Wealth Management Archives

Uniform Fiduciary Standard Still A Question Mark 

Feb 17, 2010 6:36 PM, By Kristen French

Senator Tim Johnson (R- S.D.), incoming Senate Banking Committee Chair, began floating an amendment last week that would eliminate from Senate regulatory reform legislation the application of a fiduciary standard to investment advice provided by brokers. Instead, Johnson’s amendment calls for an 18-month SEC study on the fiduciary issue. But some say it may just be a negotiating tactic....

Fidelity Cedes Top “Distributor” Spot to Schwab In Client Survey 

Jan 21, 2010 5:47 PM, By Christina Mucciolo

Affluent investors rated Charles Schwab the number one “distributor” or brokerage firm, bumping Fidelity into second place, according to Cogent Research’s recently released 2010 Investor Brandscape report. ...

It's A Family Thing 

Jan 1, 2010 12:00 PM, By Halah Touryalai

Turns out, most investors would probably turn to their friends and family before getting in touch with you for financial advice. ...

Hidden Treasures 

Jan 1, 2010 12:00 PM, By Kevin McKinley

Here are a few strategies for uncovering assets and benefits your clients may not have even known about....

Principal-Protected Notes Not So Protected, FINRA Says. 

Dec 29, 2009 11:42 AM, By Halah Touryalai

Principal-Protected Notes are anything but protected FINRA says, and the SRO wants to make sure brokerages are making that clear to investors....

FT Names Blankfein Person of the Year, Why Not You, the Retail Financial Advisor? 

Dec 28, 2009 10:54 AM, By David A. Geracioti, VonAldo.com

You gotta love Lloyd Blankfein, it’s true. The Financial Times on Thursday named him its Person of the Year because: “He has led for three years, not only navigated the 2008 global crisis better than others on Wall Street but is set to make record profits and pay up to $23bn in bonuses to its 31,700.” But what about the cohort of retail financial advisors who gather assets and, in general, don’t blow up firms? more…...

Schwab Survey Shows Many FAs at Big Firms Disgruntled (Surprise!) 

Nov 20, 2009 10:05 AM, By David A. Geracioti, VonAldo.com

A Schwab survey, released this morning, shows 59 percent of financial advisors at major full-service firms like the idea of going independent. ...

Merrill Integration Ahead of Schedule, Says Lewis 

Nov 10, 2009 11:14 AM, By David A. Geracioti, VonAldo.com

Yesterday, The New York Post reported that Merrill Lynch advisors are annoyed by Bank of America’s efforts to get them to offer their clients BoA checking accounts, mortgages and other retail-banking products. Today, the Wall Street Journal reports that Ken Lewis says everything is fine, that the integration of Merrill into BoA is “ahead of schedule.” ...

ING Broker-Dealers Sold to Private Equity Firm 

Nov 3, 2009 3:10 PM, By Halah Touryalai

The anticipated sale of the ING broker/dealer network was made official early this morning as the struggling Dutch parent company shed the three independent firms to a private equity firm for an undisclosed amount....

Fidelity Expands International, Forex Investment Options 

Oct 22, 2009 2:48 PM, By John Churchill

Fidelity announced a new and improved online trading platform today, significantly expanding its international and foreign currency investment capabilities for financial advisors, broker-dealers and retail investors. With U.S. long-term growth forecasts looking slim compared to other developed markets and some emerging economies, the timing of the release is certainly no coincidence....

Bank of America Sells First Republic Bank 

Oct 21, 2009 4:37 PM, By Halah Touryalai

In its effort to raise capital and shed some of its non-core business units, Bank of America is selling First Republic Bank just two years after Merrill Lynch purchased the San Francisco-based private banking and wealth-management firm. ...

Schwab Q3 Earning Down, But the Race For RIA Assets Is Hot 

Oct 15, 2009 5:58 PM, By Christina Mucciolo

Charles Schwab reported a 34 percent drop in its third quarter earnings today, the firm’s third consecutive quarter of slowing earnings this year. On a good note, Schwab continues to gather new registered investment advisor firms and assets to its platform....

Former ML Chief Free to Take Job 

Oct 1, 2009 4:36 PM, By John Aidan Byrne

Robert J. McCann, the former Merrill Lynch & Co. brokerage chief is free to take the reins at a major Merrill rival—even if it be the U.S. wealth management unit of UBS that has been rumored for months—after he settled a lawsuit today with Bank of America....

Do Retail Financial Advisors Have an “Unhealthy Focus?” 

Sep 30, 2009 11:21 AM, By David A. Geracioti, VonAldo.com

The Financial Times suggests the way financial products and services are sold need to be completely overhauled. “There is an unhealthy focus on products that sell to advisors, rather than ones clients need.” Editorial on VonAldo.com, the blog of Registered Rep. Editor-in-Chief David A. Geracioti....

Pro Athletes Are Financially Challenged 

Sep 18, 2009 4:15 PM, By Christina Mucciolo

Professional athletes have challenging wealth management needs. They make millions but they have short careers. For the FA, a 24-year-old fullback should have the financial profile of a 50-something baby boomer—that is, a person on the verge of retirement. ...

The Top 10 Things to Know on the Eve of Schwab IMPACT 

Sep 14, 2009 10:43 AM, By Brooke Southall, editor of RIAbiz.com

“Are you going to IMPACT this year?” I heard it over and over again from executives, advisors marketers, recruiters, attorneys, compliance experts, technology people and other reporters for weeks leading up to the event. Schwab IMPACT 2009—this year in San Diego—is not all hype. ...

Fido’s RIA Unit Cuts Fees 

Sep 10, 2009 3:36 PM, By David A. Geracioti

The average financial advisor has taken a big hit in production and therefore net income. This trend has been well covered in Registered Rep. magazine; we’ve described the results, including staff layoffs, declining operating profit margins, cash flow emergencies which have made it difficult to meet quarterly payout disbursements to the consolidator (or rollup) firms to whom they sold stakes. Thankfully, RIA custodians are turning that hardship into something of a marketing tool. ...

Uncertainty at UBS, Can UBS Afford McCann? 

Aug 27, 2009 11:46 AM, By 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....

Is McCann Close to a Deal with UBS? 

Aug 26, 2009 1:43 PM, By David A. Geracioti, VonAldo.com,a/a>

AIG Advisor Group NOT For Sale, New CEO Says 

Aug 23, 2009 11:11 AM, By 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....

Can Sallie "Save" Merrill Lynch? 

Aug 6, 2009 2:51 PM, By 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. ...

Income Tax Payment of Top 1% of Filers Exceeds that of Bottom 95% 

Aug 3, 2009 12:30 PM, By 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 Streak 

Jul 31, 2009 7:30 AM, By 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. ...

Swiss and U.S. Tension Rising Over UBS Tax Evasion Case 

Jul 13, 2009 4:33 PM, John Churchill

Tension seems to be increasing between U.S. and Swiss officials who are trying to hammer out a settlement between the U.S. government and Swiss firm, UBS, regarding the names of 52,000 American clients of the firm. ...

Outright Greed? Or Mere Miscommunication? 

Jul 6, 2009 12:33 PM, David A. Geracioti, VonAldo.com

Back in the Great Buying Panic of the late 1990s, I once asked a financial advisor what his biggest problem was. His response: “Managing client expectations.” This question was posed in the summer of 1999, the year the Nasdaq Composite soared by 85.6 percent—on top of double-digits gains in the preceding four years. The advisor told me: “My clients think it’s always like this.” For more, please go to Von.Aldo.com, the blog of RR editor-in-chief David A. Geracioti. ...