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Raymond James boasts of attracting high-earning advisers
Raymond James Financial has attracted a number of recruits in recent months and is on track to add advisers with more than $100 million in production this year.
Schwab sees dollar signs flowing from wirehouse refugees
While new assets heading into The Charles Schwab Corp.'s adviser business slowed in the first quarter, executives for the San Francisco-based company noted that they've had contact with hundreds of advisers — with billions in assets — who are considering going independent.
UBS to overhaul its retail business
As part of a massive overhaul of its U.S. wealth management business, UBS AG is set to shed up to 2,000 jobs, shrink its regional operations and consolidate a number of branches here over the next several months.
Discount-brokerage firms trump wirehouses in customer satisfaction, survey says
In a customer service satisfaction survey of 17 brokerage firms, discount-brokerage firms scored better in terms of navigating clients through the market downturn last year, compared with larger, full-service brokers, according to Consumer Reports.
Bill may drive reps from wirehouses, expert says
Legislation approved Wednesday by the House of Representatives that would limit bonuses at government-aided firms may lead more wirehouse brokers to become independent investment advisers, said an attorney who specializes in helping breakaway brokers start their own advisory firms.
Investor sues Prudential over ‘misleading’ note offering
An investor has filed a class action against Prudential Financial Inc. and a slate of its executives, alleging that the insurer violated federal securities laws in a June 2008 public offering of junior subordinated notes.
Judge clears two ex-Smith Barney brokers
Two ex-Smith Barney brokers have been cleared of allegations that they took private client information to their new firm.
Smith Barney seeks restraining orders against four ex-reps
Smith Barney, facing a rising number of broker departures from its branches, this month hit four ex-reps and a rival broker-dealer with a lawsuit.
Morgan-Citi favors ‘awards’ over bonuses
In a nod to today's touchy political environment regarding executive compensation, financial advisers at the firm born out of a joint venture between Morgan Stanley and Smith Barney will not receive retention bonuses.
The five new realities of wirehouse advice
The irony is powerful: Just as client demand for quality advice is reaching an all-time high, the business models that support the selling of advice have never looked worse.
Advisers target disgruntled clients
Whether out of necessity or a sense of opportunity, financial advisers are gearing up to attract clients in the midst of one of the worst bear markets on record.
UBS to split wealth business; Hoekstra to lead in Americas
After posting another massive loss today, the Swiss bank UBS AG said it will reorganize its wealth management businesses.
Wells unveils management lineup for Wachovia Securities
In an internal announcement Tuesday, Wells Fargo & Co. laid out top management appointments for its expanded brokerage businesses following its merger this month with Wachovia Corp.
Morgan-Citi’s first challenge: Duplication
Reps at both Smith Barney and Morgan Stanley, as well as other industry observers, see a long slog ahead for the new joint venture between the two firms.
Meet Morgan Stanley Smith Barney
The new combination provides an “unmatched global platform,” the firms said, with $1.7 trillion in client assets and more than 20,000 reps.
Wirehouse grids squeeze low producers
The lowest-producing brokers at New York-based wirehouses Merrill Lynch & Co. Inc., Morgan Stanley and Smith Barney are…
Wirehouses dodge major Madoff fallout
The wirehouses appear to have escaped major exposure to Bernard Madoff's alleged Ponzi scheme.
<i>Opinion: Is Schapiro up to the job?</i>
Does Mary Schapiro have the right stuff to take on the big firms? Although praise is coming in from many quarters for the nomination of the Finra chief to head up the Securities and Exchange Commission, there may be cause for concern.
Pershing escalates pitch for ‘breakaway brokers’
Pershing LLC, the securities clearing and RIA custody affiliate of The Bank of New York Mellon Corp., has set up a website and suite of tools for stockbrokers who are considering shifting from large broker-dealers to other business models.
Transcript: Wirehouse/Regional Brokerage FIrms Round Table
The following is an edited transcript of the round-table discussion.
