FINRA Fines American FundsApr 30, 2008,By David A. Geracioti Every rep loves American Funds: The fund family—the nation’s largest, with $1 trillion in assets—offers decent performance for relatively inexpensive fees. ... Citi Hedge Fund Blow Up Hurts Clients—And Sends Advisors PackingApr 29, 2008,By John Churchill While Smith Barney tries its darnedest to hold on to the money of wealthy clients that were invested in two of the firms’ failing hedge funds (subscription required), it’s also having a hard time keeping some of its best brokers. With all the uncertainties and troubles facing Citi, the firm’s prized retail brokerage operation has become a favored target of recruiters, say recruiters. ... How To Pick A PlannerApr 28, 2008,By David Geracioti In case you missed it this weekend, here is a story from the New York Times that seems pretty much right on the money. ... BofA Earnings Tank, Retail Brokerage SteadyApr 21, 2008,By Christina Mucciolo Bank of America posted a whopping 77-percent drop in first quarter net income today, down to $1.21 billion, or 23 cents a share. The sharp drop in earnings was the result of $1.9 billion in write-downs for the quarter—$1.47 billion on collateralized-debt obligations (CDOs) and $439 million on leveraged loans—as well as an increase in capital provisions to cover future potential credit losses, which rose to $6.01 billion from a $1.23 billion a year ago, according to the firm’s earnings release. ... Citigroup Posts Q1 Loss; Smith Barney Unit Lackluster, TooApr 18, 2008,By John Churchill Citigroup reported a net loss of $5.1 billion or $1.02 per share, $0.07 per share worse than consensus analyst expectations, according to Thomson Financial. Unlike, say, Merrill Lynch, Smith Barney’s Global Wealth Management unit (retail brokerage), one of the centerpieces in CEO Vikram Pandit’s revival, did poorly too. (Merrill reported earnings yesterday, and despite CDO woes, its retail brokerage did pretty well.) ... Merrill: An Able Foil To Bear?Apr 18, 2008,By Christina Mucciolo Merrill Lynch’s streak continues. The Wall Street giant posted a first quarter net loss of $1.97 billion, primarily due to net write-downs totaling $1.5 billion related to collateralized-debt obligations (CDOs). This is the third quarter in a row the firm has reported a loss.... Former GunnAllen Broker Accused Of A PonziApr 16, 2008,By Christina Mucciolo It seems GunnAllen has another embarrassment on its hands: Seven investors who say they were the victims of a Ponzi scheme by Frank Bluestein, a former GunnAllen rep, have filed an arbitration claim against the Tampa firm. ... Bear’s Q1 Earnings Bad, But Retail Did WellApr 15, 2008,By Halah Touryalai Bear Stearns can’t seem to go down quietly. The firm is facing a number of lawsuits filed by employees, investors and possibly even civil charges courtesy of the SEC.... Brookstreet Broker Cliff Popper Suing NFS for $36 MillionApr 9, 2008,By John Churchill Cliff Popper, the flashy former Brookstreet Securities broker/trader at the center of the California firm's August collapse, is now suing his old clearing firm, National Financial Services (NFS), for $36 million in damages. ... Former Bear Broker Gets Okay From JudgeApr 4, 2008,By Halah Touryalai A Bear Stearns broker is free to take his clients with him to his new digs at Morgan Stanley, a Massachusetts judge ruled today. ... UBS Projecting More Huge Write-Downs, RecapitalizationApr 1, 2008,By John Churchill UBS announced today that the firm plans to write-down another $19 billion in housing-related credit securities held on its books by the end of the first quarter, bringing the firm's total sub-prime losses to $37 billion thus far. As a result, the firm says it will sustain a $12 billion quarterly loss. ... More Trouble In Auction-Rate Securities LandMar 28, 2008,By David A. Geracioti If you are a retail financial advisor at UBS and have client assets stuck in the auction-rate securities market, your new ad slogan might be: “UBS, You Are Pissed At Us.” That’s because the Wall Street Journal’s website is reporting that UBS is marking down the value of auction-rate securities held by individuals in their brokerage accounts. The markdowns were scheduled this afternoon, and will cut the value from between 2 percent and 20 percent of the value of the securities. The market for “resets,” as the market is sometimes known, has frozen up after the credit ratings of bond insurers were put on review. In the absence of other buyers, few banks want to put up their own capital to buy the securities, experts say. As a result, retail financial advisors have had the unpleasant task of telling their wealthy clients that they couldn’t access their own money. ... J.P. Morgan Offers Retention Deal To Bear Reps. Will It Be Sweet Enough?Mar 25, 2008,By Halah Touryalai Now that J.P Morgan announced its retention package, Bear Stearns advisors are faced with a big question: Do I stay or do I go? ... Will Dimon Offer Retention Package To Coveted Bear Advisors?Mar 24, 2008,By Halah Touryalai JP Morgan’s chief may have asked asked rival firms to back off from hiring Bear Stearns advisors, but that doesn’t mean competitors have stopped offering recruiting deals to anxious Bear reps. ... Earnings, Wealth Management Still Truckin’ at Morgan StanleyMar 19, 2008,By John Churchill Morgan Stanley reported better-than-expected first-quarter earnings today, at least temporarily easing investor nerves. Still, overall revenues and earnings were well below last year’s levels: Net revenue was $8.3 billion for the quarter, a 17-percent decline from last year’s first quarter. Earnings were $1.5 billion, down 42 percent from $2.3 billion in the first quarter of last year. But the wealth-management unit was again a bright spot, reporting increases in both revenues and earnings. ... Morgan Stanley Reorganizes Wealth-Management UnitMar 17, 2008,By Christina Mucciolo Morgan Stanley is streamlining its Global Wealth Management unit, reducing its four U.S. divisions (Northeast, South, Central, West) to two (South/West and Northeast/Central), according to an internal memo sent last week by Andy Saperstein, head of national sales. ... UBS Says U.S. Wealth Management Not For SaleMar 17, 2008,By John Churchill A spokesperson for UBS denied rumors, aired by CNBC last week, that the Swiss firm is contemplating a sale of its U.S. wealth-management business in order to raise capital. UBS has written-down billions of dollars related to mortgage-securities losses. ... Bear Sells To JP Morgan, Advisors Prepare For FlightMar 17, 2008,By Kristen French Bear Stearns reached a deal Sunday to sell itself to J.P. Morgan—at a fire-sale price. J.P. Morgan will pay $2 a share for the teetering bank, less than one-tenth of the price that its shares were trading for on Friday. That day, Bear’s stock plunged 47 percent to close at $30. Just a year ago, Bear shares were trading at $170. Recruiters say Bear advisors are very determined to leave, but the deal at least buys them some time to look for a new home. ... For Bear Reps, It’s Decision TimeMar 14, 2008,By Halah Touryalai By now, everyone on Wall Street knows Bear Stearns is in deep—well, you know what. But where does the firm’s state of emergency leave its 500 or so advisors? That depends on whom you ask. ... Wall Street RompsMar 12, 2008,By Christina Mucciolo As former New York Governor Eliot Spitzer learned this week—after being ousted for clandestine trysts with expensive call girls—prostitution is illegal. Spitzer was not the first (nor the last) high-profile person to enjoy expensive romps with ladies of the evening (clients one through eight have yet to be ferreted out).... Advisors: No Love Lost On SpitzerMar 12, 2008,By Kristen French Eliot Spitzer, who’s dramatic demise over the past few days has been covered backwards and forwards by every media outlet in the country, is not getting a lot of sympathy from Wall Street reps or executives. Many of them are celebrating the fact: Merrill Lynch’s board of directors is said to have cheered euphorically at the news that the crusading former attorney general—and now former governor—had become the client of a high-end prostitution ring, forcing him to resign, according to advisors at the firm. ... Krawcheck Says Advisors Not Forced Into Wealth Silos: UPDATEMar 3, 2008,By Christina Mucciolo Citigroup’s reorganization of its private bank and Global Wealth Management division, announced Tuesday, will absolutely not force advisors into silos based on client wealth, said Sallie Krawcheck, Chairman and CEO of Citigroup's Global Wealth Management division, in an interview Wednesday. The reorganization of Smith Barney and the private bank into four separate units according to wealth (institutional, ultra high net worth, high net worth and emerging affluent) is purely a management move, she said, and is intended to help the firm serve these wealth segments better.... The Arbitration Debate ContinuesFeb 26, 2008,By David Geracioti Is arbitration fair? Do retail investors get a fair shake in arbitration hearings, considering one member of the three-member panel is an industry person? The argument has been ongoing, with the most recent salvo fired off by a new academic study. The study suggests that unless you work on Wall Street, you probably don’t think arbitration is very fair (the Bloomberg news story on the survey). ... 401(k) Participants Win Right to SueFeb 21, 2008,By Halah Touryalai Yesterday’s U.S. Supreme Court ruling allowing individual 401(k) account holders to sue plan administrators may cause some angst among advisors. ... RBC Dain’s Acquisition Strengthens East Coast ReignFeb 14, 2008,By Halah Touryalai RBC Dain Rauscher is continuing its recent streak of acquisitions, part of an effort by Canadian parent Royal Bank of Canada to build a bigger presence in the lucrative U.S. wealth management market. Dain announced today plans to acquire Ferris, Baker, Watts (FWB), a full-service broker/dealer in Washington D.C....
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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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