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Moneta Group adds $300M team from Wells Fargo
Moneta Group, a large financial planning and retirement benefits firm, has hired a team of A.G. Edwards Inc. veterans who last year produced around $1.3 million in revenue and managed about $300 million of client assets.
Did Wall Street bet on failure?
It would seem to be an obvious conflict of interest for a Wall Street firm to create an investment product, sell it to its clients and then bet that the product would fail.
State tax collections dip, raising concerns about muni bonds
“Headline risk” associated with municipal bonds went up today when the U.S. Census Bureau released data that state government tax collections totaled $715.2 billion in fiscal year 2009. That's a decrease of nearly $67 billion (8.6%) from fiscal 2008.
How to reset the Goldman standard: Take the firm private
Poor Goldman Sachs. The Wall Street firm that's printing money mere months after exiting the federal bank-bailout straitjacket can do no right.
ETFs may provide diversification, but be wary of exotic types
Exchange-traded funds potentially make it easier for financial advisers to build a well-diversified portfolio that limits volatility by spreading risk. But the proliferation of more exotic ETFs — particularly leveraged and inverse ETFs — could blunt their diversification potential.
Judge refuses to dismiss Stanford shredding case
A federal judge in Florida has refused to dismiss charges of illegal document shredding against two former employees of disgraced financier Allen Stanford.
Credit Suisse profit boosted by private banking, asset management
Credit Suisse Group posted a fourth-quarter net profit of 793 million Swiss francs ($746 million) on Thursday, blaming writedowns and a hefty U.S. legal settlement for failing to meet expectations.
Swiss unveil criteria for tax disclosure on private accounts
U.S. clients with more than 1 million Swiss Francs in offshore accounts with UBS could be ratted out.
New Year’s resolutions we’d like to see
Here are some solutions for 2010 that we hope our politicians, regulators and financial wizards have made.
RIAs dive deeper into alternatives, brokers still testing the waters: Survey
But use of commodities and absolute-return strategies appears to be universal, according to a survey from Rydex Distributors
Have yourself a fiduciary Christmas
FLAWED THOUGH IT MAY BE, the House of Representatives delivered an early Christmas present to the advice business…
Some Wall Streeters claim layoffs were liberating
It's been a long, dry spell for many of the suit-clad Wall Streeters who were handed their pink slips before hardly anyone was talking recovery. But sit down with a handful of ex-finance industry workers volunteering to work for free as interns in a city-sponsored retraining program, and they seem almost ... happy.
Fed should be left alone on money decisions
It appears likely that Congress will punish the Federal Reserve for its role in the financial crisis by taking away some of its independence and responsibilities. The legislators are scapegoating.
‘Reform’ bill heavy on restriction, light on reform
Administration officials and members of Congress fret that banks aren't lending enough, and that companies aren't hiring enough, to reduce unemployment significantly and get the economy moving again.
RIA firm sues Focus Financial for books and records
Strategic Point Investment Advisors LLC, a wealth management firm that was one of the original affiliates of Focus Financial Partners, has sued the company to get access to its financial data.
Stonegate Wealth Management, Family Financial Research merge
Stonegate Wealth Management LLC and Family Financial Research LLC announced yesterday that they have joined forces.
ING promotes execs to bolster multicultural outreach
ING today stepped up its multicultural outreach efforts by hiring a slate of new executives hailing from Latin America.
Fairport Asset Management bids adieu to CEO and CIO
CEO said he's leaving as a result of strategic differences with the parent company
California eyes renewal fee for advisers at B-Ds, RIAs
California is considering charging broker-dealer and investment advisory representatives $25 per year to cover the cost of regulating more investment advisory firms, the state's corporations commissioner, Preston DuFauchard, told InvestmentNews today.
Putnam creates business channel for RIAs
In another acknowledgment of the rapid rise of independent investment advisers, Putnam Investments is creating a distribution channel dedicated solely to selling its products to them.
