrill Lynch Capgemini World Wealth Report, released June 20. And that means wealth managers need to have greater expertise in global markets and professional contacts abroad, the report says.... You Leaving Me?—Mother Merrill Asks Some Top Producers If They’re Fixin’ to DepartJun 27, 2006,By Kevin Burke If you are one of Merrill Lynch’s best financial consultants and you have been flirting with other brokerages or financial-planning firms, watch out: You could get hit with a Merrill loyalty statement.... Focus Financial Acquires Two More FirmsJun 22, 2006,By Halah Touryalai Focus Financial Partners, a New York wealth-management roll-up, continued its spectacular growth by adding two more firms to its collection. ... Morgan Stanley Retail Reports Second-Quarter GainsJun 21, 2006,By Kristen French Finally, some good news for Morgan Stanley’s retail brokerage. The unit reported strong second-quarter gains Wednesday, including an impressive surge in advisor productivity, which hit an all-time record for the firm.... Merrill Eyeing Overseas Wealthy, Banking for Small BusinessJun 21, 2006,By Kevin Burke Merrill Lynch, on the prowl for strategic acquisitions, may look overseas for its next purchase in an effort to bolster its wealth-management business.... Advisor Demand Fuels Hedge Fund Arms RaceJun 21, 2006,By Kevin Burke While the rest of Wall Street is spinning off money management or figuring out a way to eliminate the perceived conflict of interest inherent in proprietary funds, Morgan Stanley is rolling out more homegrown products. However, instead of mutual funds or money market funds, the firm is pedaling funds of hedge funds.... NYSE Chief John Thain Attacks “Excessive” RegulationJun 20, 2006,By John Churchill Speaking at the second annual NYSE Regulation conference in New York, NYSE Group CEO John Thain took on what he called “excessive” regulation as being one of the factors responsible for driving capital-raising activity outside the U.S.... Caps Off for Roth IRAsJun 14, 2006,By Halah Touryalai The $70 billion tax cut that became law last month is good news for clients who want to open a Roth IRA for the first time... In Switch, Company Sues NASD For Fraud, Says NASD Aided FBI In Creating Bogus B/DJun 8, 2006,Kristen French A small cancer-research firm called Shimoda-Atlantic filed a lawsuit because, it says, the NASD helped several men, allegedly employed by the FBI, to create and perpetrate a fraudulent securities scheme against the company... Here Comes Estate-Tax Reform—MaybeJun 7, 2006,By Rorie Sherman, editor in chief, Trusts & Estates magazine Complete repeal, a cherished goal of the Bush Administration is viewed as highly unlikely, if a bill emerges, it will be some kind of compromise measure that preserves the tax but reduces the bite.... End of Settlement Talks Bring Students to Protest Against Merrill LynchJun 6, 2006,By Halah Touryalai Students protested in front of several Chicago-based Merrill Lynch offices one day after settlement talks between African-American reps who claim they were discriminated against and Merrill Lynch came to an end.... Edward Jones’ to Pay for Revenue Sharing, Still Faces Civil ComplaintsJun 5, 2006,By John Churchill Edward Jones forced to pay back $75 million to clients to pay for revenue sharing... Is Legg Mason Suffering Citi Indigestion?Jun 1, 2006,By Kristen French Is Legg Mason having trouble integrating Citigroup's funds? Shares of Legg Mason have fallen 15 percent since the firm announced earnings on May 10 that fell far short of analyst estimates.... Saving Land and MoneyMay 31, 2006,By John Churchill For clients lucky enough to own land rich in natural beauty, they can save a bundle on taxes if they promise to basically preserve the property the way it is forever.... NYSE Cautions Investors on Following Brokers to New FirmsMay 26, 2006,By Halah Touryalai The NYSE has issued a release advising investors to be careful about following their brokers to new firms at a time when there’s been a big jump in the number of advisors moving from one brokerage house to another.... SEC Issues Its First Patriot Act EnforcementMay 24, 2006,By Kristen French Over four years after the Patriot Act was passed, and following over a dozen anti-money laundering audits by the SEC, the regulator this week took its first enforcement action against a broker/dealer for violation of the law. ... Employers Out of Touch with Future RetireesMay 24, 2006,By Kevin Burke Investment firms and retirement pundits have beaten the drum incessantly about how ill prepared Americans workers are for their golden years. Now, perhaps predictably, we’re hearing a lot about employees expecting to work when they “retire”—though without a great deal of interest from employers in hiring them.... Brokers Ring Up Another Big Overtime-Pay SettlementMay 22, 2006,By Halah Touryalai Citigroup has agreed to pay a record $98 million to past and present advisors to settle their overtime-pay claims.... ICI Skipper Sounds the Alarm On Retirement SavingsMay 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 RageMay 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 UnitMay 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 CollectionsMay 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 TwoMay 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.... |
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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