by Patrick M. Kelly | Sep 28, 2012 | Financial Services Industry, Wall Street
Acquiring Morgan Keegan last April, along with the ability to retain a large percentage of their financial advisors, appears to have paid off for Raymond James, who announced an 8% increase in fees and commissions to $250 million during August, 2012. This is up 8%...
by Patrick M. Kelly | Sep 26, 2012 | Financial Services Industry, Wall Street
The end of an era and a bit of history… In 1938, with the merger of two brokerage firms founded by Philadelphians, Charles D. Barney and Edward B. Smith, the modern day Smith Barney was born. Thus began their long history of acquisitions. Smith Barney snatched...
by Patrick M. Kelly | Sep 21, 2012 | Financial Services Industry, Technology
Technology has taken leaps and bounds to augment and enhance what financial planners do, and since 2009, a new breed of technology firms threatens to challenge advisors as well. The rise of the so called “robo advisor”—online startup firms that aim to replace...
by Patrick M. Kelly | Aug 29, 2012 | Financial Recruiters, Financial Services Industry, Job Market
Announces Plans to Hire 300 Bankers and Brokers Continuing with a brisk hiring spree over the past two years, Citigroup has recently hired two top execs: John Cummings as chief operating officer for Citigold Wealth Management and Frank Consalo overseeing investment...
by Patrick M. Kelly | Aug 24, 2012 | Financial Services Industry
Advisory competition between wirehouses is still strong, and they are still swapping teams. Merrill’s Tampa office just hired a two member veteran team from MSSB both of whom had 28+ years with Morgan Stanley. At the same time, two teams left Merrill’s; one team going...
by Patrick M. Kelly | Aug 22, 2012 | Financial Services Industry
As one of its last steps in integrating the 2009 merger of the Morgan Stanley with Smith Barney brokerages into a single entity, the number of complexes in the organization will be cut from 118 to 86 and the ranks of non-producing managers will be slashed from 150 to...
