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May 27, 2011

Rx for new RIA: Hire branch managers

NEW YORK (Reuters) – Washington Wealth Management LLC, a new registered investment adviser, wants to build a national business by hiring branch managers when big broker-dealers are firing them.

The advisory firm this week hired John Simmons, a former Morgan Stanley Smith Barney regional manager in San Diego, as its president.

May 27, 2011

UBS hires two Morgan Stanley brokers in Cleveland

NEW YORK, May 27 (Reuters) – UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz) said its U.S.
brokerage unit hired veteran Morgan Stanley Smith Barney
brokers Richard Freedman and Laurence Bricmont, a duo
overseeing $210 million in client assets and generating annual
revenue of $900,000.

Freedman began his career in 1987 with Merrill Lynch, then
worked at Cowen & Co and Lehman Brothers before spending 16
years with Smith Barney, according to FINRA records.

May 25, 2011

Morgan Stanley OKs broker use of social media

NEW YORK, May 25 (Reuters) – Wall Street banks clamor to
underwrite stock for social media companies like LinkedIn and
Twitter, but the online networking sites are largely off limits
to the banks’ financial advisers.

Now, the country’s largest retail brokerage, Morgan Stanley
Smith Barney, has become the first major wealth manager to
allow its brokers partial use of Twitter.

May 24, 2011

FINRA CEO to brokerages: Don’t skimp on compliance

WASHINGTON, May 24 (Reuters) – One of the brokerage
industry’s top cops warned Wall Street that concerns about
sagging profit margins should not lead to cuts in spending for
compliance technology and staff.

The Dodd-Frank financial regulatory reform law last year
created a mountain of new rules for U.S. brokerages, such as a
tougher standard of customer care, even as anxious investors
and razor thin interest rates have sapped revenue growth.

May 24, 2011

FINRA’s Ketchum sees progress on flash crash prevention

WASHINGTON, May 24 (Reuters) – A year after the “flash
crash” that undermined stock market confidence and nearly three
years from the depths of the financial industry crisis, a Wall
Street watchdog is counseling confidence.

“Investors should really feel better,” Richard Ketchum,
chief executive of the Financial Industry Regulatory Authority,
said on the sidelines of the group’s annual conference Monday.
“I think the steps that have been taken with the help of the
SEC and CFTC make a better environment.”

May 23, 2011

Wall Street needs to speak clearly, listen harder: CEOs

WASHINGTON (Reuters) – Individual investors are wading back into the market nearly three years after the financial crisis, but some U.S. brokerage executives said their customers remain cautious.

The heads of several of the largest U.S. brokerages, speaking at the Financial Industry Regulatory Authority’s annual conference on Monday, said expectations remain muted and faith in the markets tenuous. Financial advisers must work to help investors avoid market land mines by communicating risks more clearly, but also by listening more carefully to what customers want, they said.

May 23, 2011

Wall St needs to speak clearly, listen harder-CEOs

WASHINGTON, May 23 (Reuters) – Individual investors are
wading back into the market nearly three years after the
financial crisis, but some U.S. brokerage executives said their
customers remain cautious.

The heads of several of the largest U.S. brokerages,
speaking at the Financial Industry Regulatory Authority’s
annual conference on Monday, said expectations remain muted and
faith in the markets tenuous. Financial advisers must work to
help investors avoid market land mines by communicating risks
more clearly, but also by listening more carefully to what
customers want, they said.

May 19, 2011

UBS keeping U.S. wealth unit, executives say

SAN FRANCISCO (Reuters) UBS AG (UBSN.VX: Quote, Profile, Research) denied on Thursday speculation its U.S.-based wealth management business was for sale and the unit’s chief said he had not been approached by rumored bidder Wells Fargo & Co (WFC.N: Quote, Profile, Research).

“I can tell you, it isn’t true,” UBS Wealth Management Americas Chief Executive Robert McCann told Bloomberg Television when asked whether he had been approached by Wells Fargo. “I have not been a part of any meeting with Wells Fargo.”

May 19, 2011

UBS keeping US wealth unit, executives say

SAN FRANCISCO, May 19 (Reuters) UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) denied on
Thursday speculation its U.S.-based wealth management business
was for sale and the unit’s chief said he had not been
approached by rumored bidder Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz).

“I can tell you, it isn’t true,” UBS Wealth Management
Americas Chief Executive Robert McCann told Bloomberg
Television when asked whether he had been approached by Wells
Fargo. “I have not been a part of any meeting with Wells
Fargo.”

May 19, 2011

UBS keeping U.S. wealth unit, chief says: report

SAN FRANCISCO (Reuters) UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) denied on Thursday speculation its U.S.-based wealth management business was for sale and the unit’s chief said he had not been approached by rumored bidder Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz).

“I can tell you, it isn’t true,” UBS Wealth Management Americas Chief Executive Robert McCann told Bloomberg Television when asked whether he had been approached by Wells Fargo. “I have not been a part of any meeting with Wells Fargo.”