Tables Turned on Schwab?Dec 5, 2002,By Rick Weinberg Merrill Lynch’s David Komansky must be having a laugh. On Tuesday, a suit was filed in Los Angeles Superior Court claiming that Schwab was guilty of running television and other ads that materially mislead investors.... Merrill Merges U.S., Global Brokerage UnitsDec 4, 2002,By David A. Gaffen errill Lynch, the nation’s largest brokerage firm, confirmed yesterday that the firm would be merging its U.S. and global private client operations. The firm also said that Kelly Martin, who has been head of the global private client unit, would resign and James Gorman, who until now was head of the U.S. private client group, will run the combined operations.... Price Departs PruDec 4, 2002,By Rick Weinberg Jamie Price, who had been president of Prudential Securities’ private client group, has left the firm and is moving to UBS PaineWebber, where he will report to Mark Sutton, head of PaineWebber’s private client group. Pru is replacing Price with Michael Rice, who until now had served as the No. 2 man in Pru’s system as executive vice president and executive direction of the retail branch group worldwide.... Data OverloadFive firms fined $8.25 million for record-keeping violationsDec 4, 2002,By Ross Tucker Regulators today announced that they have fined five brokerage firms a combined $8.25 million for failing to adhere to record-keeping requirements. The fines were levied by the SEC and self-regulatory bodies NYSE and NASD.... Weill Postpones Elimination of Salomon NameDec 4, 2002,By Rick Weinberg Sandy Weill, the chairman of Salomon Smith Barney’s parent Citigroup, has informed brokers and other employees that plans to eliminate the Salomon name, a Wall Street hallmark for nearly a century, have been postponed, according to sources.... Charles Schwab Accused of Its Own Conflict of InterestDec 3, 2002,By Rick Weinberg When big brokerage firms were being accused of conflict-of-interest in research, Charles Schwab & Co. was quick to capitalize on its rivals' embarrassment with a string of ads proclaiming Schwab's independence.... UntitledDec 2, 2002
Red Book Online places a wealth of information at your fingertips. With a few clicks of your mouse you can connect with a wide range of career resources... Going Upstream. Prudential gives up bringing the U.S. brokerage model to the Old WorldNov 27, 2002,By Will Leitch Prudential Financial, the holding company for Prudential Securities in the U.S., says it intends to focus solely on high-net-worth individuals in Europe. In doing so, Prudential yesterday said it will sell or close a number of its retail brokerages in Europe. Operating under the Prudential-Bache International name, the firm will only focus on high-net-worth clients and asset management in Europe.... Morgan Stanley Firing 950 BrokersNov 21, 2002,By Rick Weinberg Morgan Stanley is firing 950 brokers, according to the various sources. The firm refused comment, but a source familiar with the situation confirmed that... SIA Kicks Off Conference TourNov 20, 2002,By Ross Tucker Patrick McGurn, vice president and special counsel with Institutional Shareholder Services, said that even with a market recovery the industry will continue to feel the fallout of corporate scandals such as Enron, WorldCom, etc.... Times For Brokerages Still Tough, Analysts SayNov 18, 2002,By Will Leitch Business has been so bad at brokerages for so long that one might ask when will this grinding bear market ever end. Although it is too early to tell,... Wealth Management R Us! The Gnomes of Zurich to Drop Kick the PaineWebber NameNov 12, 2002,By Rick Weinberg This is the latest century-old name to be dumped in an ever-changing industry where financial services companies are consolidating. Morgan Stanley dropped Dean Witter from its name earlier this year, and Citigroup plans to drop the name Salomon, leaving its U.S. brokerage unit as Smith Barney.... UBS PaineWebber to Hire 500 BrokersNov 12, 2002,By Rick Weinberg UBS PaineWebber Chairman Joseph Grano announced that the firm is going to hire up to 500 brokers during the next year. Grano says the firm is taking advantage... Fraud, Dishonesty Are Retail Investors’ Big ConcernsNov 11, 2002,By Will Leitch As you might have guessed: Retail investors’ satisfaction with brokerages—and individual brokers—have declined, according to the Security Industry Association (SIA) annual investors’ attitudes survey.... The Doctor, Not the Rule BookSpeaking to the SIA, outgoing SEC Chief Pitt says the SEC enforced regulations with "unprecedented vigor."Nov 8, 2002,By David A. Geracioti SEC Chairman Harvey Pitt received a standing ovation this morning after his speech to the Securities Industry Association’s annual convention in Boca Raton, Fla. The chairman, who resigned on election night, introduced his speech saying, that anyone who thought he wouldn’t make an appearance on the dais as scheduled at the industry’s annual event, took a "sucker’s bet."... The Doctor, Not the Rule BookNov 8, 2002,By David A. Geracioti SEC Chairman Harvey Pitt received a standing ovation this morning after his speech to the Securities Industry Association’s annual convention in Boca Raton, Fla. The chairman, who resigned on election night, introduced his speech saying, that anyone who thought he wouldn’t make an appearance on the dais as scheduled at the industry’s annual event, took a "sucker’s bet."... SIA Conference: Let's Get Confident!Nov 7, 2002
It's official: It's a time for "building investor confidence." That’s the theme of this year’s Securities Industry Association gabfest, held at the tony Boca Raton Resort & Club in Boca Raton, Fla. Never mind that SEC Chairman Harvey Pitt resigned two days ago. Think positively.... Managed Account Assets Slide in Q3; Improvement Seen in Q4Nov 6, 2002,By Ross Tucker Separately managed account assets dropped 5.6 percent to $392.57 billion for the third quarter from $415.86 billion in the previous quarter, according to The Money Management Institute (MMI). But at least one industry insider sees business improving this quarter.... Dalbar Sets Up Product Rating ServiceNov 6, 2002
Want to know how valuable that contact management software is, or how useful that sales guru really can be? Dalbar aims to find out.... Brokers Taking Hits from SurveysNov 6, 2002,By Rick Weinberg Brokers continue to take hits for Wall Street’s research conflicts and the sluggish market, according to two recent polls that show investors are not seeking advice from brokers.... UntitledNov 4, 2002
By Carol X. Vinzant For registered reps leaving the safety of a wirehouse, picking the right firm for the back office work can be the hardest part. The... UntitledNov 4, 2002
The Firm: Capital Investment Management,Denver Principal: Christopher Pelley B/D Affiliation: Secrurities Service Network Year of Independence: 1992 Assets... Brokers React to Citi's Research MoveNov 1, 2002,By Rick Weinberg and David A. Gaffen It was Smith Barney brokers who gave Sandy Weill the idea to hire Sallie Krawcheck, former head of Sanford C. Bernstein. Brokers had suggested that the Citigroup Chairman buy the independent research firm from Alliance Capital. Instead, he wound up hiring Krawcheck to head a new business unit of Citigroup that will operate under the name Smith Barney, and include the private client group.... UntitledNov 1, 2002
Is now a good time to go independent? With the market continuing its unnerving slide and the state of the economy still uncertain, it's a perplexing question.... UntitledOct 31, 2002
The Firm: Hudock Moyer Financial Advisors,Williamsport, Pa. Principal: Barbara Hudock and Jason Moyer B/D Affiliation: Wachovia Year of Independence:... |
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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