Practice management

Senate Banking Committee Chairman Chris Dodd on Wednesday endorsed a proposal to force banks to spin off their derivatives desks, saying Sen. Blanche Lincoln's primary win this week had increased odds some form of it would be in the final regulatory reform bill.

Those with succession plans favor turning the firm over to key employees.

Chairman Mary Schapiro recently told the Business Roundtable that the regulator is looking at proxy firms and the OBO/NOBO (“non-objecting beneficial owners”) systems.

Morgan Stanley denied the widely circulated news report that it planned to cut 300 branches and 1,200 jobs. The company had confirmed previously that it had a round of 200 layoffs just before Memorial Day.

Let the game begin! With MSSB's move, can Merrill be far behind?

Upper quintile earners that are over 65 still derive 40% of their income from work, which means new assets for advisors to tap.

An IRS agent has been charged with soliciting and accepting a $9,700 bribe from two business owners in exchange for lowering the amount of taxes they owed.

Fiserv is trying to round out its wealth management software offerings with its acquisition of AdviceAmerica and said it might forge additional partnerships to become more competitive.

With lawmakers from both chambers of Congress set to begin hammering out a single financial regulatory reform bill on Wednesday, one of the most contentious municipal-market issues to be worked out centers on who will regulate non-dealer financial advisers, swap advisers and other market intermediaries.

Interviews with analysts, industry representatives, academics and other sources point to a growing consensus on how some of these issues will play out.

Though still in its infancy, some social media strategies work better than others.

Federal Reserve Board Chairman Ben Bernanke said Thursday that the central bank remains committed to expanding the flow of credit to small businesses, saying it has retrained its examiners to ensure they are not part of the problem.

Broker used upfront money to buy a red Ferrari.

Advisor Alliance, will allow Merrill Lynch advisors to sell recordkeeping and retirement plan administration services to small business owners.

In Charlotte, Morgan Stanley Smith Barney expects to hire more than 50 private bankers who will work closely with the financial advisors later this year.

Berkshire Hathaway Inc.’s Warren Buffett warned a panel investigating the causes of the financial crisis Wednesday that states and localities may face “terrible” financial distress in the next five to 10 years that in turn could lead some to look to the federal government for bailouts.

Small-business owners' confidence in the economy rose in May, reaching its highest level in seven months, according to Discover Financial Services.

Sen. Richard Durbin's interchange amendment specifies that the Federal Reserve Board would draw up regulations limiting debit fees, but many observers agree the new consumer protection regulator — not the Fed — could end up with the ultimate authority over the rules.

The two advisor teams represent more than half a billion dollars in client assets.

UBS Wealth Management Americas hired four advisors from Merrill with combined assets of $352 million. The new team will join the firm’s Jacksonville, Fla., office.