Trader Talk

Why do so few people call themselves stockbrokers anymore? Once ubiquitous, the term has fallen out of fashion among those who manage clients’ money. Even brokerage employees who are registered representatives and would previously have been called stockbrokers are calling themselves financial advisors, wealth managers or wealth professionals. Others are playing up their credentials as
0 Comments
Traders on the floor of the New York Stock Exchange. Source: NYSE The reopening story is now getting very real, at least for Wall Street. The latest earnings reports are chock-full of companies reporting earnings above expectations, and most importantly, raising guidance. Take steel maker Nucor, which reported what CEO Leon Topalian called the “most
0 Comments
All of the fixed-income industry’s worst long-term performers recorded gains over all time horizons, with only one in the red so far in 2021. The 20 worst-performing bond funds of the past 15 years, with at least $100 million in assets under management, notched an average gain of nearly 1.5%, Morningstar Direct data show. Over
0 Comments
While historic retail trading on E-Trade boosted Morgan Stanley’s recent earnings report, the wirehouse is moving on without E-Trade’s RIA custody business. Axos Clearing, a subsidiary of online bank Axos Financial, has acquired E-Trade Advisor Services from Morgan Stanley for $55 million in cash. Axos Clearing will gain $23 billion in custodied assets from 200
0 Comments
After recruiting a dozen financial advisors in the first quarter, Janney Montgomery Scott added its largest incoming team of the year thus far. Andrew Meredith and Kevin Lindung of Meredith Lindung Wealth Management left Merrill Lynch on April 16 after their team spent more than two decades with the wirehouse, according to FINRA BrokerCheck. The
0 Comments
Going independent has never been easy — but the process may look a little different than it did, say, at the beginning of last year. The pandemic has ushered in an ultra-remote environment, complete with more Zoom calls, more e-signing and, inevitably, more stress. Nevertheless, financial advisors haven’t stopped making drastic career changes and opening
0 Comments
A Houston tax attorney was charged with creating offshore entities and foreign bank accounts that helped billionaire Robert F. Smith hide $225 million from the IRS, according to the Justice Department. Carlos Kepke’s indictment on Thursday follows the October admission by Smith, CEO of Vista Equity Partners, that he used those offshore entities and bank
0 Comments
The wealthy Florida grandmother who accused her two grandsons of mishandling her money while working at JPMorgan Chase apparently has a soft heart. Beverley Schottenstein, 94, has waged high-profile battles with the Wall Street bank and her financial advisors there — her grandsons, brothers Evan Schottenstein and Avi Schottenstein— for allegedly abusing their fiduciary duty
0 Comments