It might be true that a person can never be too rich, but, as David Carmichael can attest, a person can get too rich too quickly. Four years ago, Carmichael, president of Rowland Carmichael Advisors in Scottsdale, Ariz., took on a new client who...

The House Committee on Financial Services has urged SEC Chairman William Donaldson to continue to allow Series 7 holders to call themselves financial advisors as defined by the Investment Advisers Act of 1940. Coincidentally, the House’s...

Philip Purcell, CEO of Morgan Stanley, is under fire again. In a shake-up that shocked even observers who said they had seen such an explosion coming, the beleaguered Purcell watched two of his top executives resign in protest of his leadership on...

The recent flurry of mutual fund-related punishments from the SEC is likely just the beginning of a coming avalanche of similar regulatory actions, legal experts say.

Wachovia Securities, with its purchase of Prudential in early 2003, suddenly became the third-largest brokerage in the country. Now, just over a year later, the firm has announced the creation of the Individual Investor Group, a unit entirely...

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Morgan Stanley made several key additions last month. On the advisor front, Barney Greengrass joined the firm's New York City office from Smith Barney; David Napolitano left Wachovia to join the Paramus, N.J., branch; and the team of Elizabeth...

Bill Gates once famously referred to retail-banking companies as dinosaurs; they attracted his scorn for failing to adapt (by his reckoning) to the rapid technological advancements that characterized the early 1990s. In brokerage circles, banks...