Stifel Nicolaus lured away an advisor managing more than $170 million in assets from Baird.The new recruit, Michael Gregory Foster, had previously worked at McAdams Wright Ragen, a Seattle-based wealth management firm that was acquired by Baird last month
via Stifel Grabs Baird Advisor With $170M AUM | On Wall Street.
Executives at the four largest brokerage houses have set their sights on higher profit margins. But even as they trim expenses, streamline branch offices and reduce back office staff, they’re struggling with compensation costs for brokers.
At Morgan Stanley Wealth Management, for example, compensation and benefits for all employees account for as much as 60% of revenue. At UBS Wealth Management Americas, which breaks out compensation specifically for their advisers, it is even higher. The firm has spent an average of around 70% of revenue on its financial advisers since 2011, according to SEC filings.
Women are getting another way to learn about managing their money on Lifetime channel’s “The Balancing Act.”
Starting in August, the show will feature Catherine Bonneau, president and chief executive of Cetera Financial Institutions, and Carina Diamond, managing director of SS&G Wealth Management and an adviser at Cetera. The co-hosts will discuss money issues and give advice for how women can plan ahead.
“I found it to be a very approachable format, one that you can envision that women would easily engage with for both entertainment and learning opportunities,” Ms. Bonneau said. “It just helps build awareness that women can exchange ideas for other women.”
Robert W. Baird & Co. Inc. has added a top broker from Wells Fargo and a new director to its Houston market.
Gary Foose Jr. joins the firm as a director and financial adviser in Houston with $350 million in client assets and $1 million in annual production.
“Gary’s a high-integrity guy. He’s been in the business 25 years and has a loyal client base,” said Jarrett Kovics, regional director for Baird’s private wealth management business.
Craig Young, previously a branch manager at UBS Financial Services, has been named director of the Houston market. He will oversee Baird’s two local wealth management offices.
Alan “Ace” Greenberg, who presided over the expansion of Bear Stearns before its collapse helped precipitate the 2008 financial crisis, has died at 86, The New York Times reports.
As CEO of the Manhattan-based investment bank from 1978 through 1993, Greenberg expanded the number of employees from 1,000 to 6,300. Shareholders’ equity reached $1.8 billion by the time he stepped down as chief executive, after which he stayed on as an equities trader.
The Times cites Greenberg’s son as saying Greenberg died of complications from cancer.
Known as “Ace” on Wall Street, Greenberg was an avid bridge player with affinity for magic tricks, that headed Bear Stearns as CEO from 1978 to 1993, before handing the reigns of the firm over to James “Jimmy” Cayne.
FINRA Drops Broker Compensation Disclosure
Jun 23, 2014Megan Leonhardt
The Financial Industry Regulatory Authority has withdrawn its recruiting bonus disclosure proposal from the Securities Exchange Commission. The rule would have required brokers to disclose the financial incentives they receive when moving firms.
FINRA filed the withdrawal notice with the SEC on Friday. In a statement Monday, FINRA’s spokesman George Smaragdis said the regulator’s decision was due, in part, to the rigid timelines imposed by Dodd-Frank in which the SEC must act on a proposal. The proposal generated 184 comment letters and FINRA did not believe it could fully address the comments within those time frames.
via FINRA Drops Broker Compensation Disclosure | Legal content from WealthManagement.com.
Best Full-Service Investment Firms Ranked by Investors: J.D. Power — 2014
Satisfaction levels are up at some firms, but there’s a clear satisfaction gap between investors under 35 and older ones
Overall investor satisfaction with full-service investment firms continues to rise, according to the J.D. Power 2014 U.S. Full Service Investor Satisfaction Study, released early Thursday. However, there’s a clear satisfaction gap between young investors (35 years and younger) and older investors, the group notes.
The industry average rose to a satisfaction score of 807 (out of 1,000) from 789 in 2013. But the four wirehouses all fell below the average score this year.
via Best Full-Service Investment Firms Ranked by Investors: J.D. Power — 2014.