Just say wealth management these days and reps snap to attention. What with the bear market limiting transaction-based income and firms pressuring brokers to annuitize their business, who doesn't want to attract affluent clients and provide them...
I had known the old man for more than 10 years before he became my client. He is a bachelor, never married and a World War II veteran who flew on B-17 missions over Europe. I buy restored lawnmowers from him. He picks up old ones that have been...
Every broker learns about the Prudent Man Rule when studying for the Series 7. That means, more or less, not to put all your eggs in one basket lest they end up on your face. John Tripi, a former Morgan Stanley broker, invested $214,000 in one...
The longer you are in the business of providing financial advice, the more likely you will get this call: A favorite middle-aged client rings you up and notes that a large bond in his account is coming due, or that there is a burgeoning sum...
Janet Mariconti moved over to Prudential Investments from Neuberger Berman, where she was director of business development. Mariconti, who spent 16 years at Neuberger, will be senior vice president, running the managed accounts business on a day...
The alternative minimum tax: It isn't just for rich folks anymore. Originally established in 1969 to close loopholes that allowed 155 wealthy Americans to escape income taxes the previous year, the AMT is muscling its way in on the middle class...
The ax will fall at year's end for some 700 of 13,500 Morgan Stanley brokers. Some branches will be closed entirely. Earlier this year, the firm cut off hiring at 100 brokers, but resumed recruiting top producers. It's following in the steps of...
Remember the old days, when you had to sit around and wait for the Sunday classifieds? How archaic. These days, the Internet is the best thing for job hunters since the telephone. From searching for vacancies to sizing up the value of an offer...
THE I-WISH-I-HADN'T-SAID-THAT AWARD We will get your approval prior to any retraction being sent. PaineWebber branch manager Pat Mendenhall, to Enron officials, August 2001, after former PW broker Chung Wu advised his clients to sell Enron...
For Wade Evans, prospecting for the high-net-worth client involves trying to hook the biggest fish, literally. Evans, a Baton Rouge, La.-based RIA drops $20,000 a year to take a few dozen of his biggest clients and most promising prospects on a...
