Jailed Financial Advisor Resorts to VoodooSep 8, 2009By John Churchill Facing 22 years in jail for stealing $19 million from client retirement plans, Barry Stokes made creative use of his jail time while awaiting sentencing: He crafted voodoo dolls of his financial victims and stuck pins in them. ... Talking To Clients About Breaking AwaySep 3, 2009By Mindy Diamond For the past six months or so, big wirehouse advisors (with $100 million in assets or more) have increasingly been asking us about joining RIA firms. This has been accompanied by a similar increase in the number of advisors seeking to have compelling and meaningful discussions with their clients about the benefits of joining an RIA firm. ... SEC Blew It With Madoff, Inspector General SaysSep 2, 2009By John Churchill SEC Chairman Mary Schapiro announced the release today of the Office of the Inspector General’s report on the Bernard Madoff fraud. In short, the SEC screwed up in every way possible. Along with the announcement, Schapiro outlined how the agency is reforming itself. ... SEC Says Careful With Your Recruiting BonusSep 2, 2009By Halah Touryalai The SEC sent a warning to b/d executives Monday about the recruiting bonuses they pay to advisors, saying they could encourage advisors to do things that are not in their clients’ best interests. ... Independent Brokers Fear Congress May Re-Write Laws On Independent ContractorsAug 28, 2009By Christina Mucciolo Recently introduced legislation threatens to change the IRS rules on independent contractor worker classification and the Financial Service Group (FSI) is worried. ... Uncertainty at UBS, Can UBS Afford McCann?Aug 27, 2009By Halah Touryalai The latest news out of UBS involves former Merrill executive, Bob McCann, who’s dealing with a non-compete clause that’s keeping him from supposedly joining the firm.... Sales Assistant Gone WildAug 27, 2009By Christina Mucciolo Advisors might think twice about taking a Friday off and leaving your book in the hands of your “capable” sales assistant (or client associate—whatever firms call trusted SAs these days). ... Is McCann Close to a Deal with UBS?Aug 26, 2009By David A. Geracioti, VonAldo.com,a/a> Bloomberg is reporting that Bob McCann, the former head of Merrill Lynch’s brokerage unit, is nearing a deal with his old employer that will allow him to take a job running UBS’s wealth management unit. ... Bove Smites Morgan Stanley’s Strategy, But Bullish On Brokerage UnitAug 26, 2009By Christina Mucciolo Morgan Stanley’s recent move to increase trading risk and add traders a la Goldman Sachs is a just another bad strategy in a long line of lousy executions by management, says Dick Bove, vocal analyst of Rochdale Securities in a note released yesterday. ... Madoff Stricken With CancerAug 24, 2009By David A. Geracioti, VonAldo.com The New York Post reports today that Bernie Madoff is dying of cancer. According to an inmate at the North Carolina prison, Madoff is telling everyone that he doesn’t have long to live. ... AIG Advisor Group NOT For Sale, New CEO SaysAug 23, 2009By Halah Touryalai After almost a year of looking for the right buyer, AIG’s broker/dealer reps were told on Monday that they would not be sold.... Haggling Over The F Word ContinuesAug 19, 2009By Christina Mucciolo Regulators, consumer advocates and politicians continue to hammer out what it might mean for Series 65 investment advisors and series 7 registered reps to adhere to the fiduciary standard, under the Obama administration's June plan for financial services regulatory overhaul. One of the biggest sticking points is, which fiduciary standard? ... Merrill Is Not Desperate—The Race For Top Advisors ContinuesAug 17, 2009By Mindy Diamond Merrill Lynch is embarking on an aggressive “push” to hire financial advisors, according to the Financial Times. The story says that since the signing bonuses are greater than those handed out in the bull market of 2006 and 2007, it is a sign of desperation. ... Former Citi Broker Sues Over Forgivable Loan RepaymentAug 13, 2009By Halah Touryalai An Ohio based financial advisor is asking Smith Barney to forget about that loan he owes them which stems from a sign-on bonus. In fact, he alleges, the original contract he signed with his old firm is unenforceable and void.... IRS Begins Mailing Refunds To Madoff VictimsAug 13, 2009By David A. Geracioti, VonAldo.com Bet you didn’t know that there is a provision in the tax code that allows Ponzi victims to deduct (called the theft loss deduction) 95 percent of their net investment losses the year the theft is discovered. ... Wirehouse to Wirehouse Switching SinksAug 11, 2009By Kristen French Fewer and fewer financial advisors are leaving one wirehouse for another these days, according to data from Discovery. ... Financial InfidelityAug 10, 2009By David A. Geracioti In today’s Investor’s Business Daily, Paul Katzeff quotes a psychiatrist as saying, “Cheating with money is a form of infidelity. … It can be even more devastating than sexual infidelity.”... Can Sallie "Save" Merrill Lynch?Aug 6, 2009By David A. Geracioti, VonAldo.com Today’s New York Post reports that “Merrill brokers [are] wary of Krawcheck redeemption.” The trouble with that kind of story — reaction stories — is that they are far from a true scientific sampling of how Merrill advisors feel. ... UBS Close to Deal With Bob McCann, Reorg Under WayAug 5, 2009By Kristen French and John Churchill UBS has stepped up its courtship of former Merrill executive Bob McCann, discussions that began in June, according to a story in the Financial Times. If he is hired, he would replace Marten Hoekstra, head of UBS’s wealth management business in the Americas.... Dan Sontag Departs Merrill LynchAug 4, 2009By Kristen French and John Churchill Much beloved by Merrill financial advisors, Dan Sontag is stepping down as head of Merrill Lynch Global Wealth Management.... Morgan Stanley Analyst Says China Bubble Will BurstAug 4, 2009By John Churchill There is a growing chorus of analysts and money managers who say that China is bubble that is bound to pop.... When Kenny Met Sallie - Bank of America hires KrawcheckAug 3, 2009By John Churchill Sallie Krawcheck, one of the most powerful women on Wall Street, has ended her year-long absence from the wealth management industry with an auspicious return.... Income Tax Payment of Top 1% of Filers Exceeds that of Bottom 95%Aug 3, 2009By David A. Geracioti, VonAldo.com Time magazine in January wrote a story detailing Bush's biggest economic blunders. Of course, as popular magazines often do, Time names "tax cuts for the rich" as the third-biggest blunder.... Raking in Advisors, Regional and Indie B/Ds Continue Their Hiring StreakJul 31, 2009By Halah Touryalai The recruiting frenzy among regional firms for breakaway wirehouse brokers is still going strong. Robert W. Baird, Commonwealth Financial and RBC Wealth Management announced recruiting coups. ... Pressure to Reign In Executive Compensation GrowsJul 30, 2009By John Churchill New York Attorney General Andrew Cuomo released a report today on the compensation practices of the banking industry. The title says it all: “No Rhyme or Reason: The ‘Heads I Win, Tails You Lose’ Bank Bonus Culture.”...
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