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Tide change for traditional retail-brokerage firms expected
The outlook for traditional retail-brokerage firms has never been so uncertain.
Fate of Merrill brokers still a question mark
Merrill Lynch & Co. Inc. is patting itself on the back for convincing 97% of its brokers who…
Recruitment deals slim down
The bull market in broker recruitment deals has peaked.
Regionals, independents see light in wirehouse gloom
Regional and independent brokers such as LPL Financial, D.A. Davidson & Co., Raymond James Financial Inc. and Stifel Financial Corp. are thriving while brawnier brokers struggle, but the firms' executives have deep concerns even as they rev up their recruiting.
Government’s reach worries big-firm reps
Brokers and industry observers worry that the Department of the Treasury's capital purchase program to inject $250 billion into the financial services industry could mark a new era of government control and mistrust of the industry.
Broker-Dealer of the Future transcript
The following is an edited transcript of the round-table discussion. It was moderated by InvestmentNews news editor Bruce Kelly and InvestmentNews reporter Jed Horowitz.
Wirehouse reps’ futures hanging in limbo
Wirehouse representatives have been on tenterhooks since last week, awaiting the fate of their parent companies — while at the same time trying to deal with the market meltdown.
Outspokenness, disagreements may have scuttled Krawcheck
Sallie Krawcheck may have spoken up one too many times.
Mood of wirehouses reps is improving
Wirehouse reps were breathing a bit easier last week as their employers were able to step back from the brink of financial collapse.
Schwab ramps up recruiting at wirehouses
Charles Schwab & Co. is taking advantage of the financial crisis by attempting to lure brokers from Merrill Lynch and Morgan Stanley and other wirehouse brokerage firms to go independent and use Schwab as their custodian.
Layoffs seen skyrocketing in wake of turmoil
Following this weekend’s turmoil on Wall Street, financial-sector job cuts may hit new heights, according to a report from Challenger Gray & Christmas Inc. of Chicago.
Exodus from ‘broken’ wirehouses seen
“There will be massive defections of clients and advisers,” said Liz Nesvold, managing partner of Silver Lane Advisors LLC of New York. “The wirehouse model, which was damaged, is now broken.”
BofA, Merrill deal done as Lehman teeters
Lehman Brothers is verging on collapse, even as Bank of America has reportedly bought Merrill Lynch for $44 billion; AIG hammering out its own rescue strategy.
I-banks helped clients beat taxes, Senate says
Handful of firms peddled equity swaps, stock loans to clients; 'IRS pussyfooted on this.'
Court voids non-compete contracts
Lawyers say that an August decision by the California Supreme Court that voids narrow-restraint exceptions for non-competition agreements…
Schwab advisers lure wirehouse clients, do-it-yourselfers
In a market roiled with trouble and strife, advisers who keep assets under custody with Schwab Institutional appear to be picking up clients from wirehouses and do-it-yourself investors at a prodigious rate.
Big wealth teams dump wirehouses to go independent
Two of the brokerage industry's most prominent wealth managers have dumped their wirehouse broker-dealers, instead opting to become independent registered investment advisers, with more well-known advisers perhaps soon to take the same path.
Brokers feel mobility is still threatened
Despite continued efforts to curtail litigation when brokers change firms, departing reps are still being sued, and some say that recent developments suggest the harassment won't stop anytime soon.
Wirehouse brokers faced many changes
Wirehouse brokers have had to respond to many changes in the industry in the past decade.
More talk, less trade seen on Wall Street
The big Wall Street firms have been talking a good game about offering advice, but how much worthwhile information will they actually provide in the next decade?
