Due Diligence http://wealthmanagement.com/blog/15204/feed en Bogle: Federal Fiduciary Standard is No. 1 Priority http://wealthmanagement.com/blog/bogle-federal-fiduciary-standard-no-1-priority <div class="node-body blog-body"><p> In an interview with <em>Fortune </em>magazine last week, Jack Bogle said a federal fiduciary standard is the &quot;single most important action we need to be taking now.&quot; Bogle did not exclusively refer to the fiduciary standard that would be extended to stockbrokers serving retail investors under Dodd-Frank, but to a larger umbrella standard that would apply to corporate governance of all corporations.<br /> </p></div> <p><a href="http://wealthmanagement.com/blog/bogle-federal-fiduciary-standard-no-1-priority" target="_blank">read more</a></p> http://wealthmanagement.com/blog/bogle-federal-fiduciary-standard-no-1-priority#comments Legal Regulation & Compliance Due Diligence Tue, 31 Jul 2012 16:19:00 +0000 212831 at http://wealthmanagement.com Obama Buddy Robert Wolf Departs UBS to Launch Advisory Firm http://wealthmanagement.com/blog/obama-buddy-robert-wolf-departs-ubs-launch-advisory-firm <div class="node-body blog-body"><p> Robert Wolf is a lonely breed on Wall Street. A big Obama supporter, the UBS Chairman of the Americas is leaving to launch his own institutional advisory firm <a href="http://32advisors.com/">32 Advisors</a>, <em>DealBook</em> reported Friday. According to the story, though he will no longer work for UBS, he will &ldquo;continue to accompany its bankers to meetings and help it attract new clients.&rdquo;<br /> </p></div> <p><a href="http://wealthmanagement.com/blog/obama-buddy-robert-wolf-departs-ubs-launch-advisory-firm" target="_blank">read more</a></p> http://wealthmanagement.com/blog/obama-buddy-robert-wolf-departs-ubs-launch-advisory-firm#comments Industry People Wirehouse Due Diligence Fri, 20 Jul 2012 15:05:00 +0000 211431 at http://wealthmanagement.com Merrill Lynch Headcount, Assets Flat in Q2 http://wealthmanagement.com/blog/merrill-lynch-headcount-assets-flat-q2 <div class="node-body blog-body"><p> Bank of America&rsquo;s global wealth and investment management group, which includes Merrill Lynch and U.S. Trust, reported net income of $543 million in the second quarter, up from $513 million in the year-ago quarter. Revenues for the second quarter totaled $4.3 billion, down from $4.5 billion in 2011.</p></div> <p><a href="http://wealthmanagement.com/blog/merrill-lynch-headcount-assets-flat-q2" target="_blank">read more</a></p> http://wealthmanagement.com/blog/merrill-lynch-headcount-assets-flat-q2#comments Industry Due Diligence Wed, 18 Jul 2012 17:10:00 +0000 211141 at http://wealthmanagement.com Wells Fargo Wealth Divisions Report Dip in Client Assets, But Managed Accounts Up http://wealthmanagement.com/blog/wells-fargo-wealth-divisions-report-dip-client-assets-managed-accounts <div class="node-body blog-body">Wells Fargo’s wealth, brokerage and retirement businesses reported higher net income on lower revenues for the second quarter of this year. </div> <p><a href="http://wealthmanagement.com/blog/wells-fargo-wealth-divisions-report-dip-client-assets-managed-accounts" target="_blank">read more</a></p> http://wealthmanagement.com/blog/wells-fargo-wealth-divisions-report-dip-client-assets-managed-accounts#comments Due Diligence Fri, 13 Jul 2012 15:46:00 +0000 210271 at http://wealthmanagement.com Open Secret? Crime Pays Say Financial Services Execs http://wealthmanagement.com/blog/open-secret-crime-pays-say-financial-services-execs <div class="node-body blog-body"><p> Illegal and unethical activity may be part of the fabric of life at financial services firms in U.S and U.K., a recent survey from law firm Labaton Sucharow, released Tuesday, suggests. The study was meant to coincide with the release of the firm&rsquo;s new whistleblower tool, aimed at allowing potential whistleblowers to determine whether they are eligible for the SEC Whistleblower Program.<br /> </p></div> <p><a href="http://wealthmanagement.com/blog/open-secret-crime-pays-say-financial-services-execs" target="_blank">read more</a></p> http://wealthmanagement.com/blog/open-secret-crime-pays-say-financial-services-execs#comments Legal Regulation & Compliance Due Diligence Wed, 11 Jul 2012 21:23:00 +0000 209901 at http://wealthmanagement.com Award-Winning Champ Chosen for SEC Investment Management Role http://wealthmanagement.com/blog/award-winning-champ-chosen-sec-investment-management-role <div class="node-body blog-body">The Investment Adviser’s Association and the Investment Company Institute both voiced their approval of Norm Champ's appointment as director of the Investment Management Division.</div> <p><a href="http://wealthmanagement.com/blog/award-winning-champ-chosen-sec-investment-management-role" target="_blank">read more</a></p> http://wealthmanagement.com/blog/award-winning-champ-chosen-sec-investment-management-role#comments Legal People Regulation & Compliance Due Diligence Thu, 05 Jul 2012 21:19:00 +0000 150781 at http://wealthmanagement.com Does JPMorgan Push Bank Funds on Its Brokers? Maybe http://wealthmanagement.com/blog/does-jpmorgan-push-bank-funds-its-brokers-maybe <div class="node-body blog-body">A New York Times story published Tuesday suggests that JPMorgan brokers are encouraged to sell proprietary products to their clients, something that is frowned upon by regulators. </div> <p><a href="http://wealthmanagement.com/blog/does-jpmorgan-push-bank-funds-its-brokers-maybe" target="_blank">read more</a></p> http://wealthmanagement.com/blog/does-jpmorgan-push-bank-funds-its-brokers-maybe#comments Regulation & Compliance Due Diligence Tue, 03 Jul 2012 21:16:00 +0000 150421 at http://wealthmanagement.com Man On the Run: Georgia Investment Adviser Goes into Hiding http://wealthmanagement.com/blog/man-run-georgia-investment-adviser-goes-hiding <div class="node-body blog-body">Georgia-based investment adviser Aubrey Lee Price has allegedly gone into hiding. Price, whose Montgomery Asset Management is located on Race Track Road in McDonough, Ga., disappeared after sending a 22-page confession to some individuals in June in which he admitted to concealing at least $20 million in investor losses with falsified statements and returns, according to the SEC complaint. </div> <p><a href="http://wealthmanagement.com/blog/man-run-georgia-investment-adviser-goes-hiding" target="_blank">read more</a></p> http://wealthmanagement.com/blog/man-run-georgia-investment-adviser-goes-hiding#comments Legal Regulation & Compliance Due Diligence Mon, 02 Jul 2012 18:57:00 +0000 150291 at http://wealthmanagement.com SEC Settlements Net More Individuals, Higher Fines http://wealthmanagement.com/blog/sec-settlements-net-more-individuals-higher-fines <div class="node-body blog-body">If it continues at its current pace, the SEC should come to 572 settlements with individuals in fiscal 2012, up 20 percent versus the prior year, the NERA research showed. Median settlement values with individuals continued a three-year climb to $190,000 in the first half of 2012.</div> <p><a href="http://wealthmanagement.com/blog/sec-settlements-net-more-individuals-higher-fines" target="_blank">read more</a></p> http://wealthmanagement.com/blog/sec-settlements-net-more-individuals-higher-fines#comments Legal Regulation & Compliance Due Diligence Thu, 28 Jun 2012 16:26:00 +0000 149711 at http://wealthmanagement.com Financial Advice Requires a Human Hand http://wealthmanagement.com/blog/financial-advice-requires-human-hand <div class="node-body blog-body">Wealthy people still get their medical and legal advice from live human beings, and financial advisor and blogger Josh Brown believes the same will be true of financial advice.</div> <p><a href="http://wealthmanagement.com/blog/financial-advice-requires-human-hand" target="_blank">read more</a></p> http://wealthmanagement.com/blog/financial-advice-requires-human-hand#comments Technology Business Planning Due Diligence Tue, 26 Jun 2012 18:59:00 +0000 149521 at http://wealthmanagement.com SEC Charges Florida Advisor with Hiding Lunar-Based Investing Strategy http://wealthmanagement.com/blog/sec-charges-florida-advisor-hiding-lunar-based-investing-strategy <div class="node-body blog-body">According to SEC charges released Friday, Gurudeo "Buddy" Persaud applied an “astrology-based” formula to money management, consistent with his view that markets are affected by gravitational forces. </div> <p><a href="http://wealthmanagement.com/blog/sec-charges-florida-advisor-hiding-lunar-based-investing-strategy" target="_blank">read more</a></p> http://wealthmanagement.com/blog/sec-charges-florida-advisor-hiding-lunar-based-investing-strategy#comments Legal Regulation & Compliance Due Diligence Fri, 22 Jun 2012 17:46:00 +0000 149291 at http://wealthmanagement.com Merrill Fined For Overcharging Clients $32 Million http://wealthmanagement.com/blog/merrill-fined-overcharging-clients-32-million <div class="node-body blog-body"><p> Whoops. Merrill Lynch charged clients a lot of fees it wasn&rsquo;t supposed to&mdash;$32 million, to be exact&mdash;and failed to provide certain required trade notices, according to FINRA charges released Thursday. Merrill has already paid that money back to clients, plus interest. But FINRA fined the brokerage firm $2.8 million for the missteps anyway.<br /> </p></div> <p><a href="http://wealthmanagement.com/blog/merrill-fined-overcharging-clients-32-million" target="_blank">read more</a></p> http://wealthmanagement.com/blog/merrill-fined-overcharging-clients-32-million#comments Legal Due Diligence Thu, 21 Jun 2012 15:29:00 +0000 149201 at http://wealthmanagement.com Investors Still Shy About Alternatives http://wealthmanagement.com/blog/investors-still-shy-about-alternatives-0 <div class="node-body blog-body"><p> By now, we&rsquo;ve all heard that so-called alternatives <a href="http://wealthmanagement.com/blog/alts-are-they-alternative-anymore">have practically gone mainstream</a>. Following the market crisis of 2008 and 2009, when traditional investing models failed, and considering the low-return environment predicted for the near- and possibly long-term, they&rsquo;ve been touted as essential for diversification and yield. But investors are wary nonetheless, according to a recent survey from BlackRock.</p></div> <p><a href="http://wealthmanagement.com/blog/investors-still-shy-about-alternatives-0" target="_blank">read more</a></p> http://wealthmanagement.com/blog/investors-still-shy-about-alternatives-0#comments Alternative Investments Due Diligence Thu, 14 Jun 2012 22:27:00 +0000 148661 at http://wealthmanagement.com FSI Adds Lobbying Muscle With App http://wealthmanagement.com/blog/fsi-adds-lobbying-muscle-app <div class="node-body blog-body">The independent broker/dealer industry just added a little muscle to its lobbying punch. The Financial Services Institute, an IBD trade group, announced Monday the launch of an “advocacy” app.</div> <p><a href="http://wealthmanagement.com/blog/fsi-adds-lobbying-muscle-app" target="_blank">read more</a></p> http://wealthmanagement.com/blog/fsi-adds-lobbying-muscle-app#comments Legal Regulation & Compliance Due Diligence Mon, 11 Jun 2012 16:10:00 +0000 148341 at http://wealthmanagement.com Pay Gap Between Corner-Office Brokers and RIA Advisors Narrowing http://wealthmanagement.com/blog/pay-gap-between-corner-office-brokers-and-ria-advisors-narrowing <div class="node-body blog-body"><p> Wall street corner-office advisors are taking home quite a bit less these days than they were in the late 90s and early 2000s, and if you cut out recruiting and retention bonus money, they earn just a few shekels more than your average top RIA advisor, according to new research published Monday by Jeff Spears, co-founder and CEO of Sanctuary Wealth Services. Yes, that&rsquo;s a lot to cut out&mdash;amortized over time, bonuses still represent nearly half of the annual pay pocketed by your average top wirehouse broker.</p></div> <p><a href="http://wealthmanagement.com/blog/pay-gap-between-corner-office-brokers-and-ria-advisors-narrowing" target="_blank">read more</a></p> http://wealthmanagement.com/blog/pay-gap-between-corner-office-brokers-and-ria-advisors-narrowing#comments Business Planning Due Diligence Tue, 05 Jun 2012 21:21:00 +0000 147891 at http://wealthmanagement.com