Merrill has hired John Tyers, formerly one of the heads of Bear's defunct clearing and custody business.
The mutual fund industry, buffeted by volatile markets, unprecedented scandals and new competition, has had a tough time over the past 10 years.
A combination of regulatory developments and court cases since 1998 has molded annuities and insurance products into what they are today — and that development continues.
Considering that the age of the typical financial adviser is between 52 and 60, it is safe to assume that a tidal wave of advisers will exit the business over the next 10 to 15 years.
Wirehouse brokers have had to respond to many changes in the industry in the past decade.
If there were a color-coded advisory system for fiduciaries, it now would stand at yellow, flashing “elevated risk.”
An optional federal charter and a tax environment that favors annuities are in the cards through the next 10 years for the life insurance industry.
During the past decade, 401(k) plans have elbowed defined benefit plans to become the primary retirement vehicle for most Americans.
The past decade, the first for <i>InvestmentNews</i>, has been a traumatic one for investors.
