Oct 19, 2011
By Diana Britton
RIAs, independent broker/dealers and insurance companies are taking the lead in social media usage, ahead of wirehouses, regional firms and bank brokerages, according to a recent survey of advisors conducted by RegisteredRep/WealthManagement.com. The e-mail survey was fielded between Aug. 4 and Aug. 19 and yielded 1,597 responses. ...
Oct 19, 2011
By Kristen French
Morgan Stanley’s global wealth management group finally raised its pre-tax profit margins in the third quarter, which climbed to 11 percent from 9 percent. Morgan CEO James Gorman has been talking about raising margins for many quarters, without results. ...
Oct 19, 2011
By Matt Oechsli
Austin—“I’m not certain how to handle this Occupy Wall Street movement,” admitted Michael, a veteran wirehouse advisor. “Now it’s Occupy Austin, and I know there are children of some of my affluent clients out there protesting.”
Michael was obviously feeling the heat since he is working for a major Wall Street firm. So are thousands of other financial advisors. C’est la vie. What’s happening around the world is no more directed at Michael because he chooses to clear his business through a Wall Street firm than it is directed at an advisor who chooses to clear through independent channels.
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Oct 18, 2011
By Charles Paikert
By turns invaluable and disappointing (and over-priced), “Freedom from Wealth: The Experience and Strategies to Help Protect and Grow Private Wealth” ( McGraw Hill, $50) is undoubtedly the big book of the season in the wealth management world....
Oct 18, 2011
By Kristen French
Bank of America’s earnings shot up to $6.2 billion in the third quarter, versus a net loss of $7.3 billion in the year ago period. Revenue was up 6 percent to $28.7 billion. ...
Oct 17, 2011
By Jerry Gleeson
What a difference three months can make. Summer market volatility took its toll on Charles Schwab Corp.’s third-quarter results, with sharply higher trading revenue being offset by flat asset management fees. Schwab today said its trading revenue for the third quarter rose by 36 percent year over year (21 percent sequentially), to $248 million, while asset management fees were flat, at $466 million. ...
Oct 17, 2011
By Patrick J. Burns
Often times, when you leave a place of employment for greener pastures it is not the most amicable separation. Usually, feelings of resentment and betrayal materialize regardless of the culture or climate existing beforehand. ...
Oct 17, 2011
By Timothy D. Welsh
One of the more interesting sessions at last week’s Fusion Advisor Network conference in Las Vegas focused on “Creating Profitable Client Relationships.” This panel discussion featured successful advisors Kathy Fish of Fish and Associates, Eric Brotman of the Brotman Financial Group and Abby Salameh, Chief Marketing Officer for Fusion....
Oct 17, 2011
By Alan Lavine
You might be surprised what you find if you review your clients’ insurance needs.
Many universal and variable universal life insurance policies underperformed over the past 10 to 15 years due to falling interest rates and huge stock market losses in 2002 and 2008.
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Oct 17, 2011
By Kristen French
Wells Fargo’s wealth brokerage and retirement businesses reported third quarter income of $291 million, up 14 percent versus the year ago quarter, while revenue for the division was down 1 percent from the year ago quarter. Revenues declined on losses in the division’s deferred compensation plan investments as well as lower ARS [auction rate securities] recoveries and transaction revenues. ...
Oct 14, 2011
By Diana Britton
After experiencing the financial crisis of 2008, clients have a different outlook on market volatility and are reacting differently to the current environment, said advisors at the Peak Advisor Alliance conference this week in Omaha, Neb. Clients are less focused on returns, and are more focused on not losing money, said Kelly Campbell, president of Campbell Wealth Management, during a panel session Friday morning. ...
Oct 14, 2011
By Joshua M. Brown
You want to know why everyone in this country hates you and wants you dead, you big stupid f#*&@ng bank?
Here's why, pay attention:
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Oct 13, 2011
By Mark Miller
What's the best move you can make on behalf of older clients this month? Hint: It has nothing to do with the money you manage for them.
But you may be able to help senior clients save thousands of dollars in out-of-pocket health care costs by encouraging them to comparison shop for Medicare prescription drug and managed care options during the program's annual fall enrollment season.
...
Oct 13, 2011
By John Aidan Byrne
Financial advisors are finally catching up with their clients in mobile computing. They are accelerating their use of mobile communications gadgets, and prepared to buy a whole lot more, according to a new survey by Aite Group. That emerged today as one in three FAs said they had recently switched from standard mobile to smart phones and tablet devices for accessing business applications, according to the survey....
Oct 12, 2011
By Diana Britton
In the current low interest rate environment, one that’s expected to last a while, yield is hard to come by. The yield on the 10-year Treasury is under 2 percent, while the yield on the five-year Treasury is under 1 percent. Meanwhile, the ebbs and flows of the stock market are causing retail investors to flee equities and domestic equity mutual funds. ...
Oct 12, 2011
By Stephen Boswell & Kevin Nichols
Las Vegas: “I’ve listened to a few of your webinars on social prospecting,” started Shawn, a new advisor at a recent conference. “The concepts make sense and they are all solid ideas, my problem is that I’ve only been at this for a year and some of my prospects don’t feel I have enough experience. They ask tough questions, I fumble, and they all want to ‘think about it’. I don’t really see a way around this. ”...
Oct 11, 2011
By Jerry Gleeson
A widely regarded executive at one of the largest registered investment advisors in the country has jumped ship to start her own practice with another, much larger RIA. Lori Van Dusen, formerly executive director at Convergent Wealth Advisors in Potomac, Md., set up her own RIA in the Rochester, N.Y. area under Focus Financial Partners, effective Oct. 10. The practice, LVW Group, will specialize in wealth management for institutional investors, ultra-high-net-worth individuals, and family offices. ...
Oct 11, 2011
By Charles Paikert
U.S. Bank’s aggressive bid to boost its wealth management business kicks into high gear this month with the opening of the first offices of Ascent Private Capital Management, the bank’s new ultra-high-net-worth division targeting clients with a net worth of $25 million or more, in Denver and Minneapolis....
Oct 11, 2011
By Jerry Gleeson
At least two national ad campaigns have been launched this year promoting segments of the financial advisory business, but don’t look for leaders in the broadly diverse industry to collaborate on a unifying campaign a la “Got Milk?” anytime soon. Observers of the business say its competitive nature and balkanized structure make the launch of an overarching national promotion difficult. ...
Oct 10, 2011
By Susan Konig
As the market volatility that re-emerged this past August continues, advisors in your branch are likely feeling the kind of pain and anxiety they did at the height of the financial crisis in 2008. ...
Oct 7, 2011
By Stan Luxenburg
Retirees have long struggled with a difficult question: How much can you spend each year without going broke? ...
Oct 6, 2011
By Andrew J. Haigney
The brokerage business is dead. With commission rates hovering around zero, making a living by buying and selling securities on behalf of customers is a thing of the past. Some brokers are reinventing themselves as investment advisers within brokerage firms, but many are fleeing brokerage firms and landing at registered investment advisory firms (RIAs)....
Oct 5, 2011
By Matt Oechsli
Chicago—“Our firm keeps telling us to bring in more affluent clients, they’ve created all these new wealth management tools. But there’s a disconnect between the realities that I’ve got to do, day to day, and the support I’ve got,” Joe groaned. “So how realistic is it to be able to build the 21st-century financial practice you described?...
Oct 5, 2011
By John Aidan Byrne
The U.S. wealth management arm of UBS is accusing some headhunters of playing dirty tricks. That’s as the business, UBS Wealth Management Americas (WMA), rides out the sensational trading scandal at the London offices of UBS, pushing forward with recruitment plans and gathering assets, people familiar with the firm told Registered Rep. ...
Oct 4, 2011
By Charles Paikert
In theory, working with professional athletes sounds like a wealth manager’s dream come true. The players are famous, have a lot of money and usually need a lot of help. But be careful what you wish for, say veteran observers: working with professional athletes can also be a nightmare.
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