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Shrinking pay at Goldman Sachs shows Wall Street poised for bonus gloom
Goldman Sachs, along with the investment-banking divisions of six of its biggest U.S. and European rivals, allocated a collective 39% of revenue for compensation in the first nine months, down from 42% a year earlier and the 50% some firms earmarked before the financial crisis. Goldman Sachs's 41% ratio so far this year is its lowest nine-month figure as a public company.
The Takeaway: As always, retail investors come late to the party
Portfolio Facebook’s upside explosion boosts all those silly “social media” funds. (Index Universe) Retail…
Adviser head count expected to drop amid lack of new recruits
Cerulli study forecasts a drop of more than 25,000 advisers by 2017, most from wirehouses and broker-dealers. The problem? A lack of new recruits.
Wirehouse turnover picks up, but it’s mostly musical chairs
Recent moves point to building momentum after year and a half of sluggish action
Two teams join Wells Fargo from Merrill, UBS
Groups from Salt Lake City, Charlotte, N.C., manage close to $500M combined.
Wirehouses find a way through 401(k) regulation
As 401(k) plan advising gets closer attention from regulators, brokers are finding a way to play
UBS adds four-member team from Merrill that managed $3.1 billion
L.A.-based group is latest in wave of high-value advisers switching firms.
Largest wealth group at UBS in San Diego goes independent
Ajay Gupta and partners managed $540 million at wirehouse; clients include new-age guru Chopra.
The $50B wirehouse heist
Rudy Adolf of Focus Financial has done the math: Wall Street wirehouses destroy close to $50 billion of portfolio value each year with "unnecessary fees and depressed performance based on poor product choices, or both."
Merrill adds team with more than $1B in client assets
Plus, Morgan Stanley's Graystone Consulting gets new executive director, financial adviser.
Wells Fargo Advisors lands $1B team
Four-adviser team have combined production of $5.8 million.
RIAs are losing competitive edge
RIAs appear to be losing their competitive edge. Why? Wirehouses and regional firms are adopting some of their practices.
UBS team goes indie
Largest wealth management team in San Diego.
Billion-dollar teams on the move
Two advisers split Morgan Stanley to join RBC but the wirehouse adds three teams.
Three biggies add $1B teams to ranks
Moves by Wells, Merrill, LPL sign of times?
Court says Bank of America can’t force brokers into arbitration
A federal judge has ruled that Merrill Lynch can't force a group of brokers suing the firm over overtime into arbitration. The case has big implications for the Finra-Schwab class action case.
Morgan Stanley hard hit by broker defections
IN data indicate the firm lost a net 11 adviser teams, $8.4B in client assets, in the third quarter.
Ludeman retiring from Wells Fargo Advisors
Danny Ludeman, longtime chief of Wells Fargo Advisors, is retiring, leaving all bankers in charge. That has advisers worried.
Former Merrill broker pleads guilty in insider trading case
Officials say broker helped Qualcomm executive trade on inside information over acquisition.
Merrill Lynch, UBS lure new advisers managing $850M
The moves from Morgan Stanley and Goldman Sachs add to a spate of adviser movement
