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.
Recent statistics show markedly improved longevity rates. Between 1985 and 2010, the number of people living past age 90 tripled and will quadruple in the next 40 years. In addition, death rates for various diseases including the two leading killers (heart disease and cancer) have decreased from 38% to 13.5% over the past 10 years....More
You make sure you practice good diversification techniques when advising your clients on their portfolios. Now, with this webinar, you can discover a key way to diversify your practice, with a wider client base that is geared for future growth....More
Investors tend to look at portfolio risk in terms of geographic exposure or asset classes—but that's not always an accurate gauge. Taking a broader view of risk assessment can provide a better sense of how the portfolio will perform in volatile markets....More