Prudential Securities informed all of its administrative managers at the beginning of the year that if they were also producing brokers, they were no longer going to be paid commissions, according to sources.
The Supreme Court has reaffirmed its stance that the arbitration forum is the proper venue for deciding brokerage cases. The high court recently ruled unanimously that an arbitration forum—not a court—will decide when a claim against a brokerage firm is too late to be dealt with through arbitration.
Brokers at UBS PaineWebber received a double hit of bad news recently in this tough time for brokerages. Not only were they informed that the bonuses they receive for assets under control were being cut, but expense accounts are being trimmed as well.
Merrill Lynch’s David Komansky must be having a laugh. On Tuesday, a suit was filed in Los Angeles Superior Court claiming that Schwab was guilty of running television and other ads that materially mislead investors.
Sandy Weill, the chairman of Salomon Smith Barney’s parent Citigroup, has informed brokers and other employees that plans to eliminate the Salomon name, a Wall Street hallmark for nearly a century, have been postponed, according to sources.
Jamie Price, who had been president of Prudential Securities’ private client group, has left the firm and is moving to UBS PaineWebber, where he will report to Mark Sutton, head of PaineWebber’s private client group. Pru is replacing Price with Michael Rice, who until now had served as the No. 2 man in Pru’s system as executive vice president and executive direction of the retail branch group worldwide.
When big brokerage firms were being accused of conflict-of-interest in research, Charles Schwab & Co. was quick to capitalize on its rivals' embarrassment with a string of ads proclaiming Schwab's independence.
This is the latest century-old name to be dumped in an ever-changing industry where financial services companies are consolidating. Morgan Stanley dropped Dean Witter from its name earlier this year, and Citigroup plans to drop the name Salomon, leaving its U.S. brokerage unit as Smith Barney.
I'm at EJ now in my 3rd year. I'm in a difficult market for EJ and I'm a true scratch starter. I'm above expectations, but getting tired of hunting money. I'm considering going to work at Wells Fargo, who has a huge presence in my town. The postion would be a bank advisor (WBS) and to me this sounds like a "piece of cake" after being at EJ. Am I clueless or is the grass really greener? If you're at WF or at another bank, please give me your thoughts. ...More
Hello, I am currently in the process of setting up my own FA firm. Actually it is a financial service firm including bookkeeping and budgeting services with financial planning as well. My business model is to be a flat fee to review portfolios, make suggestions & assist client with paperwork etc . I do not want to actually manage the investments which I feel allows me to recommend low expense products such as index funds etc.. My clientele will be the small accounts that every other FA would not want....More
The Most 'Liked' Brokerage in the U.S.
Check out which firms are the most (and least) popular on Facebook.
Thirty-two members of Congress from minority caucuses have sent a letter to the Department of Labor, arguing that the agency's fiduciary proposal could disadvantage their constituents and limit minority access to financial advisors....More
Over the past decade, a tremendous amount of pressure has been laid on the shoulders of the small broker-dealers of the securities industry. Like the iconic Willy Loman in Arthur Miller’s Death of a Salesman, these small and/or independent brokerages are allotted a significantly shorter leash than they have been in years past......More