Elderly Care Double What You Think, Study SaysNov 19, 2007,By John Churchill Past estimates of out-of-pocket costs related to caring for an aging or ailing parent or spouse underestimate reality, according to a study released today... FPA Elects New PresidentNov 16, 2007,Halah Touryalai The Financial Planning Association elected Richard Salmen as president for 2008, and six new members to its Board of Directors. Salmen is currently serving as senior vice president... Will Thain Emerge As A Backslapping Komansky Type—Albeit A Fit Version?Nov 16, 2007,By David A. Geracioti Thain realizes that you brokers are important. While O'Neal was criticized as being too aloof, Thain tells the FT today that he understands that this is a “people business,” and appreciates the importance of the retail part of Merrill’s business. Alas, he doesn't play golf.... Merrill Stops Squirming, Reps Have Mixed ReviewsNov 15, 2007,By Christina Mucciolo Unless you live in a cave, you know that Merrill Lynch hired NYSE Euronext’s CEO, John Thain. The appointment was announced yesterday. ... NYSE’s John Thain New Merrill CEONov 14, 2007,By John Churchill According to reports in the online versions of the New York Post and The Wall Street Journal, NYSE Euronext CEO John Thain has accepted the top spot at Merrill Lynch... Securities Lobby To Members: We’ve Done Good In 2007, But We Need To Whip Washington Into ShapeNov 8, 2007
The securities industry’s biggest lobby held its annual meeting today, and, as usual, congratulated itself on the great job the industry has been doing in raising capital for business... Fink offered O’Neal’s postNov 5, 2007,By Christina Mucciolo Less than a week after Stan O’Neal retired as CEO and Chairman of Merrill Lynch, sources in the know say the firm’s Board of Directors has offered the position to BlackRock’s Chairman and founder Larry Fink... Questions Surround Citigroup, Smith Barney SolidNov 5, 2007,By John Churchill Another one bites the dust. Citigroup’s Charles Prince resigned Sunday night in the aftermath of Citi’s horrendous third-quarter earnings report ... Market Low, Cayne HighNov 2, 2007,By Halah Touryalai Deal with the mortgage crisis. Minimize the pain of a hedge fund implosion. Play a game of bridge. Smoke a J. That may be a day in the life of Bear Stearns Chief Executive, Jimmy Cayne.... Subprime Mess: Merrill and Goldman Reportedly Under Eye of SECNov 1, 2007,By John Churchill The subprime debt market blowup has had very different effects on Wall Street firms Goldman Sachs and Merrill Lynch. Goldman earnings shined in the third quarter, and Merrill earnings stunk. But according to news reports... UBS Earnings BombOct 31, 2007,By John Churchill Swiss banking giant UBS joined Merrill Lynch at the bottom of the credit related write-down pile with the release of its earnings Tuesday... A Nice Retirement? Could Have Been BetterOct 30, 2007,By David Geracioti Merrill Lynch won’t be paying Stan O’Neal a bonus or severance package, the company announced in it’s Form 8-K filed today... Impact This! Schwabbies Descend Upon VegasOct 30, 2007,By Halah Touryalai They didn't get to "Talk to Chuck," but attendees of the 2007 Schwab IMPACT conference did get a chance to talk to Walt Bettinger, president and chief operating officer, as well as Charles Goldman... O’Neal Gone: Reps Apathetic, Analysts Say Get Back To BasicsOct 30, 2007,By Christina Mucciolo Stan O’Neal was allowed to retire it was announced today, after 21 years at the company, the last five as CEO. Alberto Cribiore, a member of the board and founder of Brera... O’Neal Rumored To Be On the Chopping BlockOct 26, 2007,By David Geracioti Apparently Merrill Lynch has been gorging itself on risk. And, it may cost CEO Stan O’Neal his job, according to Charles Gasparino on CNBC’s website today... Bonus Time on Wall Street is Bonus Time For NYC RealtorsOct 25, 2007,By Christina Mucciolo Wall Street bonuses and their effects on the sale of luxury apartments in Manhattan? Said to be like the moon and the tide. The Wall Street bonus season reached record heights... Arbitration Works, Says SIFMA; No It Doesn’t, Says PIABAOct 24, 2007,By Karen Donovan The Securities Industry and Financial Markets Association released a “white paper” today about how well the mandatory arbitration system works... Ameriprise Branches Face Potential Fines for Fake Financial PlansOct 24, 2007,By Halah Touryalai Ameriprise Financial Services has long been accused of possessing a culture that’s more concerned with sales commissions than compliance. The latest allegations against the company from the New Hampshire Bureau of Securities Regulation suggest that may still be very much the case, at least in that state.... Merrill Earnings Ugly, But Brokerage Is The Sweet SpotOct 24, 2007,By John Churchill Stan O’Neal opened Merrill Lynch’s earnings call by not beating around the bush: The firm had a net loss of $2.3 billion, due largely in part from $7.9 billion in write-downs related to exposure to sub-prime mortgages and collateralized debt obligations (CDOs).... The New New RIA Model: Sharing Back OfficesOct 24, 2007,By Halah Touryalai The barriers to going independent are shrinking. Don’t believe it? Check out Mraz, Amerine & Hirschler & Associates, a new RIA in Modesto, Calif., a firm launched by three wirehouse advisors who left Morgan Stanley earlier this month with $400 million in client assets. To avoid dealing with the hassles of starting a business, the group affiliated with an already existing RIA: San Jose, Calif.-based Concert Wealth Management, which will share all of its back-office support and compliance with the new team.... If Allegations Prove True, File This Under: Stupid BrokerOct 23, 2007,By David A. Geracioti The SEC has filed a complaint against a former LPL rep and branch manager, who, the SEC says, had been engaging in one of the oldest broker tricks in the book: Stealing his clients money. ... College Costs: Up, Up and AwayOct 23, 2007,By John Churchill How’s Billy’s 529 plan coming? More gloomy news for parents is good news for financial advisors: Tuition continues to rise at an inflation-topping rate, according to the annual survey by the non-profit organization, College Board. ... Pre-Earnings Whisper Not Good for MerrillOct 23, 2007,By John Churchill By announcing the likelihood of a multibillion-dollar write-down in its third quarter a few weeks ago, Merrill Lynch prepared investors for dismal earnings. One day before their release, just how bad those earnings will be is fueling the rumor mill.... Don’t Settle With Regulators—Litigate, Says Sutherland Et Al. (That Figures, Regulators Retort: Lawyers Would Say That)Oct 19, 2007,By Karen Donovan It may be better to fight than to make a deal when the Financial Industry Regulatory Authority’s (FINRA) enforcement division comes calling, according to an annual study of disciplinary proceedings by the Washington D.C. office of the law firm Sutherland Asbill & Brennan. ... At Citi, Profits Are Down; Smith Barney Wins Five Morgan FAs With Nearly $600m AUM; ML Loses TwoOct 18, 2007,By Halah Touryalai So Citigroups’ third quarter profits are down 57 percent, net income fell to $2.38 billion compared with $5.51 billion in the same quarter last year. The stock price has been at a near standstill since 2004. Investors are calling for Chuck Prince’s head. ... |
Current Issue Promises Will Be BrokenBy Addison Wiggin Are you factoring future Social Security payments into your clients’ financial plans? Bad idea. advertisement
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