Executive jumps ship at Pacific Select

Another top executive has walked away from the Pacific Select Group LLC, the soon-to-be-dismantled broker-dealer network of Newport…

Another top executive has walked away from the Pacific Select Group LLC, the soon-to-be-dismantled broker-dealer network of Newport Beach, Calif.-based Pacific Life Insurance Co.
Peter Deering, senior vice president, left Friday. In a note to representatives and advisers earlier last week, he said that he is taking time off to travel before taking his next job in the financial services industry.
In March, Linsco/Private Ledger Corp. of Boston and San Diego said that it would acquire three of Pacific Select’s broker-dealers. In the months leading up to that deal, the chief executives of the three firms — Associated Securities Corp. of El Segundo, Calif., Mutual Service Corp. of West Palm Beach, Fla., and Waterstone Financial Group of Itasca, Ill. — resigned.
In his message, Mr. Deering stressed his pride in the Pacific Select Group. “During my tenure, we were able to build the Pacific Life broker-dealer network into an industry leader, and I feel proud to have been part of its growth and success,” he wrote.

Schwab cuts, scraps account minimums
Charles Schwab Corp. said Friday that it has reduced account-opening minimums for all its main brokerage and retirement accounts, and eliminated minimums for many others.
The San Francisco-based discount-brokerage firm also has eliminated charges for accounts that fall below the minimum.
Minimums for opening a Schwab One brokerage account were slashed to $1,000, from $2,500. Minimum initial deposits for individual retirement accounts, college saver and education savings accounts were cut to $1,000, from $2,000.
Schwab also said that it has waived account minimums for clients who make the commitment to deposit $100 or more each month into the account via direct deposit or Schwab MoneyLink.
The minimum to open a custodial account has been lowered to $100, from $2,500.