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The three phases of breaking away
Step by step, former wirehouse advisers can build a new brand and enjoy new freedom.
Blankfein says Goldman Sachs can boost ROE without major changes
The Goldman Sachs Group Inc., the U.S. bank most reliant on trading, won't make any “wholesale strategic change” to help improve returns, chief executive Lloyd C. Blankfein said.
Merrill Lynch fined over rogue broker
Massachusetts securities' regulators fine the brokerage giant $500,000 for failing to stop a rep from defrauding clients.
Do your clients really need long-term care insurance?
What's InvestmentNews senior columnist Jeff Benjamin reading this morning? Whether your clients need long-term care insurance, hedge funds loading up on GM stock, Greenspan calls Bitcoin a bubble, JPMorgan confirms cardholders were hacked and Britain gets bullish. Breakfast with Benjamin is served.
SEC to mutual fund industry: Stop promising safety and protection
Today's Breakfast with Benjamin: The regulator tells the mutual fund industry to stop promising safety and protection. Plus, the QE government bonanza, JPMorgan's Twitter beatdown, SAC Capital trial could go inside the hedge fund.
UBS adds to Southern California push with $500 million adviser
Firm's crop of recent hires for its wealth management unit have managed more than $5.2 billion.
Shrinking pay at Goldman Sachs shows Wall Street poised for bonus gloom
Goldman Sachs, along with the investment-banking divisions of six of its biggest U.S. and European rivals, allocated a collective 39% of revenue for compensation in the first nine months, down from 42% a year earlier and the 50% some firms earmarked before the financial crisis. Goldman Sachs's 41% ratio so far this year is its lowest nine-month figure as a public company.
The Takeaway: As always, retail investors come late to the party
Portfolio Facebook’s upside explosion boosts all those silly “social media” funds. (Index Universe) Retail…
Adviser head count expected to drop amid lack of new recruits
Cerulli study forecasts a drop of more than 25,000 advisers by 2017, most from wirehouses and broker-dealers. The problem? A lack of new recruits.
Wirehouse turnover picks up, but it’s mostly musical chairs
Recent moves point to building momentum after year and a half of sluggish action
Two teams join Wells Fargo from Merrill, UBS
Groups from Salt Lake City, Charlotte, N.C., manage close to $500M combined.
Wirehouses find a way through 401(k) regulation
As 401(k) plan advising gets closer attention from regulators, brokers are finding a way to play
UBS adds four-member team from Merrill that managed $3.1 billion
L.A.-based group is latest in wave of high-value advisers switching firms.
Largest wealth group at UBS in San Diego goes independent
Ajay Gupta and partners managed $540 million at wirehouse; clients include new-age guru Chopra.
The $50B wirehouse heist
Rudy Adolf of Focus Financial has done the math: Wall Street wirehouses destroy close to $50 billion of portfolio value each year with "unnecessary fees and depressed performance based on poor product choices, or both."
Merrill adds team with more than $1B in client assets
Plus, Morgan Stanley's Graystone Consulting gets new executive director, financial adviser.
Wells Fargo Advisors lands $1B team
Four-adviser team have combined production of $5.8 million.
RIAs are losing competitive edge
RIAs appear to be losing their competitive edge. Why? Wirehouses and regional firms are adopting some of their practices.
UBS team goes indie
Largest wealth management team in San Diego.
Billion-dollar teams on the move
Two advisers split Morgan Stanley to join RBC but the wirehouse adds three teams.
