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Wachovia retention deals may not keep brokers
Wachovia Securities LLC may face challenges in retaining all the brokers it wants to, in the wake of its announced merger with A.G. Edwards Inc. of St. Louis.
BofA says it took hit in Parmalat crash
Bank of America said it lost about $450 million from the bankruptcy of Parmalat after relying on "fraudulent misrepresentations" made by the Italian dairy company.
ABA and ACB to merge
Two powerful bank trade groups today announced plans for a merger.
SEC eyes VA funds of funds
The SEC is looking at possible problems involving revenue sharing payments made by funds of funds.
VAs trail funds in sales growth at the banks
Bank sales of variable annuities that invest in mutual funds continue to grow but are outpaced consistently by those of mutual funds. That’s a function of periodic adverse publicity combined with compliance hassles, observers say.
Brookstreet scion joins Wedbush
In an attempt to save a semblance of his family’s broker-dealer, Scott Brooks, scion of the founder of Brookstreet Securities Corp., last Thursday jumped to Wedbush Morgan Securities Inc. and then immediately invited Brookstreet’s 500 affiliated representatives to join him.
Schwab, in about-face, is back with tech partner
In an about-face, Schwab Institutional has reconciled with a former technology partner in an effort to upgrade its customer relationship management tool for financial advisers.
Banned brokers fly under radar screen
In a comfortable Colonial-era tavern in Rhode Island last Tuesday, David L. Ullom dished out generous portions of retirement advice — along with a free meal of chicken, mashed potatoes and summer squash.
Suit threatens tax incentives for 529 plans
The college savings plan industry is closely tracking a class action filed in Illinois last month that could help open the legal floodgates for states that use tax incentives to induce residents to invest in their own Section 529 programs.
Advisers react to changes at Jackson National network
NEW YORK — Recent changes in management at independent-contractor broker-dealer National Planning Corp. and National Planning Holdings Inc., its broker-dealer network, have some of its affiliated advisers concerned, while others accept the changes as part of the business.
Social Security adds adviser info to site
NEW YORK — After receiving suggestions from financial professionals, the Social Security Administration has designated a section of its website specifically for advisers.
Suspicions are verified: Fidelity is tops in IRAs
CHICAGO — Data gathered by Boston-based research firm Cerulli Associates Inc. confirm what most observers have long suspected: Fidelity Investments is the nation’s individual-retirement-account powerhouse.
Brookstreet exec makes move
Scott Brooks has jumped from Brookstreet to Wedbush Morgan and has asked Brookstreet's reps to join him.
A.G. Edwards posts hefty 2Q gains
A.G. Edwards today reported first-quarter gains in net revenue and earnings, buoyed by gains in client assets and fee-based accounts.
H&R Block reports $85.5 million 4Q loss
H & R Block’s continuing struggles in its mortgage lending unit put a drag on fourth-quarter earnings.
Paulson aims to ease burdens for banks
Treasury Secretary Henry Paulson will propose an anti-money laundering framework for small banks tomorrow, The Wall Street Journal said.
Greenberg sues AIG over derivative litigation
Maurice R. Greenberg has sued current and former AIG directors and management, as well as PricewaterhouseCoopers.
Indie B-D warns reps of dire finances
Brookstreet Securities told its 500 or so affiliated reps and advisers that "disaster" had struck.
Wachovia slapped with $2M fine
NASD has fined Wachovia $2 million for failing to adequately supervise its fee-based brokerage business.
Lehman to float private equity IPO
Lehman Brothers plans to raise $500 million for a fund that invests in private equity companies, according to published reports.
