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World wealth is on rise, but rich are more cautious

June 20, 2005

NEW YORK - The rich are still getting richer, but they are exercising more caution in their investments, according to the latest World Wealth Report released this month by Paris-based Capgemini Group and New York-based Merrill Lynch & Co. Inc....

Legg-Citi rumors may signal industry future

June 13, 2005

BOSTON - A possible asset swap between Legg Mason Inc. and Citigroup Inc., if it comes to pass, would be an important straw in the wind, indicating the future for the mutual fund, asset management and brokerage industries. After nearly two decades...

NASD eyeing brokers' short-term bonus deals

June 13, 2005

NEW YORK - NASD once again is looking under the hood of the brokerage business, this time scrutinizing the common industry practice of variable annuity companies' offering extra commissions to firms and reps for selling their products. Known...

Van Kampen delivers a blow to reps

June 6, 2005

NEW YORK - In a surprise move, Van Kampen Investments Inc. recently told broker-dealers that it is eliminating the sales load that registered representatives collect when selling mutual funds in retirement accounts designed for employees of...

White papers eye distribution, e-business trends

June 6, 2005

NEW YORK - A series of white papers to be released this summer and fall by kasina LLC will focus on distribution trends and e-business. "They're core areas of our business, and it's where we're seeing changes in some of the most significant...

NYLIM goal: MainStay with intermediaries

June 6, 2005

NEW YORK - New York Life Investment Management LLC in Parsippany, N.J., is on a mission to drum up interest from financial intermediaries in its $17 billion MainStay Funds group by adding people and coming out with new products. It's a mission...

ETF pioneer Gus Fleites exits SSgA

May 30, 2005

NEW YORK - State Street Global Advisors Inc. and managing director Gus Fleites parted ways this month because of a disagreement over strategy concerning new exchange traded funds, according to sources close to the Boston firm. Industry experts...

Schwab sees a doubling of client households in 10 years

May 30, 2005

SAN FRANCISCO - Charles R. Schwab has boldly proclaimed that his company expects the number of affluent households it serves to double in a decade's time. The chairman and chief executive of Charles Schwab Corp. of San Francisco told shareholders...

Rydex making a play for mainstream advisers

May 23, 2005

ROCKVILLE, Md. - Rydex Investments is trying to appeal to mainstream advisers. Several recent hires, coupled with an internal marketing initiative aimed at big broker-dealers, reveal some of the firm's new ambitions, as well as a bid to stabilize...

Small separate-account managers rake in assets

May 23, 2005

SAN FRANCISCO - The tide of separately managed accounts is beginning to lift all boats. The proof is that smaller, lesser-known separate-account managers are finding their anonymity and relative lack of size helpful in gathering assets, according...

U.S. Trust's silk stockings might be Chucked

May 23, 2005

SAN FRANCISCO - After five years of standing aside, Charles R. Schwab is finally stepping in to help make U.S. Trust Corp. into a modern asset-gathering machine, according to industry sources from inside and outside the firm. This became clear...

Broker-dealer CEOs' readiness for deadline

May 23, 2005

NEW YORK - By the beginning of December, securities regulators will be holding broker-dealer CEOs responsible for their firms' conduct and compliance. But some in the industry fear that some firms, already on the verge of being overwhelmed with...

Widow asks court to overturn arbitration ruling

May 16, 2005

BALTIMORE - A court hearing held here last week to try to overturn an arbitration decision provides a look at how difficult the process can be for plaintiffs. Joseph Meyer, an NASD arbitrator and mediator, said: "The court has to see where there's...

Schwab revises payout grid for branch brokers

May 9, 2005

SAN FRANCISCO - In a move that some analysts say pushes the envelope with regulators, Charles Schwab & Co. Inc. is revamping its strategy for paying its branch brokers. The San Francisco-based company has begun doling out large books of business...

Merrill transition policy said to be complicated by issues of gender

May 2, 2005

SAN FRANCISCO - Merrill Lynch & Co. Inc.'s current program for transitioning books of business - allowing brokers with an eye on retirement to make quiet deals at the branch level - has been described by one industry observer as "conflict avoidance."...

Battle over Merrill rule still on, say FPA, NAPFA

April 25, 2005

DETROIT - With the dust still settling around the 117-page broker-dealer-exemption action that the Securities and Exchange Commission issued two weeks ago, the financial planning industry is already considering its next move. According to legal...

Value-added programs of questionable value

April 25, 2005

NEW YORK - Value-added programs for broker-dealers and financial advisers, sponsored by mutual fund companies, require some serious rethinking, according to a new study. "There's a disconnect between what distributors are looking for and what...

New financial planning guide for disasters released

April 18, 2005

NEW YORK - Following a year that saw Florida battered by hurricanes, California devastated by mudslides and wildfires, and the Midwest damaged by tornadoes, financial planners have a new tool to help clients protect themselves fiscally and physically...

Critics weigh in on SEC's point-of-sale proposal

April 11, 2005

WASHINGTON - NASD and the brokerage industry last week recommended that the Securities and Exchange Commission require that point-of-sale disclosures be made to mutual fund investors over the Internet. Washington-based NASD's recommendation...

Exec pay+bonuses down, but restricted stock is on rise

April 11, 2005

BOSTON - With regulators and investors looking over their shoulders, directors at financial services companies that manage assets are putting the clamps on salaries and bonuses. However, they are continuing to increase the use of restricted...

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