Schwab Q3 Earning Down, But the Race For RIA Assets Is HotOct 15, 2009By Christina Mucciolo Charles Schwab reported a 34 percent drop in its third quarter earnings today, the firm’s third consecutive quarter of slowing earnings this year. On a good note, Schwab continues to gather new registered investment advisor firms and assets to its platform.... Playing Asia After The RunupOct 14, 2009By Christina Mucciolo Asian stocks hit a 14-month high Tuesday, with the MSCI index of Asia Pacific shares outside Japan up almost 55 percent year-to-date. But that doesn’t mean it’s too late to invest in the sector, as long as you have a long-term investing horizon and proceed with caution.... UBS Hires Bob McCannOct 8, 2009By Staff CNBC reported Thursday that UBS has hired former Merrill Lynch executive Bob McCann to run its wealth management division in the Americas. His appointment will be announced at the end of October. CNBC also said that McCann plans to lure Merrill brokers over to UBS. ... Exclusive: McCann Back To Work In OctoberOct 7, 2009By John Aidan Byrne Over a leisurely breakfast in an upscale hotel in Short Hills, New Jersey, Robert J. McCann, former president of Merrill Lynch’s mighty thundering herd, sat down with Registered Rep. contributor John Aidan Byrne for this exclusive interview. Just last week, McCann settled a bitter lawsuit with Merrill parent company Bank of America over a non-compete agreement. The settlement frees McCann to return to work this month. ... FSI Urges Alternatives To Proposed Investor Protection ActOct 6, 2009By Kristen French The Financial Services Institute, a trade group for small independent b/ds, attacked current government proposals to make the fiduciary standard of care a universal one for all financial advisors—not just RIA investment advisors, but b/d financial advisors as well. ... Citi Bank Brokerage Converts To All FeesOct 5, 2009By Kristen French Citigroup on Monday announced that it would convert its small North American bank brokerage business completely to a fee-on-assets-based fiduciary advice system, and would stop collecting commissions on stock and fund sales. Citi says it will also begin courting outside RIAs and breakaway brokers with the help of Deborah McWhinney, the former Charles Schwab executive who the firm hired earlier this year. ... Merrill Launches Branding Campaign; Recruiting Net PositiveOct 5, 2009By Kristen French Merrill Lynch launched a new marketing campaign Monday called help2, which includes the iconic Merrill bull logo. It will cost the firm $20 million in the fourth quarter, the most Merrill has ever spent on marketing, according to Sallie Krawcheck, the new head of global wealth and investment management. ... FINRA's Dubious Report (Madoff, Stanford, et al.)Oct 2, 2009By Bill Singer The Financial Industry Regulatory Authority (FINRA) issued an 80 page report on Friday that includes a review of its failings in the Madoff and Stanford scandals. A release about the report reads as follows:... Former ML Chief Free to Take JobOct 1, 2009By John Aidan Byrne Robert J. McCann, the former Merrill Lynch & Co. brokerage chief is free to take the reins at a major Merrill rival—even if it be the U.S. wealth management unit of UBS that has been rumored for months—after he settled a lawsuit today with Bank of America.... SEC and CFTC Talk ReformOct 1, 2009By John Churchill The Securities Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) announced Wednesday that they expect to release a report within two weeks that explains the regulatory responsibilities of each agency and recommends ways to improve their functioning. Among other securities industry reforms, Congress and the Obama Administration are considering harmonizing the duties of the two agencies.... Do Retail Financial Advisors Have an “Unhealthy Focus?”Sep 30, 2009By David A. Geracioti, VonAldo.com The Financial Times suggests the way financial products and services are sold need to be completely overhauled. “There is an unhealthy focus on products that sell to advisors, rather than ones clients need.” Editorial on VonAldo.com, the blog of Registered Rep. Editor-in-Chief David A. Geracioti.... SEC Charges Former GunAllen Advisor in PonziSep 28, 2009By Christina Mucciolo The SEC charged former GunnAllen financial advisor Frank Bluestein with fraud, alleging that he lured elderly investors into a $250 million Ponzi scheme conducted through E-M Management Co. According to the complaint, over a five-year period, Bluestein raised approximately $74 million from more than 800 investors for the E-M scam. The SEC filed charges against Detroit-area resident Edward May, and his firm E-M Management, back in November of 2007.... Client Service (Not Retention) Bonuses for Wells Fargo AdvisorsSep 23, 2009By Halah Touryalai It may not be as sweet as the retention deal Morgan Stanley Smith Barney reps got earlier this year, but some Wells Fargo Advisors FAs are earning their bonus dollars through a client service program.... On Bob McCann’s Fate, the Sucker’s Rally and MoreSep 21, 2009By John Churchill Former Merrill brokerage chief Bob McCann discussed everything from the future of wealth management (“very positive”) to client portfolios—underweight equities, hold some cash—while attending the Global Irish Economic Forum over the weekend.... Pro Athletes Are Financially ChallengedSep 18, 2009By Christina Mucciolo Professional athletes have challenging wealth management needs. They make millions but they have short careers. For the FA, a 24-year-old fullback should have the financial profile of a 50-something baby boomer—that is, a person on the verge of retirement. ... Judge Controls Bob McCann’s FateSep 17, 2009By John Churchill Bob McCann wants to get to work. But where? The former Merrill Lynch brokerage head told a Manhattan federal judge yesterday that his new employer is losing patience, and he should be relieved of a non-compete clause in his BofA contract. ... Schwab’s Fee Waivers Add UpSep 16, 2009By Halah Touryalai Things were looking up for Charles Schwab in August, with new client assets, brokerage account openings and daily average trading up versus July. But the firm is bracing itself for a few bumps in the road.... Running with the Bulls in San DiegoSep 16, 2009Brooke Southall at the annual Schwab IMPACT conference. Southall is editor of RIABiz.com, and an RR correspondent. Bernanke says the economy is kind'a recovering. Compare those remarks to the outright bullish statements of Liz Ann Sonders, the chief investment strategist of Charles Schwab & Co who earned a reputation for being Madam Gloom at past Schwab IMPACT conferences. ... Victims of Florida Broker Gary Gross Get $7millionSep 15, 2009By John Churchill You may not remember our April 2008 cover story on Gary Gross, the Boca Raton, Florida, (where else?) broker with a 100-page, customer-complaint laden CRD. Gross apparently preyed on elderly people and a FINRA arbitration panel recently awarded $7 million to his victims, whom he defrauded. ... Notes from Schwab’s IMPACT ConferenceSep 14, 2009By Brooke Southall, editor of RIABiz.com Schwab’s annual IMPACT conference for its affiliated RIA’s opened yesterday evening in San Diego. The highlight thus far: The discourse between BlackRock Chairman and CEO Larry Fink and PIMCO CEO and co-CIO Mohamad El-Erian. ... The Top 10 Things to Know on the Eve of Schwab IMPACTSep 14, 2009By Brooke Southall, editor of RIAbiz.com “Are you going to IMPACT this year?” I heard it over and over again from executives, advisors marketers, recruiters, attorneys, compliance experts, technology people and other reporters for weeks leading up to the event. Schwab IMPACT 2009—this year in San Diego—is not all hype. ... Survey Says: Wall Street Advisors Going…Wait For It…Independent!Sep 11, 2009By Halah Touryalai Another day, another study showing that wirehouses are losing advisors and assets. According to new Cerulli report called “Advisor Migration: The Changing Landscape of Retail Distribution,” more than $800 billion in client assets will be transferred from one firm to another as a result of financial advisors switching employers this year. Of that, Wall Street wirehouse firms are expected to see a net loss of $188 billion in client assets to other channels in the industry, including RIAs, independent broker/dealers and regional b/ds. ... Gorman Grabs Morgan Stanley CEO SlotSep 10, 2009By Kristen French James Gorman has risen to the top at Morgan Stanley. The former head of Morgan Stanley’s retail brokerage division, now co-president of the firm, is slated to take over the CEO job on Jan 1, 2010, when John Mack retires, the firm announced Thursday. Mack, who told Morgan’s board of directors he wanted to step down after turning 65 in November, will continue to serve as Chairman of the firm. Meanwhile, co-president Walid Chammah will become Chairman of Morgan Stanley International at year end. ... Fido’s RIA Unit Cuts FeesSep 10, 2009By David A. Geracioti The average financial advisor has taken a big hit in production and therefore net income. This trend has been well covered in Registered Rep. magazine; we’ve described the results, including staff layoffs, declining operating profit margins, cash flow emergencies which have made it difficult to meet quarterly payout disbursements to the consolidator (or rollup) firms to whom they sold stakes. Thankfully, RIA custodians are turning that hardship into something of a marketing tool. ... Topless "Ladies" at a G. Sachs Partner's PartySep 9, 2009By David A. Geracioti, VonAldo.com It must be nice to be single and a Master of the Universe. For more, go to VonAldo.com, the blog of Registered Rep. Editor-in-Chief David A. Geracioti...
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