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Transcript: Wirehouse/Regional Brokerage FIrms Round Table
The following is an edited transcript of the round-table discussion.
Brokers in no rush to go independent
As much as executives at custodian firms dream about scores of wirehouse brokers going independent, they say that it's just not happening.
Recruitment deals slim down
The bull market in broker recruitment deals has peaked.
Tech-savvy indies a draw for some advisers
Advisers tell me that broker-dealers are not created equal when it comes to technology support.
Wirehouse reps’ futures hanging in limbo
Wirehouse representatives have been on tenterhooks since last week, awaiting the fate of their parent companies — while at the same time trying to deal with the market meltdown.
Outspokenness, disagreements may have scuttled Krawcheck
Sallie Krawcheck may have spoken up one too many times.
Krawcheck out at Citigroup
Citigroup Inc.’s global wealth management group head Sallie Krawcheck will be leaving her post after six years at the Wall Street giant.
Wall Street’s new world order
It took 10 days for Russian revolutionaries in 1917 to overturn centuries of Czarist rule but capitalism works even faster.
Reps angry over ARS payback delay
Although brokers have welcomed the billions in auction rate securities buybacks announced by the big Wall Street firms in the past two weeks, they are still angry that it took six months for their companies to begin dealing with the fiasco.
Women prevail in Smith Barney suit
A federal judge has approved Citigroup Inc.'s $33 million class action settlement with female brokers.
Merrill plans $10 billion ARS buyback
The nation's largest brokerage firm will buy securities held by 30,000 clients.
Wirehouse brokers faced many changes
Wirehouse brokers have had to respond to many changes in the industry in the past decade.
Structured market leery of open systems
Open architecture has been slow to come to the structured products market.
Citi to take more active role in SMAs
For the first time, starting in July, Citigroup Inc.'s managed-account platforms will start advising Smith Barney reps and Citi private bankers on when to buy and sell specific money managers and mutual funds for their clients.
Citi and UBS wealth units tough it out
Wealth management executives at Citigroup and UBS, two of the financial institutions hardest hit by the subprime loan crisis, are working overtime on damage control to protect their lucrative franchises.
Advanced Equities gears up to go public
Advanced Equities Financial Corp., a Chicago-based securities firm that has carved a niche of financing companies backed by venture capital firms, is preparing for an initial public offering.
Smith Barney brokers skeptical of reorganization
Smith Barney brokers doubt that a recent reorganization of Citigroup's retail-investment businesses will eliminate conflicts between the bank's private-client unit and Smith Barney.
Several wirehouses press advisers to talk health care with clients
Several wirehouse firms have begun pushing their financial advisers to talk to clients in more depth about health…
Several wirehouses press advisers to talk health care with clients
Several wirehouse firms have begun pushing their financial advisers to talk to clients in more depth about health care issues in retirement, but at least one firm, UBS Financial Services Inc., is avoiding the topic because of liability concerns.
The ups and downs of going independent
If Charles Massimo had it to do all over again, he still would choose to leave Smith Barney and become an independent broker.
