Barbara Herman Quoted – By Thomas Coyle, Financial Advisor IQ – In recent weeks, the four biggest retail brokerages all updated compensation plans for the 53,000 or so financial advisors who work for them. Most of the tweaks concerned bonuses, and though they differ in the details, experts say they are alike in one vital respect: They’re hard to follow.
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Howard Diamond Quoted – By Andrew Welsch and Suleman Din, OnWallStreet – Morgan Stanley joined a growing list of prominent corporate brands to suffer a data breach, after it revealed an employee stole the information to as many as 350,000 wealth management clients, and that some of the data was posted online.
By Mindy Diamond, WealthManagement.com – Take it from me: Working with your spouse can certainly be challenging at times, but it can also be
Mindy Diamond Quoted – By Megan Leonhardt, WealthManagement.com – Reports of the wirehouses’ demise have been greatly exaggerated. That’s the message former Bank of America’ executive Sallie Krawcheck delivered to the MarketCounsel audience on Wednesday, saying that despite the numerous stories of successful advisor teams streaming from the wirehouses, these big firms aren’t losing nearly as many advisors as reported and that predictions of the wirehouses desperately entering the RIA space may be premature.
Mindy Diamond Quoted – By Mason Braswell, InvestmentNews – Sallie Krawcheck, former head of the brokerage units at Citigroup Inc. and Bank of America Merrill Lynch, stepped into the lion’s den on Wednesday to downplay the impact on wirehouses of the so-called breakaway broker movement.
Reuters-ON THE MOVE – On Monday, Lebenthal Asset Management announced it acquired Aurora Investment Counsel, an Atlanta-based equity manager run by independent adviser David Yucius which oversees $250 million in client assets for foundations, endowments and corporations.ore…
Howard Diamond Quoted – By Andrew Welsch, OnWallStreet – Raymond James & Associates recruited an advisor team managing $900 million in assets to open its first office in Manhattan. The four-person advisor team left J.P. Morgan Securities, where they generated $6.7 million in annual revenue. This latest addition is Raymond James’ biggest recruiting grab of the year, and furthers the firm’s growth objectives in the Northeast.
Howard Diamond Quoted – By Trevor Hunnicutt, InvestmentNews – On Oct. 16, 2008, the six-column subheading that crowned the Wall Street Journal cried, “Stocks Post Biggest Drop Since 1987 Crash.” Meanwhile, Merrill Lynch & Co. was reporting its fifth straight quarter in the red — a loss of more than $5 billion for the period — underscoring the deteriorating conditions that preceded its takeover by Bank of America Corp.
Howard Diamond Quoted – By Dave Lindorff, OnWallStreet – There was a time when working as an advisor or a broker was a solitary profession. You might work for a big brokerage or advisory firm, but in terms of building a book and dealing with your clients, you were on your own. Now, increasingly, advisors and brokers are working in teams — teams that they bring together or join on their own initiative.
Mindy Diamond Quoted – By Megan Leonhardt, WealthManagement.com – Financial advisors are known to harbor a strong streak of independence and autonomy, and aren’t shy when it comes to letting their opinions be known, both good and bad.
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