Merrill has hired John Tyers, formerly one of the heads of Bear's defunct clearing and custody business.
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.”
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.
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.
The past decade, the first for <i>InvestmentNews</i>, has been a traumatic one for investors.
In the early 1990s, when I was in London, I ran across a weekly trade newspaper titled Money Marketing, aimed at British investment advisers.
During the past decade, 401(k) plans have elbowed defined benefit plans to become the primary retirement vehicle for most Americans.
Expect continued asset growth, more industry consolidation, competition and investment choices as well as broader participation in Section 529 college savings plans in the future, say state administrators of the programs, financial service executives and industry observers.
