John Mack Steps Down as Chairman of Morgan Stanley Smith Barney

Posted by jwasserman in Blog - (0 Comments)

Morgan Stanley Smith Barney has announced that John J. Mack, Chairman, will step down at the end of the year.  James Gorman will replace Mr. Mack.

Mr. Mack, 66, is a well known Wall Street leader.  He has worked for Morgan Stanley for many years, starting as a bond salesman and eventually became the firm’s president.  John Mack left the firm in 2001 after a dispute with Philip Purcell.  

Mr. Mack became chief executive at Credit Suisse First Boston, and then later became CEO of the parent company, Credit Suisse Group.

In 2005, the Morgan Stanley board asked Mr. Mack to return as chief executive. 

According to an article in On Wall Street magazine, Mack said, “Helping to lead this great firm, most recently as Chairman, was the greatest honor of my career.  However, I made clear back in 2009 that I would serve in the Chairman role for two years and then move on.  Now that time has come.”

Presently, James Gorman is the chief executive officer and president.  Morgan Stanley’s board of directors has elected him to Chairman effective January 1, 2012 in addition to his present titles.  This was an expected change.

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9/11 – We Will Never Forget

Posted by adaniels in Blog - (0 Comments)

 

This poem is devoted to the brave men and women who perished ten years ago. 

Please take a moment to read, reflect and honor them.

We Shall Never Forget (9-11 Tribute)
Let the world always remember,
That fateful day in September,
And the ones who answered duties call,
Should be remembered by us all.

Who left the comfort of their home,
To face perils as yet unknown,
An embodiment of goodness on a day,
When men’s hearts had gone astray.

Sons and daughters like me and you,
Who never questioned what they had to do,
Who by example, were a source of hope,
And strength to others who could not cope.

Heroes that would not turn their back,
With determination that would not crack,
Who bound together in their ranks,
And asking not a word of thanks.

Men who bravely gave their lives,
Whose orphaned kids and widowed wives,
Can proudly look back on their dad,
Who gave this country all they had.

Actions taken without regret,
Heroisms we shall never forget,
The ones who paid the ultimate price,
Let’s never forget their sacrifice.

And never forget the ones no longer here,
Who fought for the freedoms we all hold dear,
And may their memory never wane,
Lest their sacrifices be in vain.

Alan W. Jankowski

http://www.9-11heroes.us/911-memorial-poem.php

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Whatever Happened to the Stampede to Indie from the Wirehouses?

Posted by jwasserman in Blog - (0 Comments)

Whatever happened to the stampede to indie from the wirehouses?  According to an article in Registered Rep magazine, “the switch from the wirehouse model to independence will be an ongoing but slow trend. Cerulli Associates expects the wirehouse channel to lose 1 to 2 percent of its market share of assets per year.” 

So, who is going independent?  According to the survey in the Registered Rep article; the average IBD has about 19 years in the business, about $ 47 million in AUM and an average production of about $ 360,000.  The article points out that there are two types of advisors that are leaving the wirehouses and going independent.  “The first kind are advisors who are essentially encouraged to leave,” due to low production quotas.

The second type of advisor going independent is a FA with a well-established professional practice who desires to have more control of his practice.  This FA also has a sizable practice without any problems of generating any revenue.

The data from Cerulli Associates suggest that the migration to the indie side does continue, “but it’s a trickle rather than a flood.”  The wirehouses need to remain vigilant about recruitment because a trickle of water soon becomes a stream and the stream a torrent, and the torrent a flood.

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Bank of America is Hiring 500 Financial Solutions Advisors

Posted by jwasserman in Blog - (0 Comments)

Bank of America has announced that they will hire 500 additional Financial Solutions Advisors (FSA) by year-end.  These FSAs represent Merrill Edge, the platform built to combine the banking strength of Bank of America and the investment strength of Merrill Lynch.  The FSAs will be located in select banking centers, including Los Angeles, San Francisco, New York, Washington D.C., Dallas & Charlotte.  The FSAs will serve Bank of America’s preferred customers that have between $ 50,000 and $ 250,000 of investable assets.  According to Bank of America, there are 8 million investors in this category and they have total assets worth more than $ 5 trillion.

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