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Small separate-account managers rake in assets

May 23, 2005

SAN FRANCISCO - The tide of separately managed accounts is beginning to lift all boats. The proof is that smaller, lesser-known separate-account managers are finding their anonymity and relative lack of size helpful in gathering assets, according...

U.S. Trust's silk stockings might be Chucked

May 23, 2005

SAN FRANCISCO - After five years of standing aside, Charles R. Schwab is finally stepping in to help make U.S. Trust Corp. into a modern asset-gathering machine, according to industry sources from inside and outside the firm. This became clear...

Widow asks court to overturn arbitration ruling

May 16, 2005

BALTIMORE - A court hearing held here last week to try to overturn an arbitration decision provides a look at how difficult the process can be for plaintiffs. Joseph Meyer, an NASD arbitrator and mediator, said: "The court has to see where there's...

Schwab revises payout grid for branch brokers

May 9, 2005

SAN FRANCISCO - In a move that some analysts say pushes the envelope with regulators, Charles Schwab & Co. Inc. is revamping its strategy for paying its branch brokers. The San Francisco-based company has begun doling out large books of business...

Merrill transition policy said to be complicated by issues of gender

May 2, 2005

SAN FRANCISCO - Merrill Lynch & Co. Inc.'s current program for transitioning books of business - allowing brokers with an eye on retirement to make quiet deals at the branch level - has been described by one industry observer as "conflict avoidance."...

Battle over Merrill rule still on, say FPA, NAPFA

April 25, 2005

DETROIT - With the dust still settling around the 117-page broker-dealer-exemption action that the Securities and Exchange Commission issued two weeks ago, the financial planning industry is already considering its next move. According to legal...

Value-added programs of questionable value

April 25, 2005

NEW YORK - Value-added programs for broker-dealers and financial advisers, sponsored by mutual fund companies, require some serious rethinking, according to a new study. "There's a disconnect between what distributors are looking for and what...

New financial planning guide for disasters released

April 18, 2005

NEW YORK - Following a year that saw Florida battered by hurricanes, California devastated by mudslides and wildfires, and the Midwest damaged by tornadoes, financial planners have a new tool to help clients protect themselves fiscally and physically...

Critics weigh in on SEC's point-of-sale proposal

April 11, 2005

WASHINGTON - NASD and the brokerage industry last week recommended that the Securities and Exchange Commission require that point-of-sale disclosures be made to mutual fund investors over the Internet. Washington-based NASD's recommendation...

Exec pay+bonuses down, but restricted stock is on rise

April 11, 2005

BOSTON - With regulators and investors looking over their shoulders, directors at financial services companies that manage assets are putting the clamps on salaries and bonuses. However, they are continuing to increase the use of restricted...

FPA unlikely to get courts to overturn rule

April 11, 2005

WASHINGTON - Following a historic decision by the Securities and Exchange Commission to exempt brokers who manage $268 billion in fee-based accounts from regulation as investment advisers, it appears unlikely that the Financial Planning Association...

SEC, Raymond James square off over hiring

April 4, 2005

NEW YORK - In a dispute that could undercut Raymond James Financial Services Inc.'s efforts to continue recruiting top brokers, the Securities and Exchange Commission last week made an initial move to prevent the firm from recruiting new registered...

Schwab sells commission-based 401(k)s

March 28, 2005

SAN FRANCISCO - Charles Schwab Corp. is for the first time selling retirement plans through stockbrokers and others who receive commissions. Schwab Corporate Services quietly reported two weeks ago that it was going to pump out commission-based...

Kovack Securities works to build up number of reps

March 28, 2005

NEW YORK - Kovack Securities Inc. has been working diligently over the past few years to build its group of affiliated brokers and advisers, adding almost 200 over that time. At the end of last year, the Fort Lauderdale, Fla.-based firm had...

Schwab doesn't buy 'TV' excuse

March 21, 2005

SAN FRANCISCO - A TD Waterhouse Group Inc. official has conceded that advertisements depicting Charles Schwab & Co. Inc. in a way his firm had agreed not to continued to run past the time it promised that they would stop. However, it was done...

Point-of-sale plan is still a hard sell

March 21, 2005

WASHINGTON - Brokers at first thought the Securities and Exchange Commission was granting them some relief from the cumbersome "point of sale" disclosure requirements first proposed in January 2004. Now they're having second thoughts. The new...

Are 401(k) advisers plan fiduciaries?

March 21, 2005

CHICAGO - A soon-to-be-released survey of individual advisers to 401 (k) plans shows that while a majority view themselves as fiduciaries, many doubt their broker-dealers see it that way. Industry experts say there is a gap between the opinions...

Wachovia Securities works to increase reps' productivity

March 21, 2005

NEW YORK - Wachovia Securities LLC has overhauled its plan to continue its growth, shifting its emphasis to increasing the productivity of its registered representatives from outside acquisitions. Earlier this month, the Richmond, Va.-based...

Ameritrade to offer ETF program for advisers

March 21, 2005

SAN FRANCISCO - Ameritrade Holding Corp. will soon offer financial advisers a new way to deal with the big weakness of exchange traded funds: the high cost of buying and selling them. The Omaha, Neb.-based discount broker plans to extend its...

Refugees have less money, clear conscience

March 14, 2005

SAN FRANCISCO - When Dirk Anderson and Peter Fisher left Merrill Lynch & Co. Inc. last year, the brokers walked away from a big combined book of business and multimillion-dollar offers from competing firms. Despite these financial sacrifices,...

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