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Registered Rep. October 1, 2005 Christopher O'Leary |
It's in the Bank Wirehouse veterans who have switched to bank brokerages say Wall Street's perception of bank brokerages is stuck in the past, and that the best bank brokerages have become much more competitive in terms of production, assets and compensation.  |
The Motley Fool November 14, 2006 Dan Caplinger |
Banker, Broker, or Both? Be careful to figure out which hat your bank's employee is wearing. The key to dealing with bank-based brokers is to know exactly what you're being offered at all times.  |
Registered Rep. February 1, 2003 David A. Gaffen |
An Employer's Market It's a hirer's market out there, but brokerage firms have not stopped recruiting. In fact, although it is quieter than usual, many firms are still willing to pony up big bucks in hopes of attracting top-shelf talent.  |
Registered Rep. February 1, 2005 Mindy Diamond |
Customize Your Career As a result of broker dissatisfaction with the status quo, the increasing clout of top producers (at some firms) and the need for firms to keep successful reps happy, we're beginning to see quite a bit more flexibility.  |
Registered Rep. January 1, 2003 Gaffen & Geracioti |
The Future of the Industry The broker has to be a person who can handle every aspect of a client's financial life. The broker must evolve into a kind of chief financial officer for the client -- managing everything from investments to insurance to estate planning to mortgage banking.  |
Registered Rep. December 1, 2003 David A. Gaffen |
Suddenly, A Monster Wachovia Securities has gradually, then all of a sudden, emerged as a monster brokerage firm. But Wachovia management insists that its Richmond roots aren't the only difference between it and its New York-based rivals.  |
Registered Rep. November 6, 2008 Christina Mucciolo |
Bank Run It might be time to reconsider the stereotype of the bank broker.  |
Registered Rep. December 1, 2002 David A. Gaffen |
Light A Candle, or Curse the Darkness For brokers and financial advisors, 2002 may be remembered as the year in which those who knew they had the right stuff redoubled their efforts to elevate their skills and become the kind of advisors who could survive the bear market and build a 21st century practice.  |
U.S. Banker November 2009 Steve Garmhausen |
Fulton Financial's Recipe for Recovery The bank s sagging brokerage unit reversed its fortunes when it ditched the commissions and switched to a fee-based model. Then it brought in a rainmaker.  |
On Wall Street January 1, 2010 |
The Hire Powers Speak Out Headhunters open up about hiring, entrepreneurial mindsets, and wirehouse business models.  |
Registered Rep. December 1, 2002 David A. Gaffen |
Manning the Phones When wirehouses and other major brokerages introduced the notion of call centers a couple of years ago, brokers were suspicious. Although they understood the logic behind the move, it was a difficult adjustment. But call centers are here to stay and brokers are learning to live with them.  |
Registered Rep. October 11, 2010 Susan Konig |
Advisor Movement Should Pick Up in 2011, Experts Predict Aggressive and lucrative recruitment packages essentially prompted anyone who wanted a big check to move last year, Diamond says.  |
Registered Rep. April 1, 2003 David A. Gaffen |
Your Book or Your Life! What would you do if you lost your book? Where would you turn for new customers? Where could you be hired? Those are questions that keep many advisors up at night.  |
Registered Rep. June 1, 2005 Kristen French |
Star Wars Recruiting competition between the top brokerage firms is fiercer than ever, and Morgan Stanley is currently wielding one of the most powerful deals on Wall Street.  |
On Wall Street January 1, 2009 Frances A. McMorris |
The 10th Annual Recruiters Roundtable Packages get lowered. Brokers get hired. Markets have tanked. Retention offers are shrinking. And yet, according to the experts in our 10th Annual Recruiters Roundtable, there are still opportunities in the retail brokerage arena, if you know where to look.  |
Registered Rep. January 13, 2003 Gaffen & Geracioti |
Wachovia-Prudential: For Real This Time? Can you say Pru-chovia? Prudential Securities and Wachovia Securities are very close to an agreement to join forces, one that was scuttled earlier in the year, reportedly due to differences in who would control the unit.  |
U.S. Banker May 2009 Steve Garmhausen |
Major Shift: Wirehouse Veterans Eye Bank Brokerages A two-decade veteran of Dean Witter, Smith Barney, and UBS Financial Services, John Noble now runs the brokerage arm of a modest-size commercial bank.  |
Registered Rep. December 1, 2004 Mindy Diamond |
Packing the Parachute Success in the brokerage industry can be as much about mindset as anything else, so it comes as little surprise that advisors avoid negative thoughts, such as the potential necessity of a quick exit from their practice.  |
Registered Rep. April 1, 2006 Mindy Diamond |
On the Rebound Big firms are sending low-producing brokers messages that they are no longer as wanted as they once were. Brokers who see the handwriting on the wall, may have better options if they jump to another firm before being pushed.  |
Registered Rep. September 1, 2004 Mindy Diamond |
Of Myths and Moving A large number of brokers labor under a group of myths and misconceptions that keep them from managing their careers effectively.  |
Registered Rep. May 31, 2007 Kevin Burke |
Wachovia Buys A.G. Edwards for $6.8 Billion, Creating New Rival to Merrill, Smith Barney The deal puts Wachovia among the top three competitors in retail brokerage -- in terms of both assets and advisors -- and retail banking.  |
Registered Rep. October 1, 2004 Mindy Diamond |
Prospects Grim for Wirehouse Brokers with Hybrid Books of Business Hybrid brokers -- those with both retail and midmarket institutional accounts-- at wirehouses might soon be a thing of the past, but that doesn't mean those with this business model have no options.  |
Registered Rep. May 1, 2005 Mindy Diamond |
What About Your Retirement? Brokers often take a shortsighted view of their careers, and this usually turns an effort to convince them to think about their own retirements into an uphill battle.  |
Registered Rep. January 1, 2006 John Churchill |
More, More, More Faced with growing competition from other advice providers and fewer inherent advantages in the way of products and platform capabilities, wirehouse brokers will feel pressure to do more fee-based business and to make wealthier clients a bigger part of their practice.  |
Registered Rep. May 1, 2006 Kevin Burke |
Failure to Launch Last year, Merrill Lynch's deal to buy Advest was regarded as a savvy transaction. Eight months later, with about 100 reps left, the deal math looks considerably worse. But Merrill may soon have an opportunity to see if it can do better.  |
Registered Rep. October 1, 2005 Matt Barthel |
Insurance and the Generation Gap Reps historically have been reluctant to sell life insurance because of the steep learning curve associated with the products, and there is evidence that many still are hesitant to put forth the effort necessary to grasp the products' nuances.  |
Financial Advisor November 2011 Jeff Schlegel |
Back In Gear After a slow period, recruiting is revving up again among broker-dealers.  |
On Wall Street September 1, 2009 Helen Kearney |
On Life Support a Year Ago, Merrill Pays for Top Producers Merrill, under BofA, seems to be on the hunt to add to its ranks, and it's offering a very competitive package that has almost unlimited upside for top producers.  |
Investment Advisor November 18, 2010 Bob Clark |
After the Flood How will independent advisors deal with the rising tide of breakaway brokers?  |
Registered Rep. December 1, 2004 David A. Gaffen |
Meet the New Boss, Different From the Old Boss November's news that Bob Mulholland was leaving Merrill Lynch wasn't entirely a surprise. He had been co-head of the 14,000-strong retail brokerage unit, but Merrill insiders figured all along that only one boss would prevail.  |
Registered Rep. June 1, 2005 John Churchill |
Wall Street's Big Curtain Call How baby boomer brokers move into retirement over the next 10 to 15 years will change the face of the industry in many ways.  |
On Wall Street March 1, 2010 Lauren Barack |
Time For Creative Recruiting With top advisors locked into retention packages, it's becoming harder for wirehouses to boost their ranks.  |
Registered Rep. November 1, 2005 Kevin Burke |
Reshuffling the Decks There is an unusual amount of reorganization afoot, with Merrill, Wachovia, UBS, Morgan Stanley and Smith Barney all shaking up their retail brokerage operations. Some of the moves have direct implications for retail advisors.  |
U.S. Banker August 2006 Lee Conrad |
Banks Refocus Staff and Mutual Funds Sales Surge Banks are making a fundamental change in the way they sell mutual funds by streamlining the process and unleashing a bigger, less expensive, sales force.  |
Financial Advisor January 2007 Tracey Longo |
Allure Of Independence Remains Bright Independent broker-dealers step up their recruiting efforts among reps and the already liberated.  |
On Wall Street July 1, 2010 Lauren Barack |
Beating Back The Independents So a mere eighteen months after the sky fell, is it really possible that life at the wirehouses isn't so bad?  |
Registered Rep. May 1, 2006 John Churchill |
UBS Bellies Up to the Acquisition Table With the cost of recruiting and training soaring, firms continue to turn to acquisitions. The recent purchase by UBS of Piper Jaffray's brokerage unit won't be the last as competition for clients and their assets continues to intensify.  |
Investment Advisor December 2005 Melanie Waddell |
Breaking Away Brokers are finding it easier than ever to go independent, aided by custodians and other independent advisors.  |
Registered Rep. March 18, 2005 Will Leitch |
Wachovia: On the Recruiting Warpath Wachovia Securities, the third-largest brokerage in the country, has announced an "aggressive" new strategy: the creation of the Individual Investor Group, entirely devoted to the recruitment and retention of individual brokers.  |
Registered Rep. July 1, 2004 Will Leitch |
The Quick and the Dead Bank of America, which inherited Quick as part of its acquisition of FleetBoston in October 2003, announced it is folding the discount brokerage into its Banc of America Securities unit.  |
Financial Advisor April 2005 Tracey Longo |
Winning Over Wirehouse Brokers AIG's transition suites help brokers become independent.  |
Registered Rep. March 1, 2003 David A. Gaffen |
Wach-Pru: Rock Steady, or Not Ready? Wachovia's courtship of Prudential Securities, for months one of the worst kept secrets on the Street, has come to fruition. Is the new organization capable of competing in the elite league it has entered?  |
Registered Rep. December 11, 2002 Rick Weinberg |
PaineWebber Cuts Bonuses, Expense Accounts Brokers at UBS PaineWebber received a double hit of bad news this week in this tough time for brokerages. Not only were they informed that the bonuses they receive for bringing in new assets were being cut, but expense accounts are being trimmed as well.  |
Registered Rep. November 1, 2002 David A. Gaffen |
Requiem for the $250K Broker Until recently, brokers were immune to the industry's downsizing, which has included a decimation of the ranks of investment bankers and the elimination of thousands of support positions. Brokers, it was assumed, covered their own costs by generating commissions and fees. Not anymore.  |
Registered Rep. February 24, 2003 David A. Gaffen |
Wachovia-Pru: What's Next The newly-announced joint venture between Wachovia's retail brokerage and Prudential Securities isn't scheduled to close for another 18 months. But the new company should be able to measure the effectiveness of its broker-retention strategy sooner than that.  |
Financial Advisor June 2009 Jeff Schlegel |
Money In Motion The economic crisis has wreaked havoc on wirehouses, and more advisors are looking for new opportunities.  |
On Wall Street January 1, 2011 |
Recruiting's Next Big Challenge A conversation with industry headhunters about the job market for financial advisors.  |
Registered Rep. April 1, 2005 Mindy Diamond |
Should I Stay or Should I Go? The process of deciding to change firms often hinges on concrete comparisons. But other less tangible factors come into play, too. Here are four questions that get to the heart of both types of criteria. Any rep considering changing firms should answer these before taking any major action.  |
Registered Rep. October 1, 2006 Halah Touryalai |
UBS Offers Hot Retention Bonus UBS is doing all it can to hold onto as many of the newly acquired Cleveland-based McDonald Investments advisors as possible -- beginning with a retention package that will be hard to refuse.  |
U.S. Banker June 2007 Lee Conrad |
Banks' Insurance Operations: Are Painful Lessons Paying Off? Banks clamored for years for the right to underwrite and sell insurance, but few have proven adept at it. There are signs of progress, however, as some banks embrace the brokerage side and gain revenue.  |