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Rich investors’ fear of risk poses a challenge to advisers
As a result of shifting views of high-net-worth and ultrahigh-net-worth investors, financial advisers will have to re-evaluate business practices, including fees, portfolios and investment policies, according to wealth managers and industry observers.
UBS senior advisers to oversee three regional divisions
UBS AG of Zurich, Switzerland, will realign its U.S. Wealth Management unit and has tapped several senior-level managers to oversee the restructured business.
Wealthiest feeling the pinch, survey says
Nearly three-quarters of millionaires surveyed by the Phoenix Cos. said they feel less wealthy than last year, and their pessimism about the economy is at levels not seen since 2001.
Mega-firms eye selloffs to slim down
Thousands of financial advisers and hundreds of billions of dollars in assets at a number of financial institutions could soon be on the move as distressed firms look to sell off major brokerage and money management operations.
Wilmington Trust’s lower 1Q net beats expectations
Despite a year-over-year profit decline, the latest quarter marked a turnaround from the fourth quarter, when the company posted a loss of $69.4 million, or $1.02 per share.
RBC lassoes $200M Wachovia team
RBC Wealth Management has nabbed a team of advisers from Wachovia that manages nearly $200 million in. client assets, RBC spokesman Chris Nietupski confirmed today.
AFW deals with fallout from principal’s alleged fraud
A Purchase, N.Y.-based asset management firm has made several changes to its money management systems to safeguard its clients following allegations made last week that one of its principals may have made unauthorized withdrawals from clients' accounts.
Ex-major league star Mo Vaughn and adviser in beanball battle
A financial adviser to former Major League baseball player Mo Vaughn is claiming that he threatened and intimidated her after she tried to rein in his "insane spending habits."
RBC Wealth Management eliminates co-presidents
RBC Wealth Management of Minneapolis has eliminated its co-presidents and will have its regional directors report directly to John Taft, head of U.S. wealth management.
Smaller banks positioned to build wealth management business
Community and regional banks are scrambling to take advantage of the perceived misfortunes of larger competitors to expand their wealth management businesses.
Wealthy are gloomy but staying the course
Wealthy investors may be pessimistic about the economy, but most didn’t plan on changing their long-term investment approach, according to a new survey.
Perkins reopens fund to new investors
Perkins Investment Management LLC today announced that the Perkins Small Cap Value Fund (JSCVX) will reopen to new investors.
Banks positioned to lure wealth management business
Banks have a once-in-a-lifetime opportunity to grab market share in the wealth management business.
Senate to grill UBS official
UBS AG official on Wednesday will face questions from a Senate panel for the first time since the bank acknowledged helping tens of thousands of American clients hide assets from the U.S. government.
Sen. Levin seeks to close tax-haven loophole
The offshore tax-haven loophole could be getting a lot smaller if Sen. Carl Levin, D-Mich., has his way.
Adhesion Wealth Advisor Solutions, Stonefield Software
Adhesion Wealth Advisor Solutions has upgraded its WealthADV Unified Managed Account platform, while Fla. vendor unveils report creation software
Phillies send relief for lefty pitcher
The World Series champion Phillies are relieving one of their pitchers, whose cash is frozen in the wake of the alleged $8 billion fraud committed by R. Allen Stanford.
Wealthy Americans sue UBS to keep names secret
Pressure on UBS not to reveal to the Internal Revenue Service the names of 52,000 American clients with offshore banking accounts intensified yesterday.
Get with the (retirement) plan
While all investors have experienced the pain of recent market declines, baby boomers are less confident about their future than those who are already retired.
Retirement assets plunge more than $2T
Total retirement assets in the U.S. have dropped by more than $2 trillion in a one-year period, according to a new report from the Investment Company Institute.
