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Registered Rep.
January 1, 2007
Kristen French
More or Less? Smith Barney overhauled its pay package -- just in time for the new year. Some of the changes it made were pretty radical -- especially for an industry in which any pay change, no matter how minor, is often a source of uproar. mark for My Articles similar articles
Registered Rep.
February 21, 2007
John Churchill
Smith Barney Comp Pleasant Surprise Judging from initial reports from reps, the written version of the new plan is an improvement from the prior version -- a plan many reps equated to a pay cut despite the firm's insistence that it was "revenue neutral." mark for My Articles similar articles
Registered Rep.
February 23, 2007
Kevin Burke
Disgruntled Smith Barney Brokers Are Voting with Their Feet Sixty-nine brokers left Smith Barney, just ahead of a three-day weekend. Fridays before a long weekend are historically prime times for unhappy brokers to make a clean break, but the large number of brokers taking off on a single day is alarming. mark for My Articles similar articles
Registered Rep.
November 18, 2005
Kristen French
Smith Barney Cuts Pay for Smaller Brokers The new pay scale was announced to brokers internally in October and will take effect in January. mark for My Articles similar articles
Registered Rep.
March 1, 2007
John Churchill
Sallie's Back At first glance, this second coming of Sallie Krawcheck probably looks like a cakewalk compared to her first adventure in 2002. But, make no mistake: Smith Barney is not the awesome brokerage it appears to be on paper. mark for My Articles similar articles
Registered Rep.
May 29, 2007
Kevin Burke
Smith Barney's Krawcheck to Smooth Out Comp. Plan The brokerage giant's top executive is set to tweak the firm's compensation plan in an attempt to address financial advisors' repeated complaints over pay complexities and claims of unfairness. mark for My Articles similar articles
Registered Rep.
December 11, 2003
David A. Gaffen
Smith Barney Changes Payout Grid Smith Barney is altering its compensation system for 2004, with the main goal being to simplify its payouts and make them more product-neutral. mark for My Articles similar articles
Registered Rep.
July 1, 2006
Halah Touryalai
Ready to Punch the Clock? Most registered reps compare themselves to professionals, such as doctors and lawyers. However, it seems that according to an interpretation of federal law, financial advisors may be held to the same labor law standards as an hourly employee. mark for My Articles similar articles
Investment Advisor
July 2006
Kathleen M. McBride
B/d Briefing: Two Faces of Wall Street Few financial professionals expect to work a 40-hour week on Wall Street. So it was surprising to see the extent of rep participation in class-action lawsuits over broker overtime, and the astounding settlements that have been awarded. mark for My Articles similar articles
Registered Rep.
December 1, 2005
Halah Touryalai
Smith Barney: New Focus On the Horizon While most Smith Barney advisor respondents were generally unimpressed by the acquisition of Legg advisors, it'll be interesting to see if Smith Barney's jettisoning of its asset management group -- and resulting new focus on retail distribution -- will rejuvenate the firm. mark for My Articles similar articles
Registered Rep.
November 1, 2005
John Churchill
The Money Squeeze There's one thing that stands between the big retail brokerage firms and the high profit margins that the executives of these firms and their investors seek: the financial advisor. mark for My Articles similar articles
Registered Rep.
October 18, 2007
Halah Touryalai
At Citi, Profits Are Down; Smith Barney Wins Five Morgan FAs With Nearly $600m AUM; ML Loses Two Citigroups' third-quarter profits are down 57%... over at its Smith Barney unit, Charlie Johnston's team had a pretty good recruiting week... etc. mark for My Articles similar articles
Registered Rep.
August 10, 2004
David A. Gaffen
Fleeing Brokers Can Take Some Client Info Three of the nation's largest brokerage firms have agreed to make it easier for registered reps to take clients with them when they change firms, eliminating a lot of the cloak-and-dagger antics that brokers often suffer when making a move. mark for My Articles similar articles
Registered Rep.
April 18, 2007
Halah Touryalai
Chuck Prince: Smith Barney Goin' Nowhere Citigroup's CEO has been at the center of company news recently with his plans to cut costs including last week's announcement of about 17,000 job cuts. That cut may affect over 100 Smith Barney employees and about 30 advisors. mark for My Articles similar articles
Registered Rep.
April 17, 2009
Halah Touryalai
Smith Barney Losing Advisors, Client Assets But while Smith Barney is losing reps, it also appears to be recruiting heavily. mark for My Articles similar articles
Registered Rep.
May 30, 2003
David A. Gaffen
The New Smith Barney CEO Sallie Krawcheck was recruited to restore the credibility of Smith Barney and lead the business through its toughest slump in a generation. Krawcheck wants Smith Barney advisors to more than double their average annual production to $1 million. mark for My Articles similar articles
Registered Rep.
January 9, 2008
Halah Touryalai
Smith Barney Snags Three Advisors From Rivals Smith Barney has started off the new year right with a recruiting victory. The firm recently hired three Merrill Lynch reps and one UBS advisor. mark for My Articles similar articles
Registered Rep.
September 1, 2004
Will Leitch
For Advisors, 2003 Was a Better Year The fortunes of advisors took a turn for the better in 2003, according to the annual report from the Securities Industry Association. mark for My Articles similar articles
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. mark for My Articles similar articles
Registered Rep.
November 22, 2005
John Churchill
For Merrill and Smith Barney Acquisitions, It's Wait n' See The financial firms' respective purchases would have added hundreds of regional brokers to their retail brokerage units, but many of these departing brokers have decided they don't want to work for a big firm and are finding sweet recruiting deals at smaller shops. mark for My Articles similar articles
Registered Rep.
November 29, 2006
Halah Touryalai
Merrill Lynch to Pay National Overtime Settlement The financial firm has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. mark for My Articles similar articles
Registered Rep.
February 6, 2003
Ross Tucker
UBS Continues to Attract Talent UBS PaineWebber recently lured six more high-producing reps into its fold, offering further evidence that the firm is engaged in one of the Street's most vigorous recruiting campaigns. mark for My Articles similar articles
Registered Rep.
August 1, 2005
John Churchill
Should I Stay or Should I Go? When Smith Barney and Legg Mason announced a deal to swap the wirehouse's asset-management business for Legg's brokerage unit, a lot of Legg reps made calls to recruiters and began to prepare for a move. But now, a lot of reps have stopped packing. mark for My Articles similar articles
Registered Rep.
July 14, 2008
Halah Touryalai
Morgan Stanley Offers $50 million In Overtime Settlement The settlement covers all financial advisors, trainees, producing branch managers, assistant branch managers and sales managers who live outside of California and were employed with the New York-based firm between Sept. 1, 2002, and April 21, 2008. mark for My Articles similar articles
Registered Rep.
December 1, 2004
David A. Gaffen
Sallie Krawcheck Has Left the Building In a move that presages future Citigroup plans, Smith Barney CEO Sallie Krawcheck and Citigroup's CFO Todd Thomson have switched offices. mark for My Articles similar articles
Registered Rep.
December 1, 2002
Ross Tucker
Happy Holidays! You're Fired. The ax will fall at year's end for some 700 of 13,500 Morgan Stanley brokers. Some branches will be closed entirely. mark for My Articles similar articles
Registered Rep.
May 1, 2006
Halah Touryalai
Wall Street Wage Fight An activist labor lawyer's allegations, if correct, raise serious issues on compensation practices at financial institutions. By applying a landmark, Depression-era labor law to the brokerage business, he has settled class-action suits against two wirehouse firms in California already. mark for My Articles similar articles
Registered Rep.
January 1, 2005
David A. Gaffen
Wachovia Goes Halvesies Keep it simple. That's the idea behind Wachovia Securities new grid, one that offers a round 50 percent payout to brokers, once they pass a $9,000 production threshold. mark for My Articles similar articles
Registered Rep.
December 1, 2006
Halah Touryalai
Department of Labor to Brokers: No Overtime Pay for You Here is a new twist in the broker overtime pay lawsuits: The Department of Labor (DOL) says brokers are not entitled to overtime pay after all. Well, that is, unless the DOL is wrong, which it allowed could be the case. (No kidding.) mark for My Articles similar articles
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. mark for My Articles similar articles
Registered Rep.
January 14, 2011
Kristen French
Some MSSB Advisors Upset by Johnston's Departure Morgan Stanley CEO James Gorman announced Thursday that Greg Fleming, head of the firm's asset management business, will replace Charles Johnston as head of wealth management. mark for My Articles similar articles
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. mark for My Articles similar articles
Registered Rep.
May 7, 2007
Christina Mucciolo
Smith Barney Closes a Few Offices, Prepares to Consolidate Others The firm prepares to consolidate as part of a larger cost-cutting program in the works at parent Citigroup. mark for My Articles similar articles
Registered Rep.
January 1, 2006
Kristen French
What's in a Name? Financial advisor is the name most of the other wirehouses use for their registered reps these days. It reflects the industry's attempts to transform its reps from commission-based stock jockeys to fee-based relationship managers. mark for My Articles similar articles
Registered Rep.
December 1, 2005
Registered Rep.'s Broker Report Cards How seven of the nation's largest brokerage firms stack up against each other. mark for My Articles similar articles
Registered Rep.
December 1, 2005
Kristen French
Where's My Money? After California brokers won $37 million in an overtime lawsuit against Merrill Lynch in August, a slew of copycat lawsuits have been filed against other brokerage firms, many of them in New York. mark for My Articles similar articles
Registered Rep.
September 13, 2007
Halah Touryalai
Overtime Finally Pays Off Smith Barney brokers may be the first to cash in on overtime lawsuits that have been all the rage over the last two years. mark for My Articles similar articles
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. mark for My Articles similar articles
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. mark for My Articles similar articles
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. mark for My Articles similar articles
Registered Rep.
July 27, 2010
Halah Touryalai
Overtime Suits Resurface, This Time for Independent Reps On July 22, Mark Thierman, a labor lawyer in Reno, Nevada, filed a complaint against LPL Financial for violating New York State overtime laws by not paying its reps overtime wages. mark for My Articles similar articles
Registered Rep.
November 1, 2002
Gaffen & Weinberg
Brokers React to Citi's Research Move Sallie Krawcheck, former head of independent research firm Sanford C. Bernstein, will head a new business unit of Citigroup that will operate under the name Smith Barney, and include the private client group. Smith Barney brokers are skeptical, though. mark for My Articles similar articles
Registered Rep.
September 1, 2004
David A. Gaffen
Parting is Such Sweet Sorrow You won't have to steal client addresses and phone numbers any more when switching firms --- that is, if you work for Merrill Lynch, Smith Barney or UBS Securities. mark for My Articles similar articles
Registered Rep.
March 1, 2006
John Churchill
Everybody Wants Their Overtime UBS said it has agreed to pay $89 million to settle class-action wage and hours claims of reps filed this past summer in several federal courts. mark for My Articles similar articles
Registered Rep.
January 7, 2011
Kristen French
Will the SEC Curtail Recruiting Bonuses? With brokerage revenues getting squeezed and regulators sniffing around compensation issues and potential conflicts of interest, it's possible that 2011 could bring some changes to broker comp plans. mark for My Articles similar articles
Registered Rep.
June 1, 2009
David Geracioti
Can You Say, "Morgan Stanley Smith Barney?" The Joint Venture Launches Today The deal merging Citi's brokerage (Smith Barney) with Morgan Stanley's Global Wealth Management Group is closed -- ahead of schedule. mark for My Articles similar articles
Registered Rep.
February 1, 2006
Kevin Burke
Hired and Fired Up The biggest brokerage businesses are showing that even in a modest market upswing they now have in place a strategy for delivering stronger and steadier sales and earnings growth. mark for My Articles similar articles
Registered Rep.
November 1, 2004
John Churchill
Exodus At UBS? This month, the contingent of PaineWebber brokers who remained at UBS following the 2000 merger will receive the final installment of their post-merger retention bonuses, perhaps triggering a mini-exodus of brokers come the first of the year. mark for My Articles similar articles
Registered Rep.
June 1, 2006
Kristen French
Hungry for Hires Wachovia hired a whopping 900 reps in 2005, bringing the total to 10,400, and aims to add the same number in 2006, including around 100 rookies. mark for My Articles similar articles
Registered Rep.
February 1, 2005
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc. mark for My Articles similar articles