Wells Fargo has joined other big banks in reporting significant second-quarter results, with a 47 percent rise in profit helped by its acquisition of Charlotte, N.C.,-based Wachovia Corp.
Morgan Stanley says its net loss after payment of preferred dividends was $1.26 billion, or $1.10 per share, compared with earnings of $1.06 billion, or $1.02 per share, a year earlier.
Second-quarter profit plunged 76 percent at U.S. Bancorp as credit costs rose and it repaid a government loan. But the results still beat Wall Street expectations as net revenue hit a quarterly record and the stock rose nearly 4 percent today.
Next Financial Group Inc. of Houston was fined $1 million today by the Financial Industry Regulatory Authority Inc. for failures to supervise its network of some 130 branch managers, also known as OSJs in the independent-contractor-broker-dealer industry.
If the market decline of the past year or so has taught the investing public anything, it's that professional investment advice — whether from top Wall Street gurus, mutual fund managers or financial advisers — doesn't ensure success.
Slumping home prices and financial incentives may make homeownership all the more tantalizing for young newlyweds, but advisers warn that renting may be the smarter choice.
The financial crisis is helping to boost financial planning in the workplace.
Small-business owners are aware that their employees worry about long term care insurance, but the perceived cost of providing workers with that coverage turns employers off, according to data from John Hancock Financial Services Inc.
Investment manager BlackRock Inc. said Tuesday its second-quarter profit tumbled 20 percent, but its earnings still surpassed analysts' expectations.
The chief driver of satisfaction, according to the study, is the financial adviser, comprising 30% of the total — an increase from 22% in 2008. In contrast, investment performance declined in importance — accounting for only 15% of overall satisfaction, compared with 24% in 2008.
Rather than chiefly representing the variable annuities industry, the Washington-based institute will reach out to advisers and their clients through the group's distributor members, acting as a source of information via webcasts, consumer brochures and research.
With the U.S. economy expected to emerge this year from the longest recession since World War II, business forecasters are feeling a bit less gloomy about the future.
According to published reports, Mr. Cuomo sent a letter of intent July 17 to the San Francisco- based brokerage firm saying he would sue unless Schwab agrees to buy back auction-rate securities from investors, the attorney general's office said.
Legg Mason today reported assets under management of $656.9 billion as of June 30, up 4% from the prior quarter but down 29% from the year before.
More plans to build homes, higher stock prices and fewer people filing first-time claims for jobless aid sent a private-sector forecast of U.S. economic activity higher than expected in June.
Finra is conducting a sweep to gather information from a number of broker-dealers that sold private securities of Medical Capital Holdings Inc., which the Securities and Exchange Commission last week charged with securities fraud.
In a bid to build their businesses, some financial advisers are turning to an untapped market: their clients' young children.
The Texas Department of Insurance is mulling a regulation that would mandate disclosure for annuity buyers, but advisers are questioning how effective it would prove to be.
It didn't take long for Allgen Financial Services Inc., a registered investment adviser, to seize on The Charles Schwab Corp.'s offer to waive electronic stock commissions through next June 30 and reimburse account transfer fees for any new-to-Schwab client that RIAs sign on by yearend.
Financial firms have bolstered their efforts to help financial advisers connect with minority clients, who typically aren't saving significantly for retirement.
