401(k) Participants Win Right to SueFeb 21, 2008By 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, 2008By 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.... Call Compliance! SEC’s ADV Proposal Could Be CostlyFeb 13, 2008By John Churchill The SEC voted today to propose changes to the structure of the Form ADV, the disclosure document that all investment advisers must complete. Instead of the current online check-the-box format, investment advisers would need to create a narrative, plain-English mailing. The changes is intended to provide more detail for investors, but it’s going to cost investment advisers.... To Heck With A Hemline Indicator, Welcome The Bikini IndicatorFeb 13, 2008By Christina Mucciolo You’ve heard of the “Bull Markets, Bear Knees” theory. It goes like this: When you want to know which way the equity market is headed, watch the direction of women’s dresses. In the late 19th century and early part of the 20th century, “the stock market was rather dull, and so were hemlines,” writes Burton Malkiel in his classic, A Random Walk Down Wall Street. “But then came rising hemlines and the great bull market of the 1920s, to be followed by long skirts and the crash of the 1930s.” ... Retail Financial Advisors’ Refrain: Let’s Kill The TradersFeb 11, 2008By John Churchill Brokers are bitter—and for good reason. Since the sub-prime slaughter began this summer, many of those at Merrill Lynch, Smith Barney, Morgan Stanley and the other wirehouse firms, have seen their net worth, tied up largely in deferred stock, cut by a third or more. ... Forget Sub-Prime Mortgage Woes—Wachovia Is Embarrassed By Its TelemarketersFeb 6, 2008By Halah Touryalai As if banks needed any more bad press: Wachovia Corp. is in the hot seat for shady deals it allegedly had doing business with telemarketers accused of stealing hundred of millions of dollars. ... Morgan Sells Spanish Retail Brokerage ArmFeb 1, 2008By Kristen French Morgan Stanley announced plans this week to sell its Spanish brokerage- and asset- management business to La Caixa, a Spanish financial-services firm, for $885 million... Merrill Abandons CDO Biz, But Only for a MomentJan 31, 2008By Kristen French Maybe Merrill Lynch CEO John Thain just wanted to test his audience. At an investment conference today, Thain said that Merrill would abandon CDO underwriting and other structured-credit businesses, the very ones that led to the subprime meltdown on Wall Street and beyond. And then he took it back. ... Merrill Kills ‘07 Bonus For McCann, Other Execs.Jan 31, 2008Kristen French Merrill Lynch will not pay 2007 bonuses to top executives—including retail brokerage head Bob McCann, the bank announced in an SEC filing Wednesday... UBS Announces Record Loss; Mortgage Mess GrowsJan 30, 2008By Kristen French It looks like the worst of the mortgage meltdown is far from over for the big banks. In a surprise warning today, UBS announced that it would post a record $4 billion ... Fuss Over Broker Expungement ContinuesJan 29, 2008By Kristen French Apparently, some people still think it’s far too easy for brokers to wipe their records clean, particularly where customer dispute information is concerned. A story on SmartMoney ... Morgan Laying off 1,000Jan 24, 2008By Kristen French UPDATE: Morgan Stanley is laying off 1,000 people, primarily in tech, operations and support roles, according to the bank. Sources familiar with the situation said these jobs would be concentrated primarily in the wealth management, asset management and corporate divisions. ... RIAs Get Growth AdviceJan 24, 2008By Halah Touryalai RIAs are winning. No. Wait. Wirehouses are winning more assets, but RIAs are growing faster. Well, nevermind. It’s tough to tell these days. But whoever the winner is, there’s no doubt both industries are striving for the same things: clients, assets and talent... Citi Losses Mount; Smith Barney Still Truckin’Jan 15, 2008By John Churchill Citigroup announced another whopper of a write-down in the fourth quarter; full-year results were dismal. That said, Global Wealth Management, which includes Smith Barney, was a bright spot.... Gold's Record High: BFDJan 14, 2008By Brad Zigler Gold hit record highs Friday, as February COMEX futures punched through $900 intraday before finally settling near $898. Gold bugs swarmed around the media outlets making sure they got quoted as the first—the very first—to call this takeout of the old record price, set in 1980... Merrill’s Losses Continue To SurpriseJan 11, 2008By John Churchill Oops, looks like Merrill underestimated its quarterly loss—again. After an $8.4 billion write-down in the third quarter that resulted in $2.3 billion in losses, the fourth quarter is likely to be far worse.... Smith Barney Snags Three Advisors From RivalsJan 9, 2008By Halah Touryalai Smith Barney has started off the new year right with a recruiting victory. The firm recently hired three Merrill Lynch reps and one UBS advisor.... Desperately Seeking Advisors For RR’s 28th Annual Outstanding Advisor AwardsJan 9, 2008
We, the editors of Registered Rep. magazine, are officially opening our annual hunt for the best in the business. That’s right, we’re asking for nominations for the Outstanding Advisor Awards ... If Candidates Were StocksJan 7, 2008by Christina Mucciolo If politicians were traded daily like a stock, which company would best describe them? That’s one perspective Slate, an online magazine, has brought to its coverage of the 2008 presidential campaign. ... Merrill Slashes Trading JobsJan 4, 2008By Christina Mucciolo Merrill Lynch began a round of layoffs this morning: The dismissals reportedly kicked off at 7 a.m. on the trading floor, according to Wall Street news blog Dealbreaker... SEC’s RAND Study ReleasedJan 3, 2008By Christina Mucciolo The SEC released the results of the RAND study today, which examined two issues: how broker/dealers and investment advisors market and provide products and services to investors, and how investors understand the differences between investment advisors and broker/dealers. ... Morningstar’s “Best Of 2007”: A Dubious Distinction?Jan 3, 2008By John Churchill Financial research firm Morningstar announced today the three winners chosen as “Mutual Fund Managers of the Year.” But with many studies showing one year’s hot managers... 2008: A Comeback Year For Wall Street? Probably Not.Jan 2, 2008By Halah Touryalai Last year’s markets were not very kind to brokers and their firms, which both took major hits in the fourth quarter thanks to the credit fiasco. For those betting on 2008 ... Joe Deitch, CEO, Commonwealth Financial NetworksJan 1, 2008
Registered Rep.: Why would a wirehouse rep want to leave his firm and join yours? Joe Deitch: At Commonwealth, an experienced advisor can have the best of all worlds... Morgan Stanley’s Earnings Disaster: This Could Leave A MarkDec 19, 2007By John Churchill Morgan Stanley CEO John Mack opened the Morgan Stanley earnings call today by saying the firm’s quarterly results were “embarrassing.” Quite. But, he quickly pointed out that—excluding mortgage-related businesses...
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