The steady exodus of registered reps from wirehouses is expected to accelerate dramatically over the next 18 months, according to a report from TowerGroup.
It took only a matter of months for the markets to lose nearly half their value, but advisers will feel the ripple effects of this economic crisis for years, predicts a prominent consultant.
President Obama wants as much as $1 billion to establish a federal organization to oversee his proposed automatic-IRA plan.
Unlike most bank executives, John Taft — director of Royal Bank of Canada's U.S. wealth management business — can make a compelling case for the economic crisis being good for business.
Executives of Neuberger Berman Group LLC, now running the $155 billion money manager as an independent firm, plan to share some of their institutional-only investment strategies with investment advisers and individuals for the first time.
President Obama has asked for $1 billion to create a new agency that will support the automatic individual retirement account proposal included in his 2010 budget.
The Financial Industry Regulation Authority Inc. has reached an agreement with four brokerage firms to repurchase $554 million in auction rate securities from clients, and also pay a combined $850,000 in fines to settle charges that they misled investors by marketing these debt instruments as risk-free.
Investment executives and retirement plan officials will band together over the next several months to propose some radical enhancements to the nation's 401(k) system, said Robert Reynolds, president and CEO of Boston-based Putnam Investments.
Raymond James Financial has attracted a number of recruits in recent months and is on track to add advisers with more than $100 million in production this year.
