Results for "wirehouses"

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Schwab bending in trade winds

May 31, 2004

Charles Schwab & Co. Inc. can no longer justly be lumped with Merrill Lynch & Co Inc. pricewise. San Francisco-based Schwab slashed trading costs for its advisers' biggest clients to a flat rate of $9.95, a drop of more than 60%. This rate drop...

Advocate for independent firms aims high

May 24, 2004

Only four months old, the Financial Services Institute of Atlanta is setting its sights high to fulfill its mission as an advocate for independent-contractor broker-dealers. "Ultimately, we'd like to see an independent-broker-dealer voice on...

2 top Griffith affiliates leave Linsco in lurch

May 24, 2004

One of the nation's largest fee-based financial planning firms and the planning arm of the Southeast's largest certified public accounting firm have aligned with a new broker in the wake of Linsco/Private Ledger Corp.'s recent acquisition of...

AmEx unit, looking upscale, undergoes makeover

May 3, 2004

As it attempts to refocus its brokerage operations to concentrate on wealthier regions and investors with more assets, American Express Financial Advisors Inc. of Minneapolis has recently made changes at the top. The changes follow the unit's...

Migration to independent advisers under way

April 26, 2004

The success of independent financial advisers in siphoning assets from full-commission brokers is raising eyebrows, with Charles Schwab & Co. Inc. reaching a notable milestone in the first quarter. The San Francisco-based firm finished the quarter...

Are discounts still eluding investors?

April 26, 2004

Brokerage firms that failed to give customers correct discounts for mutual fund purchases still may be having trouble making the right refunds. Lawrence West, associate director of the Securities and Exchange Commission's division of enforcement,...

Merrill on track to meet hiring goals

April 19, 2004

The biggest bull on Wall Street is emerging from the bear market with a vengeance, but some think its rampage will be slowed by an aging client base. Merrill Lynch & Co. Inc. has completed a third straight quarter during which it added financial...

Autonomy tops broker wish list, survey finds

March 15, 2004

Brokers and investment advisers want their firms to give them more autonomy, and they are continuing to demand better support for fee-based business, according to a recent survey. Wirehouse broker-dealers, meanwhile, are looking to attract and...

Morgan Stanley's global mix sets it apart

March 15, 2004

Morgan Stanley is continuing to swim against the tide, sticking with a global asset allocation heavily tilted to equities despite a spike in the bond market last week. The New York-based wirehouse recommended a mix of 70% equities and 30% fixed-income...

Unwelcome dividend: Filing woes

March 1, 2004

Financial advisers who prepare, or even review, their clients' tax filings can count on working overtime this tax season. Last year's $350 billion tax cut package is causing widespread confusion over taxes on dividends from stocks and mutual...

OneSource is in eye of pay-to-play storm

March 1, 2004

Companies such as Charles Schwab & Co. Inc., Fidelity Investments and TD Waterhouse Group Inc., and the independent fee- only advisers that use their no- transaction-fee platforms, may be taking advantage of mutual fund investors, industry observers...

Schwab cuts prices - for some investors

February 16, 2004

Charles Schwab & Co. Inc. is making some big pricing changes, but read the fine print. The San Francisco-based broker is cutting its sacred-cow commission price of $29.95 to $24.95 effective March 1, under certain conditions. The 16.7% reduction...

Schwab's referrals drying up?

February 2, 2004

While Charles Schwab & Co. Inc.'s nationwide referral service for financial advisers is going like gangbusters, some worry that the program is rapidly running its course. Schwab's Advisor Network program handed $5.8 billion in client assets...

SEC may reignite debate over advice

February 2, 2004

The Securities and Exchange Commission, looking at an industry where the traditional line between stockbrokers and investment advisers has blurred, is considering a proposal that would apply similar standards to both. In an interview, SEC commissioner...

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