Joseph's Feed
Sep 23, 2011

Thiel puts his brand on Merrill with shake-up

NEW YORK (Reuters) – John Thiel has moved out of Sallie Krawcheck’s shadow, slashing Merrill Lynch manager jobs and taking steps to more closely align the firm’s retail brokers and private bankers.

Thiel, who was named head of Merrill’s U.S. wealth management by Krawcheck in April, eliminated more than half of the brokerage’s manager jobs on Wednesday, replacing three division heads and 24 regional bosses with 11 “market leaders” who will oversee both private banking and brokerage.

Sep 15, 2011

Trading loss the latest headache for UBS brokers

NEW YORK (Reuters) – Just when advisers at UBS Wealth Management Americas thought their troubles were behind them, the Swiss bank on Thursday announced a loss that raised more questions about its ability to safeguard money.

The $2 billion loss stemming from a London trader’s unauthorized dealing could wipe out the company’s third quarter profits. It also undermines UBS’ three-year effort to put losses from the financial crisis and a devastating U.S. tax-evasion scandal behind it.

Sep 14, 2011

Goldman team forms San Francisco wealth boutique

NEW YORK, Sept 13 (Reuters) – Three senior Goldman Sachs
Private Wealth Management advisers left the bank earlier this
month to form an independent San Francisco boutique, Seven Post
Investment Office LP.

Ali Bastani, who spent 13 years at Goldman Sachs, 26-year
veteran Eldridge “El” Gray, and Charles Wyman, 15 years in the
brokerage industry, started the new firm on Sept. 2, according
to records filed with the Financial Industry Regulatory
Authority and the Securities and Exchange Commission.

Sep 12, 2011

Dynasty taps hedge fund marketer to lure brokers

NEW YORK, Sept 12 (Reuters) – Dynasty Financial Partners, a
new independent brokerage firm, has hired Timothy Bello from
fund-of-fund company SkyBridge Capital to recruit advisers with
high-net-worth clients.

Opened in December by former Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) Chief
Financial Officer Todd Thomson and Citi wealth management
executive Shirl Penney, Dynasty has not yet announced that any
producers have joined its platform.

Sep 8, 2011

JPMorgan seeks profit pampering rich branch clients

NEW YORK (Reuters) – Banking giant JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), a relative lightweight in retail wealth management, sees untapped riches residing in its own bank branches.

The New York banking giant is expanding a wealth management business that will target Chase banking customers with between $500,000 and $5 million in assets. The program, Chase Private Client, has opened 71 of what is expected to be 250 offices by December and roughly 1,000 offices in 2013.

Sep 7, 2011

Analysis: Krawcheck ouster fuels Merrill brokers’ bank angst

NEW YORK (Reuters) – Bank of America’s ouster of Sallie Krawcheck has deprived Merrill Lynch advisers of a vocal advocate and revived worries the commercial banking giant will further tighten its grip on the brokerage.

The Krawcheck era at Merrill ended on Tuesday after two years when the bank’s Chief Executive Brian Moynihan announced commercial banking head David Darnell would take overall consumer businesses, including branch banking, mortgages, Merrill and the U.S. Trust private banking unit.

Aug 25, 2011

Wealth managers lost 14,000 advisers in 2010-report

NEW YORK, Aug 25 (Reuters) – The U.S. wealth management
industry is shrinking, losing legions of advisers, just as
demand for their services is on the rise.

The ranks of brokers and investment advisers working at
brokerages, banks, insurers and independent firms fell by
nearly 14,000, or 4.1 percent, last year, according to the
latest Cerulli Associates report that tracks the movement of
people and assets among U.S. firms.

Aug 23, 2011

UBS says no U.S. broker cuts in bank layoffs plan

NEW YORK, Aug 23 (Reuters) – UBS Wealth Management
Americas, the U.S. brokerage arm of UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz), said on
Tuesday it plans no financial adviser cuts in connection with
the Swiss bank’s announced plans to ax 3,500 jobs.

“These reductions will occur mainly in the investment bank
and Swiss bank, and they will have little to no direct effect
on you, our advisers,” according to a memo that U.S. brokerage
chief Robert McCann sent to the company’s financial advisers
and obtained by Reuters.

Aug 22, 2011

Brokerage First Allied to gain independence

NEW YORK, Aug 22 (Reuters) – First Allied Securities Inc is
finally securing its own independence.

The U.S. brokerage on Monday announced a deal whereby First
Allied management and private equity firm Lovell Minnick
Partners will acquire the firm from Advanced Equities Financial
Corp for undisclosed terms.

Aug 22, 2011

Schwab to bring money advice to the masses

NEW YORK (Reuters) – Do-it-yourself investors roiled by the never-ending series of market tempests are more often seeking advisers who can take the wheel, Charles Schwab Corp Chief Executive Walter Bettinger told Reuters.

Founder Charles Schwab built a financial services giant by letting average investors trade stocks without a broker. Now the firm that bears his name expects rising demand from investors who no longer want to navigate markets on their own.