While new assets heading into The Charles Schwab Corp.'s adviser business slowed in the first quarter, executives for the San Francisco-based company noted that they've had contact with hundreds of advisers — with billions in assets — who are considering going independent.
As part of a massive overhaul of its U.S. wealth management business, UBS AG is set to shed up to 2,000 jobs, shrink its regional operations and consolidate a number of branches here over the next several months.
In a customer service satisfaction survey of 17 brokerage firms, discount-brokerage firms scored better in terms of navigating clients through the market downturn last year, compared with larger, full-service brokers, according to Consumer Reports.
Legislation approved Wednesday by the House of Representatives that would limit bonuses at government-aided firms may lead more wirehouse brokers to become independent investment advisers, said an attorney who specializes in helping breakaway brokers start their own advisory firms.
An investor has filed a class action against Prudential Financial Inc. and a slate of its executives, alleging that the insurer violated federal securities laws in a June 2008 public offering of junior subordinated notes.
Two ex-Smith Barney brokers have been cleared of allegations that they took private client information to their new firm.
Smith Barney, facing a rising number of broker departures from its branches, this month hit four ex-reps and a rival broker-dealer with a lawsuit.
In a nod to today's touchy political environment regarding executive compensation, financial advisers at the firm born out of a joint venture between Morgan Stanley and Smith Barney will not receive retention bonuses.
The irony is powerful: Just as client demand for quality advice is reaching an all-time high, the business models that support the selling of advice have never looked worse.
Whether out of necessity or a sense of opportunity, financial advisers are gearing up to attract clients in the midst of one of the worst bear markets on record.
After posting another massive loss today, the Swiss bank UBS AG said it will reorganize its wealth management businesses.
In an internal announcement Tuesday, Wells Fargo & Co. laid out top management appointments for its expanded brokerage businesses following its merger this month with Wachovia Corp.
Reps at both Smith Barney and Morgan Stanley, as well as other industry observers, see a long slog ahead for the new joint venture between the two firms.
The new combination provides an “unmatched global platform,” the firms said, with $1.7 trillion in client assets and more than 20,000 reps.
The wirehouses appear to have escaped major exposure to Bernard Madoff's alleged Ponzi scheme.
Does Mary Schapiro have the right stuff to take on the big firms? Although praise is coming in from many quarters for the nomination of the Finra chief to head up the Securities and Exchange Commission, there may be cause for concern.
Pershing LLC, the securities clearing and RIA custody affiliate of The Bank of New York Mellon Corp., has set up a website and suite of tools for stockbrokers who are considering shifting from large broker-dealers to other business models.
The following is an edited transcript of the round-table discussion.
The outlook for traditional retail-brokerage firms has never been so uncertain.
