Affluence and peace of mind no longer automatically go hand in hand, a new survey sponsored by Wells Fargo & Co. indicates, and the implications are sobering. In a survey of 800 Americans with investable assets of $100,000 and up, 23 percent said they are not confident they will have saved enough for retirement, compared to 75 percent who said they were confident....More
Far fewer teams are making the jump to independence today, but they may be taking more assets with them. Still, the wirehouse model has its advantages and the indie model faces compliance threats....More
Wells Fargo’s wealth brokerage and retirement businesses reported third quarter income of $291 million, up 14 percent versus the year ago quarter, while revenue for the division was down 1 percent from the year ago quarter. Revenues declined on losses in the division’s deferred compensation plan investments as well as lower ARS recoveries and transaction revenues....More
Wells Fargo’s (NYSE: WFC) wealth, brokerage and retirement business posted slightly lower second-quarter earnings. Advisor headcount was also down compared to the first quarter, but, on a positive note, advisor cross-selling continued to improve....More
Wells Fargo Advisors’ is looking for recruits in out of the way places. In April, Kent Christian, president of Wells Fargo Advisors’ financial services group, told a Securities Industry and Financial Markets Association conference that the aging FA population is creating a shortage that will seriously impact the industry and investors, and which he believes “cannot” be solved by recruiting from rival firms...More
New SEC rules that require federally-registered advisors to disclose their disciplinary histories in brochures and provide them to clients will get under way in earnest by the end of the summer. The initiative, aimed at improving transparency for investors, is likely to result in some difficult conversations for advisors with material marks on their records...More
The Investment Management Consultants Association announced Wednesday that its popular CIMA certification is now accredited by the American National Standards Institute (ANSI), making it the first of the major wealth management designations to meet international ISO standards. The group has been working towards getting the accreditation for four years. IMCA expects that the CIMA certification will become the industry standard for all those who call themselves investment managers when all of the regulatory reforms now in the works fall into place....More
In a disappointing quarter for Morgan Stanley, the firm’s global wealth management group was, once again, a bright spot, with revenue, earnings and client assets up, though advisor headcount and pre-tax profit margins were down...More
Wells Fargo’s wealth management division reported stronger earnings, revenues and FA headcount in the first quarter, while cross-selling hit a record and client asset inflows were at their highest since Wells acquired Wachovia in late 2008...More
Wells Fargo’s Wealth, Brokerage and Retirement business reported growth in assets, revenue and profits in the fourth quarter. Meanwhile, on a conference call with analysts, Chairman and Chief Executive John Stumpf voiced guarded interest in possible acquisitions in the unit....More
As retail brokerage firms continue to make acquisitions and consolidate offices in 2011, still more branch managers may find themselves getting pink slipped, experts say. But other shifts in the wealth management business could spell opportunity for those managers who are able to reinvent themselves....More
Advisor satisfaction at Wells Fargo Advisors hasn't changed much from last year, and that's not good. Last year, advisors gave it a 5.5 rating out of 10, and this year they gave it a 5.7, putting it in second to last place among the six brokerages in ......More
Despite rampant speculation to the contrary, the SEC is not planning to write any new rules on broker recruiting bonuses, SEC spokesman John Nester told Registered Rep. magazine on Friday. At least one firm was already using the threat that recruiting bonuses would go away to pressure potential recruits to sign on with the firm by Dec. 31....More
The major full-service brokerage houses are in various stages of recovery, whether from the financial crisis or merger integration. How are they doing? Check out our 20th Annual Broker Report Cards....More
Attorneys, compensation experts and recruiters said broker recruiting bonuses would be difficult to regulate, and that if anything, the SEC would most likely require greater disclosure of the practice to clients....More
Last year was a record recruiting year for some independent broker/dealer firms, as big name financial services firms shed hordes of financial advisors. But that exodus is over, and this year, recruiting is way down. Over the long haul, hiring new talent...More
The brokerage business of Wells Fargo of San Francisco, and independent b/d Raymond James Financial Inc. of St. Petersburg, Fla., both reported sharply higher year-over-year profits in the third quarter....More
This flawless, 101.7-carat, pear-shaped diamond—one of the world’s largest —will go up for auction at Christie’s “Magnificent Jewels” sale in Geneva on May 15, 2013. How much will it sell for? Choose the correct answer and registered site users will be eligible to win a one-year subscription to Christie's Geneva Jewelry sales catalogue, courtesy of Christie's.
Hey I just quit my job as an assistant to an FA (long story...)
Was thinking of going into the insurance side, and then use it as a leverage to get in the training program of a canadian bank on the investment side.
I talked to insurance agents at my old firm, commission seem to be comparable and the market larger yet it seems the investment side attracts far more applicants.
So what made you choose insurance over invesment? Did anyone make the transition from insurance to getting investment-liscenced properly?...More
Sales called backbone for business. I am sales person in one MNC so i need app to manage my tasks, work details please share with me if you have any app for sales. My friend Linda suggest me about top ipad Sales Assailant App ( Coming soon ) and other another apps. If you have any suggestion please share with me ..