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.
With the wind at their backs, sprinters have broken speed records. Similarly, the tailwind of a bull market has boosted the fortunes of equity investors over the past five years. In both cases, the pace cannot be sustained over a long period of time. Look back no further than the past 10 years for confirmation of the market’s lack of endurance....More
There are over a hundred behavioral biases that investors can be subject to, leading to poor investment decisions. To educate your clients and help counsel them to more appropriate investment decisions, you need an understanding of the market and how investor biases take root....More
With many client portfolios barely outperforming the market, and many investors still driven by fear-based thinking and irrationality, advisors need effective strategies for portfolio construction now more than ever....More
Technology is a critical differentiator in today's digital age for running an efficient and effective practice. Those entrepreneurial financial advisors and wealth managers who are leveraging technology in their firms are creating better client experiences, improving cash flow, generating new revenue streams, and scaling their services....More