Results for "wirehouses"

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Schwab Institutional gets new head of sales

October 24, 2005

SAN FRANCISCO - After one resignation and a misfire, Schwab Institutional has a new sales chief to share the load with its president, Deborah D. McWhinney, who has been wearing two hats since May. Bernard J. Clark has been named senior vice...

Fidelity helps advisers be retirement whizzes

October 17, 2005

CHICAGO - Seeking to solidify its relationship with broker-dealer affiliated advisers, Fidelity Investments is launching an initiative this month to help registered representatives position themselves as retirement specialists. In an adviser-focused...

Schwab battles for wirehouse assets

October 17, 2005

IRVINE, Calif. - Charles Schwab & Co. Inc. is taking on the wirehouses. Executives who run San Francisco-based Schwab Institutional, the unit that keeps custody of assets for independent advisers, made that point clear last month in Seattle...

Independent analysts facing a shortfall of dollars

October 10, 2005

NEW YORK - In the spring of 2003, investment banker Guy Cohen opened an independent stock research firm, hoping to make a killing. Regulators had just forced big Wall Street firms to spend hundreds of millions of dollars on outside research...

Increasing commission costs good news for money managers

October 10, 2005

NEW YORK - The drumbeat of lower stock trading commissions continues, but new research from Plexus Group Inc. suggests that in some cases, commissions have increased slightly. That is good news, because it means money managers are using all...

Broker-dealers not folding because of the hurricanes

October 10, 2005

WASHINGTON - No brokerage firms have been liquidated as a result of the Hurricanes Katrina and Rita, which devastated much of the Gulf Coast area recently, according to the Securities Investor Protection Corp. The SIPC, which was created by...

Schwab irks some advisers

October 10, 2005

SAN FRANCISCO - Charles Schwab & Co. Inc. has launched one of its most ambitious retail programs in years - over the protests of some of its financial advisers. The San Francisco-based broker is making two of its managed-accounts programs -...

RBC Dain taps ex-president's kin as CEO as it focuses on wealth management

October 10, 2005

NEW YORK - RBC Dain Rauscher Corp. has put a descendant of a U.S. president in charge, and he, in turn, has named a new management team. The moves are seen as solidifying the Minneapolis-based brokerage firm's thrust toward wealth management...

Raymond James works to push VA price cuts

October 10, 2005

IRVINE, Calif. - Raymond James Financial Inc. is working with insurance carriers to lower fees on variable annuities its brokers sell. By May, the firm plans to cap upfront gross on variable annuities at 5% and limit trail fees to half a percentage...

Market-timing charges cut across industry models

October 10, 2005

NEW YORK - The latest enforcement action against alleged improper mutual fund trading has affected a variety of broker-dealers, cutting across the industry's business models. NASD of Washington last Monday hit a trio of firms, each with distinct...

NASD to crack down on ETF, separates sales

October 3, 2005

NEW YORK - NASD soon might be taking a hard look at how broker-dealers and their registered representatives sell exchange traded funds and separate accounts, as well as other investment products. Robert Glauber, NASD chairman, in New York last...

Merrill shuffles retail management

October 3, 2005

IRVINE, Calif. - Merrill Lynch & Co. Inc. is shaking up its retail management structure, but brokers say the changes, announced internally last month, are "ambiguous" and merely add another layer of management. The New York-based wirehouse will...

N.Y. suburb garden spot for disreputable reps

October 3, 2005

NEW YORK - Garden City, N.Y., over the past 10 years has been home to some of the sleaziest individuals, branch offices and firms in the brokerage industry. "Almost everyone in the business knows who the bad firms are," said Bill Singer, a securities...

Smith Barney sees early success with push into advisory product

September 26, 2005

SAN FRANCISCO - Smith Barney is reporting success in rolling out a pricing model that makes its stockbrokers look more like registered investment advisers. The New York-based broker already has 1,100 brokers, or 10% of its sales force, with...

GAO urges shift in SEC examinations

September 26, 2005

NEW YORK - Congressional investigators are calling on the Securities and Exchange Commission to shift resources from oversight of Washington-based NASD and the New York Stock Exchange to its own mutual fund inspection program. The SEC's policy...

Kennedy Capital still adapting to big changes

September 26, 2005

SAN FRANCISCO - Kennedy Capital Management Inc. lost two presidents in less than six months and weathered those storms with no client departures. Now company officials are preparing for another issue: working toward employee ownership at the...

Small-cap or mid-cap? And does it really matter?

September 26, 2005

IRVINE, Calif. - Some advisers and money managers are questioning what they say is an arbitrary division between small-caps and mid-caps. Money managers in particular point out the illogic in dumping a small-cap holding simply because it's been...

UBS shakes up retail management

September 19, 2005

IRVINE, Calif. - UBS Financial Services Inc. is eliminating one of its three retail divisions and pushing aside two longtime divisional managers in what appears to be the first major action by Marten Hoekstra, head of the New York-based firm's...

Investment plans surge at Wachovia; some see loophole

September 19, 2005

SAN FRANCISCO - Wachovia Securities LLC ratcheted up its output of Envision investment plans big-time in August, the same month TV commercials for the program began pelting viewers of the U.S. Open tennis tournament. The Richmond, Va.-based...

Waterhouse ramps up fight on Merrill rule

September 12, 2005

SAN FRANCISCO - Vowing to appeal to the Securities and Ex-change Commission, and even Congress if necessary, J. Thomas Bradley Jr. is stepping up his efforts to get the so-called Merrill Lynch rule revised. The feisty president of TD Waterhouse...

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