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Registered Rep. September 22, 2005 John Churchill |
Morgan Stanley's Retail Unit Posts Mixed Third Quarter The company's retail brokerage recorded pretax tax profits of $30 million for the third quarter, a healthy 36% gain over last year, despite a continued exodus of advisors and large legal and regulatory costs. But client assets fell versus the prior quarter, an ominous sign. |
Registered Rep. October 17, 2006 Kristen French |
Retail Brokerage Has Strong Third Quarter The third quarter shaped up pretty well for the retail brokerage divisions of the big Wall Street firms. Market technicians say we're in the midst of a bull market, and that means things are looking even better for the rest of the year. |
Registered Rep. March 22, 2006 Kristen French |
Morgan Sees Weak Retail First Quarter Followed by Brighter Future Morgan Stanley reported bad news on first quarter retail earnings today. Both pre-tax income and margins declined steeply for its brokerage business, but in a conference call this morning chief financial officer David Sidwell expressed optimism about the future of the business unit. |
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. |
Registered Rep. July 1, 2006 Kristen French |
James Gorman's First Marking Period In his first four months as head of Morgan Stanley's brokerage unit, James Gorman wasted no time showing that a new regime was in place. But he hasn't convinced all the troops that it's worth sticking around to see how his turnaround plans play out. |
Registered Rep. April 15, 2011 Kristen French |
Merrill Earnings Strongest Since Bank of America Takeover Bank of America's Global Wealth and Investment Management division, which includes Merrill Lynch, reported its highest earnings since Bank of America's takeover of Merrill in late 2008, as asset management and brokerage fees rose. |
Registered Rep. July 18, 2007 Kevin Burke |
Merrill Reports Strong Revenues, Adds 270 Advisors Merrill Lynch's retail brokerage arm turns in another strong quarter, as fee-based revenue continued to climb to record levels. |
Registered Rep. April 19, 2006 Kevin Burke |
Merrill's Brokerage Earnings Up Pretax earnings at Merrill Lynch's global private client group rose 27% in the first quarter ending March 31 to $646 million, up from $510 million in the same period a year ago. As might be expected, the division's headcount increased along with profits. |
Registered Rep. March 9, 2011 Kristen French |
Morgan Stanley Cutting 200-300 FAs And Trainees The firm's wealth management division, Morgan Stanley Smith Barney, should end the quarter with about 17,800 advisors, still the largest brokerage force in the U.S. by headcount. |
Registered Rep. February 21, 2006 Kristen French |
At Morgan Stanley, the Gorman Era Dawns At Merrill, James Gorman was able to take a top team and make it more effective -- at Morgan Stanley, he inherits a demoralized, decimated sales force that trails its peers in assets under management, productivity and profit margins. |
Registered Rep. March 1, 2005 John Churchill |
Earnings Forecast: Clouds Give Way to Sun The past year's earnings troubles belie the brokerage industry's sunny prospects for 2005. For advisors, the industry's recent troubles have translated into fewer jobs, but many firms are recruiting aggressively again. |
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. |
Registered Rep. July 18, 2006 Kevin Burke |
Merrill's Brokerage Unit Records Huge Second-Quarter Gains Merrill's global private client group (GPC) registered a pretax earnings increase of 53%, to $701 million, in the second quarter ending June 30, up from $457 million in the same period in 2005. |
Registered Rep. May 31, 2013 Megan Leonhardt |
Sizing Up the Street In the latest earnings cycle, here's how the wirehouses stacked up. |
Registered Rep. January 1, 2007 Halah Touryalai |
Riding High It was a fine year for brokerage firms -- especially their stocks. No one came up bigger than Goldman Sachs and Morgan Stanley in terms of percentage gains. |
Registered Rep. August 26, 2010 John Aidan Byrne |
Neck And Neck, Morgan and Merrill On Hiring Sprees Both firms say they plan to add net financial advisors in 2010, adding to stated plans to sign up 2,000 trainees each this year. |
Registered Rep. October 1, 2004 David A. Gaffen |
Sharp Words for the NASD From Raymond James' Averitt The CEO directed biting criticism towards NASD regulators currently investigating fee-based advisory practices. Advisors also pointed out that the asset allocation and investing processes are being left out of the equation. |
Registered Rep. September 1, 2005 Kristen French |
Gorman to the Rescue? Morgan Stanley brokers should expect a revolution when James Gorman takes the helm of the retail unit. |
Registered Rep. July 1, 2005 Kristen French |
Apres Purcell--Le Spinoff? Now that Morgan Stanley's CEO has given up, the future of the old Dean Witter organization is in question. Morgan Stanley remains under pressure to improve profitability and its stock price. |
Registered Rep. July 28, 2005 Kristen French |
Morgan Confirms Trainee, Broker Cutbacks In an internal memo, co-president Zoe Cruz announced the company would reduce the number of trainees it hires to 1,000 in 2006, from 2,400 this year, while continuing to recruit experienced brokers who focus on high-net-worth clients. |
Registered Rep. April 1, 2008 Kristen French |
Runaway Growth: Rep-As-Advisor Assets Explode In the past year, as a result of the end of asset-based fees in non-advisory managed-account programs, assets in nondiscretionary rep-as-advisor programs have ballooned. |
Registered Rep. December 21, 2005 Kristen French |
For Morgan Retail, Fourth Quarter a Mixed Bag; More Purcell Directors Resign Despite a number of changes made to improve corporate governance at Morgan Stanley early this year, the board has come in for plenty of heat. The firm continues to lose talent and is paying out the nose to bring on new top producers. |
Registered Rep. April 21, 2011 Kristen French |
Morgan Stanley Wealth Management Assets Up, Headcount and Margins Down Morgan's other two divisions -- institutional securities and asset management -- recorded declines in income and revenues. |
Registered Rep. January 24, 2007 John Churchill |
Another Good Year for the Brokerage Industry Fourth-quarter earnings reports are just now rolling in, and they're even better than expected. And it's not just Wall Street's investment-banking divisions that are reeling it in. |
On Wall Street April 1, 2010 Howard J. Stock |
Back Office Move Has Advisors Up In Arms -- Some Bolt Questions surround what will happen to BAI clients when Merrill moves their accounts from National Financial to Merrill Lynch. |
Registered Rep. October 1, 2010 John Aidan Byrne |
Who Will be Number One Among the Wirehouses? A good old-fashioned Wall Street fight for retail assets -- and a fierce tussle over which firm can call itself the Number One retail wealth management firm on Wall Street -- is brewing. |
Registered Rep. October 1, 2005 John Churchill |
Fighting for Dollars The retail brokerage model in the U.S. is flawed. Why? Because advisors get too much of the revenue pie. |
Registered Rep. November 3, 2006 Kristen French |
Morgan Tinkers with Grid; Wants FAs to Aim High James Gorman announced the rollout of a new compensation program that will greatly increase the firm's spending. But, in an effort to get reps to think big, accounts below $50,000 will no longer generate any compensation for the rep. |
Registered Rep. October 5, 2009 Kristen French |
Citi Bank Brokerage Converts To All Fees Citigroup announced that it would convert its small North American bank brokerage business completely to a fee-on-assets-based fiduciary advice system, and would stop collecting commissions on stock and fund sales. |
Registered Rep. April 29, 2005 Kristen French |
Raymond James Fined, Drops Fee-Based Brokerage---Will Others Follow? Following the NASD fine of Raymond James for pushing fee-based accounts on the wrong clients, the next question is how the settlement will affect other firms that offer the same accounts, including wirehouse giants Morgan Stanley, Merrill and Smith Barney. |
Registered Rep. March 12, 2004 John Churchill |
Huge Growth in Fee-Based Brokerage Fee-based brokerage showed faster growth than any other segment of managed accounts over the last four years, according to a new report from Cerulli Associates. |
Registered Rep. July 21, 2011 Kristen French |
Morgan Stanley Plans More Cost-cutting in Retail Brokerage; Integration on Target, Net Asset Flows Up Morgan Stanley financial advisors should expect more cost-cutting in the global wealth management division in coming quarters. |
Registered Rep. April 16, 2010 Jerry Gleeson |
Merrill Advisor Defections Flat In Q1, Profit Falls Profits were down last quarter at Merrill Lynch but the brokerage's performance still helped to lift the fortunes of its new parent, Bank of America Corp. |
Registered Rep. August 2, 2005 Kristen French |
Morgan Stanley Fined $6.1 Million for Fee-Based Brokerage Slip-Ups NASD's investigation showed that from January 2001 through December 2003, Morgan Stanley failed to establish and maintain a supervisory system to review and monitor its fee-based brokerage business. |
Registered Rep. April 13, 2004 David A. Gaffen |
Merrill Reports Record Quarter Merrill Lynch reported earnings of $1.3 billion for the first quarter of 2004, a 95 percent increase from the same period a year ago. |
The Motley Fool June 9, 2004 Tom Gardner |
Wall Street's in Trouble Could the future earnings of prominent Wall Street firms be at risk? |
Registered Rep. April 21, 2010 Jerry Gleeson |
Morgan Stanley Profits Rise, Advisor Count Flat Morgan Stanley on Wednesday reported higher-than-expected revenues and profits in the first quarter, lifted by its acquisition last spring of Smith Barney and by higher fixed income. |
Registered Rep. October 19, 2011 Kristen French |
Morgan Stanley Smith Barney Reels In $15.5B in Assets, 300 FAs Exit, Margins up to 11% Morgan Stanley's global wealth management group finally raised its pre-tax profit margins in the third quarter, which climbed to 11 percent from 9 percent. |
Registered Rep. August 31, 2004 David A. Gaffen |
Sharp Words for the NASD By Raymond James' Averitt Dick Averitt of Raymond James Financial Services had some particularly harsh words for the National Association of Securities Dealers over fee-based accounts in a speech at RJFS' semiannual financial conference on Monday morning. |
Registered Rep. June 1, 2006 Kristen French |
Morgan's Training Makeover Morgan Stanley is in the midst of a major redesign of its rookie training program, the latest in a string of moves by retail head James Gorman to revamp the brokerage operation and make it more profitable. |
Registered Rep. October 21, 2009 Kristen French |
Morgan Posts First Profit In Year The company' results were boosted by higher underwriting fees and trading revenue, as well as the firm's acquisition of Smith Barney. |
Registered Rep. July 21, 2010 Jerry Gleeson |
Assets, Advisors Decline at Morgan Stanley Smith Barney in Q2 Morgan Stanley is making continued progress on its integration with Smith Barney, but declines in assets and headcount suggest it may be feeling the pain of client and advisor departures. |
On Wall Street February 1, 2010 Frances A. McMorris |
When Firms Collide: Is Culture Clash Inevitable? Merged companies have been integrated and new executives have taken up their posts, but everyone is still trying to adjust. |
Registered Rep. July 19, 2011 Kristen French |
Bank of America Gains 500 Financial Advisors, Client Balances Slip in Q2 It was an ugly quarter for Bank of America, which reported an $8.8 billion loss in the second quarter. |
Registered Rep. September 10, 2003 David A. Gaffen |
Existing Clients Want More Advice The good news for reps is that the world doesn't hate you. The bad news is that acquiring clients -- particularly affluent ones -- is getting a lot more tough. |
Registered Rep. June 27, 2007 John Churchill |
Court Okays 120 Days to Move Fee-based Brokerage Accounts Broker-dealers got the breathing room they hoped with regards to complying with the recent court ruling that outlaws fee-based brokerage accounts. |
Registered Rep. May 10, 2006 Kristen French |
Morgan Stanley Cuts 500 Trainees The company announced in an internal memo that it is firing 500 financial advisor trainees and redesigning its training program. |
Registered Rep. February 1, 2005 |
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc. |
Registered Rep. March 4, 2009 David A. Geracioti |
The Conflicts of Interest in Not Being a Fiduciary; Hang Charlie Merrill In Effigy? At least one commentator is calling for Charlie Merrill to be hung in effigy for creating the modern-day, hard-charging, sales-oriented brokerage called Merrill Lynch. |
Registered Rep. June 1, 2004 Kevin McKinley |
Fee-ling Good Tips for financial advisors on establishing and maintaining fee-based relationships the right way. |