Big Brands Fall Out of Favor With WealthyMay 28, 2009By John Churchill A survey released yesterday of the nation’s wealthiest individuals reveals that wealth management’s biggest, most powerful brands—including UBS, Wachovia, Bank of America and Goldman Sachs—have lost a lot of credibility with their target audience. ... As Wells Fargo Takes Over, Integration at Wachovia and A.G. Edwards Still Faces HurdlesMay 18, 2009By John Churchill As Wells Fargo begins its summer-long re-branding of Wachovia and A.G. Edwards, some financial advisors at what is now the largest retail brokerage firm in the U.S.—16,000 FAs—say the integration of the Wachovia and A.G. Edwards is still incomplete, and leaves much to be desired. ... SEC Proposes Anti-Ponzi Rules. Do They Fall Short?May 15, 2009By Kristen French Surprise exams and reviews by third party accountants: These are the new measures the SEC proposed on Thursday to combat ponzi schemes like the one Bernie Madoff pulled off last December. Ponzi schemes have been piling up over the past several months. In fact, the SEC has taken more than two dozen enforcement actions involving ponzi schemes since January of this year, according to the regulator. The five commissioners voted unanimously in favor of the rule proposal. ... The Evolution of StockbrokersMay 14, 2009David A. Geracioti, VonAldo.com Can a rank-and-file Series 7 holder who works for a major national broker/dealer ever truly work as a fiduciary? Go to VonAldo.com, the blog of Registered Rep. Editor-in-Chief David A. Geracioti. ... Less Flash, More Cash—and More Skepticism of Advisors, Say ICI SpeakersMay 11, 2009By Stan Luxenberg At the Investment Company Institute’s 51st General Membership meeting last week in Washington, D.C., speaker after speaker warned that the financial crisis has changed markets permanently. ... Morgan Dresses Up For TARP ExitMay 8, 2009By Kristen French Morgan Stanley is aggressively dressing itself up to exit TARP. The firm raised $8 billion in new capital on Friday through the sale of debt and equity, over 50 percent more than it announced on Thursday. The funds will cover an $1.8 billion shortfall in capital the Treasury identified in its stress test of the bank, the results of which were released Thursday. Morgan received $10 billion in TARP money in October of last year. ... 10 Banks Need More Equity; MS To Raise Money To Close Smith Barney DealMay 7, 2009By David A. Geracioti Morgan Stanley to raise equity to close Smith Barney joint venture; BoA may sell Columbia Management mutual fund arm. ... UBS Posts Loss But Gains Retail Client AssetsMay 5, 2009By John Churchill UBS' first-quarter stunk, as expected. Meanwhile, its U.S. retail business gathered billions in new client assets, but still lost money.... Brokers To The Ramparts! Unionize!May 4, 2009By David A. Geracioti Now that we’re in the Great Recession, perhaps financial advisors should join—and we don’t mean join as in managing Taft-Hartley plans, either—the union movement. A thread on Registered Rep.’s Advisor Forum wonders: What if reps had a union?... Schwab Says It's Going On Offense—As If It Weren’t AlreadyApr 30, 2009By Christina Mucciolo Schwab Chairman Chuck Schwab told institutional investors at a regular business update in San Francisco today that the company is preparing to go on the “offense” to gain market share—both in terms of winning client assets and recruiting breakaway brokers. ... Wirehouse Advisors Switch Firms in MarchApr 29, 2009By Halah Touryalai Advisors were on the move in March. The number of reps switching broker/dealers during the month was up 34 percent versus the number who switched in February. ... The Anatomy of an Alleged FraudApr 27, 2009By John churchill The SEC hasn’t yet charged Allen Stanford with a crime, but it would seem the regulator is getting much closer.... Raymond James Takes a 2Q Hit—But Gains Retail AdvisorsApr 24, 2009By Halah Touryalai Raymond James Financial posted dismal earnings for the second quarter, but its private client group appears to have been a bright spot.... Morgan Stanley Retail Wins More Client AssetsApr 22, 2009By John Churchill Morgan Stanley reported a net loss of $177 million in its first quarter earnings, released today. But unlike many of its peers, the firm didn’t appear to use any accounting tricks to massage the numbers.... Smaller Advisors On The Firing LineApr 21, 2009By Christina Mucciolo It used to be that financial advisors never got fired. That’s because, how did the saying go? As an advisor, “You eat what you kill.” Times have changed.... Cutting Spending Is Gosh Darn Hard!Apr 21, 2009By David A. Geracioti, VonAldo.com As professional financial advisors, imagine telling a client — who is suffering a drop in income — to cut his spending by 0.0027 percent. ... Benjamin Edwards Passes Away at 77Apr 20, 2009By Christina Mucciolo Benjamin Edwards III, former chairman, CEO, and president A.G. Edwards , died Monday at his home in Naples, Fla., after a battle with cancer.... Bank of America Q1 Earnings Beat Estimates; Top Financial Advisors Staying PutApr 20, 2009By John churchill BoA first quarter earnings were positive, well, for now. Despite noise of some departures, 95 percent of the firm’s top producers have been retained since Merrill was acquired.... Smith Barney Losing Advisors, Client AssetsApr 17, 2009By Halah Touryalai Citigroup surprised Wall Street with its first profit in more than a year when it announced first quarter earnings Friday, but the quarterly report also contained some bad news. Among other things, the firm’s global wealth management division shed $66 billion in client assets and 2,582 financial advisors and bankers over the past year. ... UBS to Cut Lower Producing AdvisorsApr 16, 2009By John Churchill According to a source familiar with the details, the 8,700 jobs UBS plans to cut by the end of 2010—for forecasted cost savings of roughly $3.5 billion—will include 2,000 in the Wealth Management division, many of them financial advisors. ... Diversification bogus? Jim Rogers Says Financial Advisors Hide Behind ItApr 16, 2009By John Churchill Challenges to conventional investment wisdom abound these days. Now Jim Rogers says diversification is garbage—stick with what you know, pick the right basket, put all your eggs in that baby and let it ride. ... Bank of America Launches Client Referral ProgramApr 15, 2009By Kristen French Bank of America is in the process of rolling out a client referral program for its global wealth management division, which includes Merrill Lynch and the bank’s former Banking & Investments division (BAI), with a combined 18,000 financial advisors. BofA launched a pilot for the program in three states in early March, and will take the program national in the next 30 to 60 days. It is one of several referral programs the bank is putting together as part of its integration with Merrill Lynch, including one that would offer leads from the commercial banking division to certain Merrill Lynch advisors. ... Goldman's GadflyApr 14, 2009By David A. Geracioti, VonAldo.com Goldman's quarterly earnings were "amazing," but what will a populist Congress think of its "accrued compensation" kitty of $4.71 billion? For more, go to VonAldo.com, the blog of Registered Rep. editor-in-chief David A. Geracioti.... Treasury Extend TARP to Life Insurers—If They QualifyApr 13, 2009By Halah Touryalai The Treasury Department announced last Wednesday it will offer help—in the form of TARP money—to the struggling life insurance sector. The news sent life insurance stocks soaring on Thursday, and they continued to rise on Monday. The Treasury is now reviewing applications for aid from insurers including Hartford Financial Services Group Inc., Lincoln National Corp. and Prudential Financial Inc from the $700 billion bailout program.... It's the Price of Oil, StupidApr 9, 2009By David A. Geracioti, VonAldo.com Once again, President Obama has got his facts wrong. In Strasbourg the other day, Obama said that the recession was caused by the "reckless speculation of bankers," particularly of American bankers, he implied. Not so. Please go to VonAldo.com...
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