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• Merrill Loses $4M Team to UBS

  Despite offering a generous retention package to its top producers, Merrill Lynch has lost a $4 million team to rival UBS.

• New Breakaway Advisors Reveal Reasons for Going Indy

  Freedom to work for themselves and long-term financial success are just two of the reasons many advisors are turning to the RIA model.

• More Than One-Third of Brokers Considering Independence

  A new study by Fidelity and National Financial finds that 69% of brokers believe their firm has been affected by market volatility, and 34% have been offered a sign-on bonus to switch to another firm.

• SEC to Waive Investment Advisor Fee

  The Securities and Exchange Commission and the North American Securities Administrators Association said they would waive for nine months the initial set-up and annual renewal fees paid by investment advisor firms to join their registration system.

• Revenue Up at National Planning

  National Planning Holdings Inc., a Santa Monica, Calif., broker-dealer unit of Prudential PLC, said that its revenue in the first nine months of the year increased 7.4% from the same period last year, to $472 million.

• Citi Study: RIAs Gather More Client Assets

  RIAs brought in 28% more in new client assets compared to retail brokerages in a 16-month period, according to a new study.

• Another Team Ditches Merrill

  The $500 million team will open a Raymond James firm in the next two weeks.

• $1 Billion Merrill Team Leaves to Form Indie Firm

  The team of four reflects a pattern of wirehouse brokerage advisors going independent, as major financial institutions' troubles remain splashed across headlines.

• THE NETWORK Jumps to ASC for Broker-Dealer Services

  THE NETWORK previously used FSC Securities Corp., an affiliate of the recently troubled American International Group (AIG), as their B-D.

• Placemark Offering Transfer Services

  Placemark Investments Inc., a provider of active overlay portfolio management services, launched a set of services for independent advisers seeking to transfer accounts.

• RIAs Consolidate at Record Pace

  New data on mergers and acquisitions in the registered investment advisory market indicates that this year may set another record for such deals, despite the difficult financial market conditions, the subprime debacle, and tightened credit.

• Morale Support

  For firms to attract and retain the advisors needed to grow their client list, they must make the right investment in infrastructure to support them.

• Doing Due Diligence

  The decision to buy a planning firm should rest, in part, on its regulatory past and its business future.

• Document Requests

  Every registered advisor can expect an SEC staff examination. A major part of the process begins with the SEC document request list.

• The Real Deal

  More than half of all registered independent advisory (RIA) firms bought or considered buying another advisory firm at least once in the past two years.

• AIG Speaks Out

  An exclusive interview with the team at the top of AIG Advisor Group

• The Big Ask

  If you haven't already moved your practice to fees, you're probably feeling pressure to do so. As a result, your client acquisition strategies may have to change their scale—from asking for a single account to asking to spearhead a client's financial plan and its execution. Here's how some of the industry's most successful advisors made the switch.

• Independent RIAs Lead Retirement Income Race

  Fee-based independent advisers, so far, are winning the retirement income race, beating out mutual fund companies, brokerages and insurance firms in the quest to conquer the 77 million Baby Boomers' estimated $17 trillion in retirement savings and total $90 trillion net worth.

• Fleeing the Wirehouses: One Team's Angst Felt By Many

  Paul Weinstein and his partner Nadine Wilkes were spurred to leave UBS after 12 and 19 years, respectively, and join Raymond James & Associates.

• AIG Advisors Hang On

  Although there's been much media speculation about AIG's selling off various divisions, CEO Larry Roth has not heard anything to indicate that his group may be on the block.

• SEC Emergency Orders Inhibiting Securities Lending

  The SEC's recent flurry of emergency orders limiting short sales are testing broker-dealers' operations departments, and penalties expected to be levied on firms that have failed to deliver securities are disrupting the stock lending market.

• Analysts Forecast 2009 Tax Brackets and Deductions

  CCH and Thomson Reuters' RIA unit have calculated the inflation-adjusted amounts for tax brackets, standard deductions and exemptions for next tax season.

• Time to Go Independent, Securities America Exec Says

  Recent market woes are forcing wirehouse advisors to reassess the organizations they're affiliated with and consider going independent.

• Bank and Broker-Dealer Advisers Go Independent

  When a group of Citigroup Inc. managers left the company last month, Citi joined a growing list of big banks and broker-dealers that have lost wealth advisers in recent months.

• Fidelity Has Misgivings Over Buying Back ARS

  Raymond James, Oppenheimer & Co. & Stifel Nicolaus also balking.

• LPL Names New CFO

  Robert Moore comes to LPL from LaSalle Bank.

• Profits Rise at RIA Firms, But Struggles Remain

  New study shows an increase in alternative investments and ETFs among advisors, but a lack of future planning.

• N.Y. Task Force Looking at Strategic Partnerships

  New York's task force on minority and women-owned underwriting and financial services firms is looking at strategic partnerships as one way to increase those firms' participation.

• Approved for Portfolio Margining, Pershing Aims at High-Net-Worth Clients

  Newly permitted to offer portfolio margin accounts, Pershing says it will target high-net-worth customers with the higher-leverage accounts.

• Fidelity Equips RIAs with e-Signature Software

  Fidelity Investments is hoping to make it far easier for independent registered investment advisers to open new accounts, by equipping them with the ability to capture e-signatures on all necessary documents from new clients.

• Securities America Acquires Brecek and Young

  Securities America, Inc. has signed a definitive agreement to acquire Brecek and Young Advisors, an independent broker-dealer based in Folsom, Calif.

• The Main Attraction: Affiliated vs. Independent

  When there's no decisive knockout, just how do the investors make their decisions on who wins this battle?

• The Transition to Transparency

  The mobility of advisors in the industry is just one part of the overall trend of transparency, which will only increase.

• The Big Regulatory Fix

  Proposed rules would punish planners instead of focusing on companies with a history of market misdeeds.

• B-D of the Future

  B-Ds must improve their operating efficiency, technology and training in order to retain advisors as the planning industry changes.

• The Vanishing Regionals

  Changing demographics and key missteps by regional firms have put them between a rock and a hard place. They still have their fans, but some industry observers say a new model is needed.

• Thriving Despite the Downturn

  Richard G. Averitt III on the ability of Raymond James Financial Services to navigate the choppy waters of today's market, along with some advice for rookies.

• Joining the Fray

  Three marquee consultants have left Moss Adams. Will they practice what they once preached?

• First Tennessee Moves Advisers to Fee Platform

  First Tennessee Bank's wealth management business has been slowed by the slumping stock market but should be reinvigorated by a new fee-based platform.

• Labels Under Fire

  As designations aimed at seniors bring regulatory heat, some firms stay out of the kitchen.

• Joining the Family

  Growing up, Andrew Crowell remembers family vacations with his dad reading prospectuses on the beach. So it seemed inevitable that he would join the brokerage business his grandfather co-founded. Now managing partner and chief executive of Crowell, Weedon & Co., he discusses how he plans to make his firm standout from the crowd.

• RIA M&A Activity Increasing

  Mergers and acquisitions among RIA firms have been increasing in recent years and, if they continue at the same rate for the second half of this year as the first, will increase again in 2008.

• FundQuest: 68 Using Unified Services

  FundQuest Inc. said 68 advisory firms have made its unified managed account services available to their advisers.

• Dealers in GIC Probe Subpoenaed

  At least 38 broker-dealers, investment advisory companies, and other firms have received subpoenas or document requests from state attorneys general.

• Texas Could Suspend UBS Over ARS

  The Texas State Securities Board scheduled a Sept. 22 hearing to decide whether to suspend the license of UBS AG's broker-dealer and financial services divisions.

• Fidelity Brokerage Assets Up 2% to $1.92 Trillion

  Jitters over market turmoil appears to be good business for financial advisers and brokers or individuals placing individual trades.

• Platform Upgrades Help Fee-Based Advice Surge

  The growing popularity of fee-based advice is prompting investment platform providers to upgrade the capabilities they offer advisers at banks and elsewhere.

• Viewpoint: Federal Receiver for Broker-Dealers Is a Bad Idea

  Bair, Paulson, and others want to enshrine a taxpayer-subsidized federal receivership mechanism for future Bear Stearns-type failures.

• Hackers Steal Passwords of 18 LPL Advisors, Assistants

  LPL Financial notified authorities that the security of 18 employees in nine of its branches around the world had been compromised.

• Petrozzo New CIO at Fidelity

  Daniel Petrozzo, formerly of Morgan Stanley, was named the new chief information officer at Fidelity Investments.

• Auld Named New CEO AIG Financial Advisors

  Jeffrey Auld replaces James R. Cannon; until May, Auld had led Berthel Fisher.

• New Head of RIA Channel at JPMorgan

  Steve Landquist will head up JPMorgan's business strategy of the institutional advisor group.

• LPL Prepping for an IPO

  Independent broker-dealer behemoth plans to go public within two to three years, CEO says.

• Schwab Launches New Performance Reporting Program

  PortfolioService will be available to all independent investment advisors regardless of whether or not they custody assets with Schwab Institutional.

• AIG Advisor Nabs Mark Schlafly from LPL

  Mark J. Schlafly has been named the president and CEO of two broker-dealer subsidiaries of AIG Advisor Group.

• Schwab Feels Advisors' Ire

  With several proposed class action lawsuits connected to its "YieldPlus" fund, the Charles Schwab Corp. is facing a season of advisor discontent.

• Why Everyone Should Know the 'Uniformed Trade Secrets Act'

  As brokers play musical chairs, are former clients off limits?

• Ruling in NEXT case

  SEC fines NEXT for violating privacy laws.

• Help Wanted ... For Job Seekers

  The credit crisis and its offshoots have dramatically slowed hiring, separated thousands of financial professionals from their jobs and cut guarantees in compensation packages almost completely--and the cycle is not expected to end soon.

• Six-Month Grace Period Says CFP

  Enforcement of the revised professional conduct code will begin January 1, 2009.

• Albright to Speak at Schwab Impact Conference

  Former U.S. Secretary of State Madeleine Albright will deliver the closing keynote address at the 2008 Schwab Impact conference, it was announced this week.

• Set Me Free

  LPL Financial expands its offerings for independent advisors.

• Millionaires Ahoy!

  Independent advisors who are looking to snag more millionaire clients should focus their efforts on prospects who do not already have a registered investment advisor (RIA).

• FP 50: Survey Results, 2008

  A look at the survey results for this year's Annual Survey of Independent Broker-Dealers.