Results for "wirehouses"

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Wachovia simplifies payouts in effort to lure top brokers

January 10, 2005

NEW YORK - In a move that distinguishes itself from other wirehouses, Wachovia Securities LLC last month drastically simplified its payout grid to brokers and advisers. The new payout allows registered representatives to keep 50% of almost all...

Take my seat - please

January 10, 2005

NEW YORK - One key element of Wall Street hasn't benefited from the market turnaround of the past two years: There is still a bear market in seats on the New York Stock Exchange. The price hit new lows last week, and some members are increasingly...

Smith Barney's fee-based brokers organize

January 10, 2005

SAN FRANCISCO - Another elite platoon of Smith Barney financial advisers is forming a bloc that its members may use to boost their status within the firm. About 1,100 advisers at the New York-based broker are forming an association under the...

SEC's SRO reform proposals figure to give NASD a new look

December 13, 2004

NEW YORK - The structure of NASD's board of governors could face an overhaul if the Securities and Exchange Commission's proposals for changing corporate governance of self-regulatory organizations are passed. Other potential changes at NASD...

Brokers, eyeing Monte Carlo, are warned that it can be dicey

December 13, 2004

CHICAGO - Two months away from being allowed to use Monte Carlo forecasting tools for the first time with clients, some broker-dealers are expressing a dose of skepticism. "The average adviser with the average customer doesn't use a tool quite...

Smith Barney's hard line costs it some veterans

November 29, 2004

SAN FRANCISCO - Smith Barney has once again refused to spin off an elite corps of its financial advisers who beseeched the firm to put them into a separate division - but this time, the New York-based wirehouse is paying a price. Some of the...

Merrill exec sees glass as half full

November 15, 2004

BOCA RATON, Fla. - James Gorman, president of the New York-based Merrill Lynch & Co. Inc.'s global private-client group, certainly seems to be in a good mood these days. At the New York- and Washington-based Securities Industry Association's...

Shift by brokers, advisers hits money funds

November 15, 2004

DETROIT - A "quiet revolution" in the way brokers and advisers manage their clients' cash balances could represent the beginning of the end for money market mutual funds, according to a new study of cash management practices in the financial...

Advisers selling DC plans must improve fee disclosure

November 1, 2004

SAN FRANCISCO - Advisers who sell defined contribution plans need to be proactive in disclosing fees to plan sponsors, including how much they're being compensated, said the U.S. Department of Labor's chief enforcement officer for employee retirement...

Broker execs mull creating SRO

October 25, 2004

NEW YORK - Saying they are fed up with NASD's aggressive regulatory stance, some broker-dealer executives are discussing breaking away from their present self-regulatory organization and creating a new industry group. And the executives are...

Merrill adds reps, builds fee-based biz

October 25, 2004

NEW YORK - Merrill Lynch & Co. Inc. of New York is increasing its number of registered representatives as well as building its fee-based-brokerage business. The firm said in its earnings report this month that it has added 600 registered representatives...

Hundreds of planners write off Merrill rule

October 4, 2004

WASHINGTON - Hundreds of financial planners have written to the Securities and Exchange Commission urging the withdrawal of the so-called Merrill Lynch rule, or demanding at least better disclosure by brokers. The financial planners appear to...

Broker-dealers brace for upcoming regulatory changes

October 4, 2004

NEW YORK - As registered representatives continue to be concerned about the pace of regulators' proposals concerning sales practices, their broker-dealers brace for the coming changes. That much was clear here last week at the New York- and...

Rush to comply leaves some reps caught in middle

October 4, 2004

NEW YORK - Some registered representatives are feeling increasingly punch-drunk from the un-precedented rush to regulate the securities industry, according to brokers, executives with broker-dealers, attorneys and recruiters. On one side, there...

A rush to head off 529 regs

September 27, 2004

NEW YORK - As the mutual fund scandals continue to gallop across newspaper headlines, state officials who run the fast-growing but increasingly scrutinized Section 529 college savings plans are in the middle of a high-stakes battle to prove...

Most big brokers find ways to continue extra loss protection

September 27, 2004

WASHINGTON - About a year ago, many insurance carriers stopp-ed selling certain policies that brokerage houses buy to provide extra protection for their customers in case investment firms fail. Insurers such as Travelers Property Casualty Corp....

Merrill, firefighters' group going national with counseling

September 27, 2004

NEW YORK - Merrill Lynch & Co. Inc. of New York and the National Fallen Firefighters Foundation plan to go national with a program that provides free financial counseling and workshops to families of firefighters who have lost their lives. The...

Profits are a mixed bag at big investment banks

September 27, 2004

NEW YORK - Big investment banks shot both over and under analysts' earnings estimates last week, but common themes emerged. Trading revenue in some businesses was down, and the summer's sluggish environment on Wall Street slowed the recent steady...

SEC reopens Merrill rule debate

August 30, 2004

SAN FRANCISCO - The Financial Planning Association last week aimed a second legal barrage at the Securities and Exchange Commission over the so-called Merrill Lynch rule but then held its fire. In a follow-up to its July 27 lawsuit against the...

Wirehouse, regional reps face uncertain times

August 9, 2004

NEW YORK - Although the major market indexes were up more than 20% last year, the number of employee retail brokers at wirehouses and regional firms fell slightly. But as the stock market rallied strongly last year, registered representatives...

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