While some financial advisors say that retirees should take out 4% of their retirement savings each year, how many people actually heed that advice? That’s what a recent survey by Edward Jones set out to discover.

OnWallStreet.com reports reportsthat the investment firm asked 1,011 people how much they thought they needed each year during retirement. They found that 34% “have no idea how much they will need to withdraw each year,” the article says, while 25% thought they would spend more than 10% of their retirement funds each year, a drawdown rate significantly larger than that recommended 4% per year. Edward Jones also discovered that of those already retired, 15% are planning to spend more than 10% of the retirement funds each year.

“While it is difficult to estimate exactly how much Americans will spend during their retirement years,” Scott Thoma of Edward Jones says, “there are a number of factors to consider when building a retirement plan, such as healthcare risks, changes in Social Security and the type of lifestyle they want to lead.” Thoma says that “It is important they work with their financial adviser to make sure their savings strategies are in line with their retirement goals, as well as incorporating reasonable expectations for acceptable withdrawal rates, which we believe should start in the neighborhood of 4%.”

Written by Lisa Swan


A true visionary passed away last week. He seized each moment of every day, and made our world a better place to live in. Please read my collection of his Top Ten quotes. We’ll miss you Steve Jobs!  

“Almost everything–all external expectations, all pride, all fear of embarrassment or failure–these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.” – Stanford Commencement Address 

“Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful… that’s what matters to me.” – The Wall Street Journal (Summer 1993). 

 “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. Most important: have the courage to follow your heart and intuition; they somehow already know what you truly want to become. Everything else is secondary.” – Stanford Commencement Address 

“We don’t get a chance to do that many things, and every one should be really excellent, because this is our life. Life is brief, and then you die, you know? And we’ve all chosen to do this with our lives. So it better be damn good. It better be worth it.” – Fortune

 “I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life.” – Stanford Commencement Address 

“Do you want to spend the rest of your life selling sugared water or do you want a chance to change the world?” – (He used this line to lure John Sculley into leaving Pepsi and become Apple’s CEO) 

“Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes… the ones who see things differently — they’re not fond of rules… You can quote them, disagree with them, glorify or vilify them, but the only thing you can’t do is ignore them because they change things… they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do.” – Think Different, narrated by Steve Jobs

 “In most people’s vocabularies, design means veneer. It’s interior decorating. It’s the fabric of the curtains of the sofa. But to me, nothing could be further from the meaning of design. Design is the fundamental soul of a human-made creation that ends up expressing itself in successive outer layers of the product or service.” – Fortune

 “Innovation distinguishes between a leader and a follower.”

  “I want to put a ding in the universe”

 Please post a reply letting us know which quote is your favorite.


InvestmentNews.com reports that the Occupy Wall Street protest “isn’t just a young person’s movement anymore” and that “it’s gathering momentum.” The news site interviewed people of varying ages who have been showing up in Manhattan’s Zuccotti Park to join in on the protests.

Colin Offenhartz, a 68-year-old retired businessman from Chappaqua, New York, came down to Manhattan with friend Ed Ozols, 67, to participate in the Occupy Wall Street movement. “This is a crisis the banks built; they had fraudulent securities and sold short — and now they want taxpayers to bail them out,” Offenhartz told InvestmentNews. “You can’t destroy the middle class to survive.”

David Intrator, 55, a communications expert, also joined the protests, saying, “Corporate America is undergoing a crisis of legitimacy.” He said he believed in “more regulated capitalism, stricter regulation of Wall Street and the enforcement of laws.” Intrator said he had friends who worked at hedge funds, and said that many of them also supported increased regulation.

And one college professor said that Occupy Wall Street could possibly become the “Tea Party of the Left.” Brayden King, a professor at Northwestern University, told InvestmentNews that the Occupy Wall Street protestors “have to figure out what it is they are about in order to become the force of change in the Democratic Party like the Tea Party has been in the Republican Party.” He said that “without that, it will be hard for politicians to figure out how to position themselves without just saying: ‘We’re mad, too.’”

Written by Lisa Swan


Is the New York Stock Exchange about to be attacked by some “Anonymous”mischief-makers? That’s what the digital sabotage group “Anonymous Hackers” is threatening for this week, On Wall Street reports.

The group recently posted two YouTube videos threatening mayhem against the NYSE.  In the video addressed to the media, Anonymous claims that “on October 10, NYSE shall be erased from the Internet. On October 10, expect a day that shall never, ever be forgot.” The video claims that the group will target NYSE.com at 3:30 p.m. on that day.  However, as InvestmentNews.com notes, NYSE.com is a news site that simply contains information about the company, and does not facilitate trading activities. The actual trading system is run through computers from Mahwah, New Jersey.

The second video, addressed to “the brave citizens of New York,” appears to connect Anonymous’ planned actions as being in solidarity with the Occupy Wall Street protests. The video claims that ordinary citizens have unwittingly given a “multibillion dollar credit line to the companies and banks that continue to systematically abuse us,” saying that “this is our chance to show them the people will not allow this to continue.”

Written by Lisa Swan


While the biggest rivals on Wall Street share a common disdain for new constraints on financial risk-taking, they’re fighting over exactly how to tame the sprawling regulatory overhaul.

Major industry lobbyists like the Chamber of Commerce and the American Bankers Association are split on crucial rules stemming from the Dodd-Frank Act, including restrictions on lending and the $600 trillion derivatives market, two areas at the center of the financial crisis. As federal officials flesh out some 300 new regulations, top companies and trade groups are squabbling over the fine print, each cheerleading for policies that suit their own businesses.

“On almost every issue, competitors are fighting over the outcome of regulations,” said Mark D. Young, a former regulator who is now a lawyer at Skadden, Arps, Slate, Meagher & Flom.

Some level of discord is expected. The Dodd-Frank law, which spans some 2,300 pages, is as huge and disparate as the industry it polices.

But a few industry debates have grown hostile. Firms are taking aim at competitors, and regulators are stuck in the awkward position of picking winners and losers — all of which has delayed new rules.

“Our charge as regulators is to ensure market integrity and an open and competitive marketplace for all market participants,” said Gary Gensler, chairman of the Commodity Futures Trading Commission.

The nation’s biggest banks, at odds with their smaller brethren, are pushing Mr. Gensler to soften proposed rules that would create broader competition in the derivatives industry, according to several people close to the agency who spoke on the condition of anonymity because the rules are not yet finished. The banks, including Morgan Stanley, worry that smaller players may not have the financial fortitude to take on potential risks, concerns echoed earlier this year by a European regulator.

Click link to view full article at NY Times Dealbook 

By Ben Protess NY Times Dealbook

UBS Chairman, Kasper Villiger and interim CEO Sergio Ermotti said in an internal memo to UBS Wealth Management America employees, “Again: this business is not for sale.”  “We want to reassure you that wealth management at UBS has a global footprint and is a core pillar of the firm’s integrated business model.  The continued success of our Wealth Management Americas business is essential to maintaining that footprint and helping achieve our strategic vision.”

“UBS is committed to further developing our franchise in this important wealth market under (McCann’s) leadership,” Villiger and Ermotti wrote, adding that a successful U.S. wealth management business is “essential” to UBS’ strategy of operating as a global wealth manager, according to a recent article in Investment News.

There has been speculation in recent months that UBS might sell or spin-off itsU.S.brokerage arm.  UBS officers have repeatedly denied that Mr. McCann’s unit is up for sale. 

The $ 2.3 billion loss the London based trader allegedly caused will make it difficult for UBS’s wealth management business on many levels.  This is an embarrassing incident for UBS.  “The asset management business is about managing risks in volatile markets….If they can’t manage their own risks, how can they manage mine?” according to an article in Investment News. 

Robert McCann and Robert Mulholland are highly regarded leaders.  UBS currently is offering one of the strongest recruiting packages.  Advisor headcount fell to almost 6,000 from 8,000 after the financial crisis.  UBS was on a roll as their recent headcount is approximately 6,800.  The rogue trading scandal could definitely impact financial advisor recruiting in the short term.


UBS announced that CEO Oswald Gruebel has resigned and that Sergio P. Ermotti will take over immediately until Gruebel’s permanent successor is identified.

UBS’s president, Kaspar Villiger said that the board regretted Gruebel’s decision to resign and that Gruebel “steps down having helped make UBS one of the world’s best capitalized banks.” 

“Oswald Gruebel feels that it is his duty to assume responsibility for the recent unauthorized trading incident,” he said.  “It is testimony to his uncompromising principles and integrity.”

UBS’ board tried to persuade Gruebel to stay on until the banks’ annual shareholder meeting next year, but Gruebel decided to step down now. 

A London based UBS trader, Kweku Adoboli was arrested on September 15, 2011 and charged with fraud and false accounting for the $ 2.3 billion loss.  Adoboli remains in jail until sometime later this month when he has a hearing. 

Gruebel, who came out of retirement, was appointed CEO two years ago to help revive the fortunes of the Zurich-based bank, and achieved “an impressive turnaround and strengthened UBS fundamentally.”  Gruebel arrived at UBS amongst the midst of the subprime meltdown and the embarrassing U.S. tax evasion case.    

Gruebel steered the bank back to profit and resolved the U.S. tax evasion case.  Gruebel accepted new Swiss government rules to hold far greater capital reserves to prevent a possible collapse during a banking crisis.


 On Tuesday, Bank of America Chief Executive Officer, Brian Moynihan, announced a reorganization of the company’s management team.  These management changes are to align the company’s operating units with its three core customer groups: individuals, companies, and institutional investors.  Brian Moynihan has appointed David Darnell and Tom Montag as co-chief operating officers, accountable for all of the company’s operating units.

 Brian Moynihan announced Tuesday, the departures of Sallie Krawcheck, head of wealth management, and Joseph Price of consumer banking.

 Tom Montag will oversee the investment banking and operations that serve companies and institutional investors. 

David Darnell is responsible for those businesses serving individual customers and clients including deposit, card, home mortgage, wealth management, small business, and related products and services. 

“De-layering and simplifying at the scale in which we operate requires difficult decisions,” said Brian Moynihan. 

Removing layers of management and simplifying the organization reflect some of the primary objectives of the Project New BAC.  Project New BAC recently started in April 2011 and significant expense reductions will continue in the coming weeks.  Phase II of the New BAC will begin in October and conclude in March 2012.

Read full press release here


Julianne Wasserman Vice President & Senior Financial Advisor Recruiter, MICHAEL WASSERMAN & ASSOCIATES

  • Understanding the current financial industry work environment
  • Compensation and transition Packages being offered
  • Competitive intelligence on matching an advisor to a particular firm
  • Achieving “back end” bonus incentives that reward raised asset levels in the wirehouse world and how to assess the long term benefits of independence


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