In this section we present key findings and insights from our survey questions on practice management and operations, including services offered, the most time-consuming activities, professional designations, custody relationships and documentation trends.
An NASD arbitration panel awarded a former Merrill Lynch broker $1.6 million for wrongful termination and defamation, claims he had filed against his former employer. The award included compensatory damages of $400,000 plus interest and punitive...
Merrill Lynch’s retail brokerage arm turned in another strong quarter, as fee-based revenue continued to climb to record levels. Merrill Lynch Global Private Client saw its revenues increase by 13 percent to $3.3 billion from $2.9 billion in...
You’ve probably heard about Bear Stearns’ CEO Jimmy Cayne’s numerous golf outings in June—while his company’s hedge funds were tanking. You might have also heard that he tends to score in the high 90s, so it might not...
With the Wachovia purchase of A.G. Edwards (for $6.8 billion) in the fourth quarter, it’s not just A.G. Edwards reps (some of whom fear that the AGE corporate culture will change) who are worried. So are acquired firm’s branch managers...
Peter Wuffli was replaced as CEO of UBS last week after the firm realized millions of dollars in losses in an internal hedge fund, according to published reports. Marcel Roehner, who was previously deputy CEO and head of global wealth management...
In 2006, the average CEO of an S&P 500 company received $14.8 million in total compensation, according to the Corporate Library. That's a 9.4 percent increase from 2005. Those sound like some pretty big numbers especially to the Democratic...
Wachovia Securities' takeover of 120-year-old A.G. Edwards is a big deal a surprising deal, even. But not just because with 14,784 FAs and $1.147 trillion in client assets it creates the third-largest brokerage after Merrill Lynch and Smith Barney...
Before you start a new b/d or RIA before you sign a lease or write a check you must consider the Dreaded Ds: Death, Disability, Disqualification and Divorce. Here are some important things to keep in mind. DEATH No one likes to contemplate his or...
There are always a couple of snags when you're switching firms. Fortunately, most obstacles are not as intractable as they might seem. Here are a few cases where patience, negotiation and creativity paid off: Problem-Client Ownership: Brad, a...
Why have just one broker/dealer relationship when you can have three or four? Only one-third of affluent investors work with a single b/d, while 35 percent of investors are now working with two b/ds, and another 35 percent have relationships with...
