Results for "wirehouses"

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$1B Merrill workstation headache

September 5, 2005

IRVINE, Calif. - Merrill Lynch & Co. Inc is in the midst of rolling out its $1 billion workstation, dubbed the Wealth Management Technology Platform, and the impression from brokers generally is positive. The development of the platform, however,...

For Chuck, the only IMPACT will be on golf balls in Scotland

September 5, 2005

SAN FRANCISCO - Charles Schwab & Co. Inc. is taking a mulligan with the speaker lineup for its annual adviser conference this month, as the company's own chairman and chief executive is withdrawing. Charles R. "Chuck" Schwab, a lifelong golfer,...

Vanguard, old foe of brokers, wants them to sell its ETFs

August 29, 2005

BOSTON - The company that long has warned investors about the high costs of investing through full-service brokers now is looking to bolster sales of its exchange traded funds by cultivating those brokers. But it faces an uphill battle. Since...

SEC: Weill played role in transfer agent hoopla involving Smith Barney

August 29, 2005

IRVINE, Calif. - Sanford I. Weill, chairman of Citigroup Inc., played a role in choosing the transfer agent for the Smith Barney funds, according to the Securities and Exchange Commission, though it is unlikely he will face charges. The commission...

Costly Legg Mason copyright case reaches settlement

August 22, 2005

IRVINE, Calif. - Legg Mason Inc. has settled a major copyright infringement lawsuit brought by an investment newsletter publisher. In 2003, a Baltimore jury awarded $19.7 million to the publisher, Lowry's Reports Inc. of North Palm Beach, Fla....

Merrill exit program: Four years of trails

August 22, 2005

IRVINE, Calif. - Merrill Lynch & Co. Inc. next January will be rolling out a plan to let brokers earn an income for four years after they retire. Merrill reps were given a heads-up on the plan, called the Client Transition Program, this month...

CFA lets separates off the hook

August 22, 2005

DETROIT - The separately managed account industry has emerged victorious from its four-year tug of war with the CFA Institute over the issue of performance-reporting standards for money managers. Money managers will have the option of excluding...

NASD offers guidance in sale of indexed annuities

August 15, 2005

NEW YORK - Continuing its push to regulate broker-dealer sales of insurance products, NASD last week issued guidance to its member firms for sales of equity-indexed annuities. In a notice to members last Monday, the Washington-based association...

Analysts question wirehouses' fee-based numbers

August 15, 2005

IRVINE, Calif. - A report issued this month by the Securities Industry Association offers good news: A third of retail brokers' production comes from "fee-based products." But some analysts question that number. "They're not being clear" about...

SIA draws fire for trying to delay the Merrill rule

August 15, 2005

SAN FRANCISCO - The Securities Industry Association's attempt at delaying the so-called Merrill Lynch rule drew caustic responses from various industry observers, including securities lawyers, industry consultants, registered investment advisers...

Merrill settles lawsuit over error policy, overtime

August 15, 2005

IRVINE, Calif. - Merrill Lynch & Co. Inc. of New York has settled a class action that challenged the firm's policies of forcing brokers to pay for trading errors and sales assistants, and of not paying brokers overtime. The suit, which was filed...

Retail future cloudy at Morgan Stanley

August 15, 2005

IRVINE, Calif. - The first "Mack attack" at Morgan Stanley, which eliminated about 1,000 lower- producing reps last Thursday, has left survivors wondering about their own futures and the future of retail at the firm. The terminations were part...

NASD investigating two execs of small N.Y. broker-dealer

August 15, 2005

NEW YORK - NASD is investigating two top executives of a small New York broker-dealer for a variety of rule violations, including a failure to maintain the firm's net capital requirements. Anthony Ottimo, chief executive of Ehrenkrantz King...

529 plan community unhappy with proposal to boost scrutiny

August 8, 2005

NEW YORK - A regulatory proposal that would shed more light on the sale of 529 plans through brokers is drawing fire from state officials and financial services companies. Under a rule proposed by the Municipal Securities Rulemaking Board, brokers...

Firms are moving away from fee-based accounts

August 8, 2005

IRVINE, Calif. - Brokerage firms are de-emphasizing fee-based brokerage accounts as a result of the regulatory spotlight aimed at the programs. In some cases, broker-dealers are developing advisory accounts to take the place of the fee-based...

Smith Barney serves up attractive comp packages

August 8, 2005

NEW YORK - In the wake of the the parent companies' proposed June swap of business units, Smith Barney appears intent on making retail brokers at Legg Mason Wood Walker Inc. happy with an attractive compensation package. In the deal, New York-based...

Schwab makes separate accounts more portable

August 8, 2005

SAN FRANCISCO - The king of asset custodians is adding a key item to its fast-food menu in an effort to keep its current adviser clients happy as well as to entice wirehouse and regional brokers. Schwab Institutional is launching a platform...

Many market watchers see good times ahead

July 25, 2005

CHICAGO - Even with the Standard & Poor's 500 stock index and the Nasdaq Composite Index hitting four-year highs last week, the best is yet to come, according to many Wall Street watchers. "We think it is going to get better," said Milton Ezrati,...

Closed-end-fund IPOs: Is the door shutting?

July 25, 2005

IRVINE, Calif. - The issuance of new closed-end funds has begun to slow amid concerns about slackening performance, market saturation and possible regulatory attention. Over the first six months of the year, brokerage firms raised $14 billion...

Calif. gives firms free rein on rep exit forms

July 18, 2005

IRVINE, Calif. - Employment lawyers in California are attempting to counteract a recent state appeals court decision that gives broker-dealers total legal immunity for what they write on U-5 termination forms. The U-5 termination form is used...

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