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RIABiz

Articles published 5/2010


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In turbulent economic times, withdrawal rates need to be revisited frequently and adjusted to reflect the shortening of a retiree’s timeframe.

Structuring distribution strategies for retirees in a bear market

In this piece, which won an honorable mention in IMCA's 2010 Stephen L. Kessler Writing Award contest, Jack Gardner explores options for conserving retirement portfolios.

May 31, 2010 at 4:41 AM

Fred Bruckner: Maybe the small investor knows something advisors don’t.

Performance measurement challenges for investors who live in a perpetual time horizon world

Columnist Frederick C. Bruckner argues that trustees can afford greater patience with the investment managers they choose.

May 31, 2010 at 4:40 AM

Risk increases with time, making future levels of wealth more difficult to predict.

Of Trumpets and Tulips: Is time diversification a myth or reality? Does time horizon affect the tolerance for risk?

Since risk grows at a slower rate than cumulative return, the ratio of return to risk improves with time

May 31, 2010 at 4:39 AM

Peter Savarese: If the DOL does its job and promulgates 408(b)(2) as expected, all RIAs will have a competitive advantage

A compliance attorney fields four tough 401(k) questions amid crossfire provoked by Ric Lager's column

Peter Savarese's answers show how RIAs can manage 401(k) assets and avoid land mines

May 28, 2010 at 4:39 AM

NASSA can take consolation in what's likely a big win in its column after financial reform -- the shift in oversight of RIAs with up to $100 million in assets from SEC oversight to state regulation.

Regulatory Wire: Advocates for investment advisors disagree over priorities in the reform debate

Plus: a Washington outsider's view of reform; and FINRA's Ketchum on new fraud focus

May 28, 2010 at 4:37 AM

David Brochu says in an e-mailed letter: If Focus wants me to leave I will do so.

Brochu drops lawsuit against Focus Financial but $500,000 is still at issue

Rhode Island advisor backs off initial suit after getting most documents

May 27, 2010 at 4:27 AM

Gerri Leder: After you freshen up your story or strengthen your value proposition, be sure to share it with longstanding clients as well as new ones.

Selling your value proposition

Gray hairs have a leg up in this market. Younger advisors rely on their ability to explain their process

May 27, 2010 at 4:26 AM

Nicole Spinelli: The symposium, along with the Network’s other events and programs held throughout the year, is designed to supercharge the success of women financial professionals across the nation

Raymond James names new head of its Women's Network

Nicole Spinelli brings recruiting experience and a women's studies babckground

May 27, 2010 at 3:34 AM

Tom Nally: I think joiners are going to take the breakaway trend to the next level.

9 things to know about the breakaway-to-RIA movement and why it's likely to get bigger

In a down market, RIAs need a new growth strategy and small brokers a safe landing place

May 26, 2010 at 7:18 AM

Articles in the mainstream media have framed Mary Schapiro as an outsider set to clean up the Street.

How Time magazine's "Sheriff" article about Mary Schapiro, Sheila Blair and Elizabeth Warren misses the mark

Applying the busting-through-the-glass-ceiling narrative to women presumes that they haven't already

May 26, 2010 at 7:18 AM

Ric Lager:  I have never given a bag lunch seminar over lunch hour in the company cafeteria.  Hell, I don’t even have a PowerPoint presentation on the topic.
May 25, 2010 at 4:57 AM

Les Abromovitz: For compliance purposes, image must be grounded in reality. Advisers should not attempt to project the image that they are miracle workers who will be successful in every market.

Compliance GPS: It may be a mistake to project too successful an image, especially in a post-Bernie Madoff world

Hint: photos of you on a yacht may not be what your clients are looking for right now

May 25, 2010 at 4:57 AM

Mike Byrnes: Prospects are going to advisor websites and other online sources to do their due diligence before requesting initial meetings.

Seven things advisors need to know about social media

Shocking but true: In a connected world, the number of Google hits your firm gets increases your credibility. Social media can help.

May 25, 2010 at 4:22 AM

Craig Gordon: We have 2,400 in-house advisors. It would be very different if I told you it was 24,000. The commitment in that channel would be too big to disrupt..

Royal Bank of Canada is hustling to become an RIA custody force

RBC Advisor Services weaves together RIA businesses of old Dain Rauscher and old Bear Stearns

May 24, 2010 at 5:50 AM

Liz Ann Sonders: It's clear that both the US and global economies are well into recovery, and even expansion mode.

Double-dip market disaster on tap next? Not likely, say pundits from Schwab, Fidelity, Barron's and Seeking Alpha

Digest of recent pundit writings counters view of Joseph Stiglitz that consumers are out of bullets

May 24, 2010 at 4:31 AM

The breakaway team held conference calls with LPL in David Armstrong's car.

Two years later, a Merrill Lynch breakaway team has no regrets

No one took a pay cut, no one is answering to a manager anymore, and there's never a question about buying a stapler

May 21, 2010 at 4:40 AM

Looking ahead to next week: a powerful new committee will have its first meeting

Regulatory Wire: Is it game-over for the fiduciary standard this year? Advocates say, maybe not

Johnson amendment, calling for study of harmonizing regulations, passes as part of 1,596-page bill

May 21, 2010 at 4:31 AM

Glen Shepherd: Everyone was busy before the transition and now they are expected to add on a heavy load of tedious tasks to get the transition accomplished.

Facing the breakaway paper blob with a game plan and a quarterback

Half the battle is getting the right forms with the red arrows plastered by the signature lines

May 21, 2010 at 4:30 AM

Abigail Johnson stood in Monday morning and addressed the high executive turnover issue

Postscript to the Fidelity Executive Forum article: The RIA perspective

Abigail Johnson sent the right message with her presence and her speech, advisors say

May 20, 2010 at 5:51 AM

While executives from Goldman Sachs raised their right hands before Congress and attempted to artfully wordsmith their way out of selling “crap” to their customers, those that represent a better way of doing business gathered in Las Vegas.

The Leading Indicator: Breakaway lawyers turn the tables and invite RIA providers to their own conference

The business plan and the breakaway plan of RIA service providers are starting to look the same

May 20, 2010 at 4:49 AM

Alan Olsen: Consider hiring a person who has been unemployed for two months or more.

Here's a 15-item checklist of low-hanging tax tips for financial advisors

It's tempting to put April 15th behind you, but here's how you can plan for next year

May 20, 2010 at 4:48 AM

Frank Maiorano: Maybe the elephant in the room is the service model.

Trust Company of America is modifying its approach despite lights-out growth

The Denver-based RIA custodian is no longer content to be a niche player

May 19, 2010 at 6:24 AM

Jason Cole: I have become less of a traditional fan.

How the NFL Players Association brought financial advisors to Florida to better marry them to its members

Advisors new to the league's program must attend the conference during their “rookie” season

May 19, 2010 at 6:23 AM

Matthew Cooper: Wirehouse reps are more entrepreneurial by nature than bank reps.
May 19, 2010 at 6:00 AM

Ned Johnson led a charge of top execs and board members who gave advisors their attention in Naples

What happened at Fidelity's RIA conference this year

The presence of Ned Johnson and George W. Bush lent gravitas to the annual event

May 18, 2010 at 5:49 AM

Joseph Stiglitz: Whenever I give a speech in Europe, I thank they. They purchased half of our toxic mortgages.

Stiglitz to IMCA crowd: Hunker down for painful recovery

No froth in this economist's speech. He sees governments-in-a-box and political instability

May 18, 2010 at 5:42 AM

Michael Stier: Firms that are serious about attracting breakaway advisors increasingly find themselves engaged in potentially cathartic internal re-evaluations

How the breakaway movement is driving the outsourcing trend

Simplifying day-to-day tasks is at a premium for firms set on executing intensive growth strategies

May 17, 2010 at 4:30 AM

Wade Spencer: All advisors see the benefit of it but in this recession environment they see this as one more compliance burden they need to implement.

Massachusetts Privacy Laws got toned down [some] but they're still a compliance headache

Here are 12 questions asked and answered about the intensive new regulations

May 17, 2010 at 4:27 AM

Susan Collins put Goldman Sachs execs through tough questioning, then introduced an amendment on the fiduciary standard.

Hopes dashed: Collins amendment extends fiduciary standard to BDs, but excludes variable annuity sellers

Amendment under fire from state securities regulators, Consumer Federation

May 14, 2010 at 11:07 PM

Matt Abar: These guys are in a bad situation and it felt like the right thing to do.

Matt Abar is rewarding loyal Techfi customers as beta period ends

The conversion to FinFolio Workstation 2010 will be free

May 14, 2010 at 5:48 AM

If Congress passes financial reform, it only sets the stage for a new host of FINRA, SEC and DOL issues
May 14, 2010 at 5:38 AM

David Brochu: The statement that Focus obtained a restraining order against me is a gross mischaracterization of the circumstances.
May 13, 2010 at 7:00 AM

Rich Arzaga: Employees probably hate change, and might view you as Satan for driving the bus that leads them to hell.

How I survived switching custodians twice in one year, and how you can, too

A new home more to your liking lies at the end of the road, but it can be a bumpy journey

May 13, 2010 at 6:59 AM

What really happened with Charles Goldman leaving Schwab is finally coming out in a lawsuit

What the Charles Goldman and David Brochu lawsuits say about the RIA business

Good people and good companies sick lawyers on each other when so much happens so fast

May 13, 2010 at 6:23 AM

Michele Holton: You'll definitely know you're still with Advent; our customers have been pleasantly surprised.

RIABiz takes a peek under the hood of Advent Portfolio Exchange

The San Francisco software giant has made customer relationship management a big priority

May 12, 2010 at 5:26 AM

India is a very fertile place for RIA activity, says Charles Lowenhaupt.

The world according to advisors

Scanning the RIAbiz stats for what advisors were thinking about over the past month

May 12, 2010 at 4:52 AM

Neesha Hathi: No one in the industry is doing anything like this.

Schwab unveils a plan to create a grand ecosystem of top technology vendors to RIAs

Executives of the San Francisco RIA custodian believe they can take integration further than Fidelity's WealthCentral

May 11, 2010 at 6:08 AM

Peter Mangan: If there’s a knock, it’s that there’s so many features that it makes it difficult for advisors to find the ones they need

Several hundred small RIAs gain access to Black Diamond software at reduced rates

Shareholders Service Group will be one service point for its advisor clients

May 11, 2010 at 6:07 AM

Peter Hess: [The concern] is getting existing Advent clients to rethink their relationships with us. That’s our biggest uphill challenge.

Advent Software is moving ahead in the RIA tech market-- even if most Axys users refuse to budge

Advent Portfolio Exchange is hitting its stride but mostly thanks to a whole new generation of customers

May 10, 2010 at 6:34 AM

Adam Bold: Higher trading costs will offset in whole or part ETFs’ lower operating costs.

How ETFs have been oversold when it comes to flexibility, lower costs and tax efficiency

ETFs are the new sacred cow, but Adam Bold calls them hamburger

May 10, 2010 at 6:19 AM

Arlen Specter: I have long believed that it is insufficient to have fines for fraud. For corporate fraud, you have a fine and it is calculated as part of doing business.

Regulatory Wire: Advisor groups long have pushed for the fiduciary standard; because of the Goldman Sachs case, they may get what they asked for, and more

Senators call for ERISA-level standards of care for retail investors; also, Schapiro puts new ADV part 2 back on the radar

May 7, 2010 at 6:06 AM

Peter Hess: I think this first quarter actually was one of the best first quarters we have ever had, if not the best.

Advent Software got a lift from improving APX sales in first quarter

San Francisco-based broker is at important point in its history

May 7, 2010 at 6:05 AM

Rob Isbitts: The S&P 500 Index fell to a level about 6% below where it closed on Monday of this week. That occurred following a gain of over 80% in the past 14 months.

Stock market Euro-trashed: What does it mean for your clients' wealth?

It's a great time to readjust Beta after an 80% surge from the lows and just a 6% selloff this week

May 7, 2010 at 4:19 AM

David Bellaire: Improving regulatory examination and enforcement for investment advisers and broker-dealers is more complicated than changing the responsible regulator or throwing money at the problem.

Debate continues: Fiduciary standard no panacea

Financial Services Institute advocates for study, deliberate look at investor protection

May 6, 2010 at 6:30 AM

Matt Camden shows off an iPad that is now compatible with HighTower's tech platform

HighTower Advisors and United Capital seek to stamp out wirehouse feel by embracing Apple technology

The aggregators see risk in standing pat with PC technology when advisors use Macs at home

May 6, 2010 at 6:28 AM

Matthew J. Schafer: It’s just playground rules at a time [when] duress or stress might be high.

SIFMA will take over administration of Broker Protocol list

Wachtell, Lipton, Rosen & Katz gives up reins of legal truce after list of participants balloons to 471 firms

May 6, 2010 at 6:25 AM

Ron Rhoades: Settlement of the case between Goldman Sachs and the SEC is highly likely within the next several months.

One-Man Think Tank: Inside the legal issues of the Goldman Sachs hearings

Sorting out the culpability of the Wall Street powerhouse requires a close look at the suitability standard

May 5, 2010 at 5:14 AM

FINRA, SEC and NASSA offer guidance on the suitability standard

The suitability standard, defined

If you've wondered, as we have, exactly what it says, wonder no more

May 5, 2010 at 4:57 AM

Rob Copeland: Mom lent a hand with startup costs.

Straight talk from a community bank breakaway

Being a fee-based RIA is a strong selling point in a town where you're the only one

May 4, 2010 at 4:20 AM

Justin Meise: While most reporters aren’t out to destroy anyone’s reputation, they are in the business of writing interesting stories.

Behind the PR man's curtain: how RIAs can successfully deal with the media

How to develop a strategy that helps convince clients to trust their assets to you

May 4, 2010 at 4:18 AM

Mindy Diamond: The biggest concern seems to be that Goldman has been described as 'betting against ... (clients).' Those words are not what a client wants to associate with the firm that manages their investments.

Goldman Sachs' wealth managers are taking recruiters' phone calls amid concerns over scandal fallout

The 'betting-against' allegations have some brokers fearful about their ability to attract new prospects

May 3, 2010 at 6:13 AM

Jon Patullo: [Advisors] were stoked that Veo was available on a Mac.
May 3, 2010 at 6:12 AM

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