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Ex-Wall Street brokers choose new beat: NYPD
They used to ride desks and flog stocks, but now some Wall Street refugees are choosing to walk a beat and chase bad guys.
Bonuses could jump 40% on Wall Street
Big bonuses could be back in store for some top executives and traders on Wall Street as profitability returned to the investment banking industry in 2009, according to a new study released Thursday.
Broker movement continues its decline, wirehouse reps staying put
The number of financial advisers fleeing large brokerages appears to be slowing, as many wirehouse reps are staying put — for now — or joining another wirehouse.
Beacon Pointe ramps up recruiting, targets wirehouse refugees
Beacon Pointe Advisors of Newport Beach, Calif., a wealth management firm with $4 billion in assets that caters to high-net-worth individuals, is looking to bolster its business with wirehouse castoffs.
$900M Merrill Lynch team strikes out on its own
A prominent wirehouse rep and his Hawaii-based team — who rather suddenly left Merrill Lynch & Co. Inc. in September — have formed a new advisory firm.
Ex-Pru broker gets 2 months for fraudulent trading
A former broker at Prudential Securities Inc. charged with fraudulently trading mutual funds for millions of dollars in commissions has been sentenced to two months in a halfway house.
Schwab sees surge in breakaway brokers in just last six weeks
The Charles Schwab Corp. said its campaign to help wirehouse brokers become independent investment advisers is picking up speed at summer's end.
Clients expected to move $800B as advisers change firms
An estimated $800 billion in total client assets will be transferred across the investment advisory industry because of brokers and advisers' changing firms this year, according to a study from Cerulli Associates Inc.
David A. Noyes adds wirehouse advisers to its lineup
The consolidation and regulatory changes facing the wirehouse brokerage industry is proving to be a bonanza for David A. Noyes & Co., an advisory firm that recently added six veteran financial advisers to its ranks.
Wirehouse-hopping drops as reps flock to indies and regionals
The number of advisers moving from one wirehouse to another reached a nine-month low last month, according to data compiled by the Discovery-RR Database.
Hiring frenzy by regional firms shows no signs of slowing
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
Can Sallie Krawcheck restore Merrill’s luster?
Kenneth Lewis, Bank of America Corp.'s embattled chief executive, gave a trenchant analysis of the state of banking — and the brokerage business, in particular— last week when he announced that former Smith Barney boss Sallie Krawcheck will run the bank's global wealth and investment management sector.
Janney Montgomery, Baird, RJ nab wirehouse refugees
Aggressive hiring by regional broker-dealers is likely to continue for the rest of the year, coming mostly at the expense of the wirehouses, according to industry executives and analysts.
Wirehouses bleed $1.5T, indies gain ground
Wirehouses lost approximately $1.5 trillion worth of market share last year, according to a report from Cerulli Associates Inc. of Boston.
Jones, LPL rank highest in full service satisfaction
The chief driver of satisfaction, according to the study, is the financial adviser, comprising 30% of the total — an increase from 22% in 2008. In contrast, investment performance declined in importance — accounting for only 15% of overall satisfaction, compared with 24% in 2008.
Breakaway brokers still a trickle, not a tide
Even though independence is losing its stigma as a sign of failure among wirehouse brokers, they continue to move at only a moderate pace to independent broker-dealers and registered investment advisory firms, a panel of experts said last week.
Assets in broker-managed accounts rival those in wraps
Assets in broker-managed ac-counts reached the levels of traditional wrap fee accounts in the first quarter of the year, a milestone in the fee-based business at major brokerage firms.
Brokers could bolt from wirehouses when economy stabilizes
The steady exodus of registered reps from wirehouses is expected to accelerate dramatically over the next 18 months, according to a report from TowerGroup.
Schwab edges Fidelity in breakaway broker race
The Charles Schwab Corp. edged out Fidelity Investments during the first quarter in the battle to service the small but growing number of stockbrokers who are leaving their Series 7 licenses behind to become independent investment advisers.
RBC Wealth Management capitalizes on crisis
Unlike most bank executives, John Taft — director of Royal Bank of Canada's U.S. wealth management business — can make a compelling case for the economic crisis being good for business.
