UBS has stepped up its courtship of former Merrill executive Bob McCann, discussions that began in June, according to a story in the Financial Times. If he is hired, he would replace Marten Hoekstra, head of UBS’s wealth management business in the Americas.
After just 7 months on the job, Chris di Bonaventura, head of the Citi Family Office group, handed in his resignation, Smith Barney confirmed. The departing exec is joining Fidelity’s Family Office Service Business.
If Bank of America signs the broker protocol, it will be pretty much business as usual for Merrill advisors, say securities lawyers. But advisors may not know whether BofA will sign it before they have to sign their own retention agreements—by November 14. If the bank is going to sign, some wonder, what is it waiting for?
Merrill Lynch financial advisors put off by non-compete language in the retention package they received last week—and must now decide whether to sign—are getting assurances from Merrill that it’s not as bad as they think.
The rift in the investment-advisor industry came into sharp focus Tuesday, when the CFP Board announced that it has put off making proposed changes to its Code of Ethics until January 2007 in order to consider the heated reactions of industry members. The flap over the board’s Code of Ethics has been ongoing since the proposed changes were announced in late July. But, really, this is just the latest scuffle in an ongoing battle over the differing legal responsibilities that investment-advisor reps and registered reps have to clients—in other words, over the broker/dealer exemption (a.k.a. the Merrill Lynch rule) and the term fiduciary.
The past few years have been turbulent for investors in emerging markets-particularly for those investing in local currency bonds. Andrew Keirle, portfolio manager for the Emerging Markets Local Currency Bond Strategy, explains why the recent volatility may present a compelling opportunity for long-term global investors....More
Are your clients' retirement plans flexible enough for life's changes? Clients want the best of both worlds—guaranteed lifetime income with upside potential and flexibility to adapt to changing life situations. There is a solution to meet these client needs from accumulation through distribution....More
In this 3rd and final session of our Social Security webinar series, we will cover the under-served markets for divorced and survivor benefits, where there are special benefits that so many people miss out on....More