Money Management Executive Latest News

Mellon Promotes Graham To Regional President, Private Wealth Management

Financial advisers feeling neglected by their wholesalers over the last year are not alone.

A recent survey of the ultra-high-net-worth, as conducted by the Spectrem Group of Chicago, raises some questions and quandaries for investment advisors who are hoping to entice these wealthiest of investors.

The Principal Financial Group has put together a guide on group immediate annuities for plan sponsors. Even though almost two-thirds of employees turn to employers for planning advice at retirement, only 37% of plan sponsors offer such guidance, according to LIMRA International.

Inviva is buying the life insurance subsidiary of Utica National Insurance Group, primarily a property and casualty carrier. Utica National Life Insurance Co. (UticaLIFE) has approximately 45,000 policies that will bring $250 million in invested assets and between $2 million and $4 million in annual income to Inviva.

In order to boost production, Fidelity Investments recommends that businesses offer retirement income planning services for clients approaching retirement, based on results of a recent survey. 94% of advisers surveyed agreed that offering retirement planning services will in fact improve production for companies, and 29% expect their business to at least double.

The Money Management Institute reported that assets in separately managed accounts have grown 17 % over the last year. This growth is relatively modest compared to what the industry could see in coming years, said Jean Sullivan, managing principal at Dover Financial Research, which helped compile the data for MMI along with Financial Research Corporation.

A telecommunications company based in Flushing , N.Y. , is accusing online broker Ameritrade of delaying orders to buy and sell stock, the Associated Press reported yesterday.

In a setback for the Securities and Exchange Commission and a major win for the mutual fund industry, the U.S. Court of Appeals told the SEC yesterday to hold off on its rule that would require all fund boards to be overseen by an independent chairman as of Jan. 16, 2006.

Jefferies Group claims that former trader Kevin Quinn, who it hired specifically to bolster its Fidelity Investment trades, misused his $1.5 million annual travel and expense budget, earmarked specifically to win Fidelity business, The Wall Street Journal reports.