Two recent surveys lend credence to suggestions that the Wall Street meltdown may drive more financial advisers to independent firms from wirehouses.
When a client recently told her adviser that she would be losing her public relations job in six months, Morris Armstrong gave her advice that he never thought he would dispense: He told the single mother, who had been contributing significantly to her 401(k) plan, to stop.
Charles G. Goldman's appointment last week to run the RIA custody and correspondent clearing businesses of Fidelity Investments presents a challenge to The Charles Schwab Corp., his former employer, and highlights contrasting strategies as the discount brokerage giants battle for assets from registered investment advisers, wealth managers and corporate retirement plan sponsors.
To attract disaffected wirehouse reps, more independent financial firms are signing on to the industry's recruitment protocol.
With the global financial markets extending their record-level volatility and generally downward spirals, at least one industry is making a case for space exploration investing.
New orders for manufactured durable goods sank $12.7 billion, or 6.2%, in October after a 0.2% decrease in September, the Department of Commerce reported today.
The number of Americans who filed for first-time jobless benefits fell by 14,000 to 529,000 in the week ended Nov. 22, according to the Department of Labor.
A former broker from GunnAllen Financial Inc. of Tampa, Fla., stole $1.3 million from at least 16 elderly clients in the past six years, according to the New Jersey Bureau of Securities.
High-net-worth donors relied more on lawyers and accountants for philanthropic advice than financial advisers in 2007, according to a survey released Monday by Bank of America.
Eaton Vance Corp. posted a 43% profit drop for its fiscal fourth quarter today after incurring $17.4 million in impairments stemming from the credit crunch.
The U.S. real gross domestic product declined to a revised 0.5% in the third quarter, marking its biggest drop in seven years, the Department of Commerce reported today.
The New York-based accounting firm yesterday paid the settlement in connection with its auditing service for Philadelphia-based Reliance Insurance Co., a carrier that’s now in liquidation.
Ameritas Life Insurance Co. of Lincoln, Neb., will offer a new version of its new variable universal life policy Jan. 1 as the company tries to conform to new mortality tables.
The British government today announced a 20-billion-pound ($30 billion) stimulus plan to try to get the United Kingdom through its first recession in 17 years.
Saying that the country faced an “economic crisis of historic proportions,” President-elect Barack Obama introduced the members of his economic advisory team this morning.
Even though alternative investments that follow hedge-fund-like strategies are currently frowned upon because of poor absolute performance, Nuveen Investments LLC is betting that such investments once again will be viewed favorably.
As representatives from the American auto industry plead for a multibillion-dollar federal bailout, some financial advisers are already bracing for worst-case scenarios that could leave thousands of autoworkers, retirees and those working in related industries scrambling to fill retirement and health care funding gaps.
Now that the Federal Reserve Board has cut the federal funds rate to 1%, the focus needs to be on increasing liquidity, St. Louis Federal Reserve Bank president James Bullard said yesterday.
Roger W. Crandall, co-COO, executive vice president and chief investment officer, will take on the role of president, presently held by chairman and chief executive Stuart H. Reese.
