Wealth Management

Wealth management is a broad term that means many things to many people. At a high-level, wealth management is a professional service to manage financial risk and tax obligations. A combination of services are offered including portfolio management, insurance and estate planning, accounting and tax services for one fee. Compensation for wealth management services is typically a percentage of assets under management. Wealth management advisors look not just to maximize wealth for their clients, but also to meet financial goals for the family--to ensure as much as possible is passed down to the heirs and also to meet charitable and philanthropic objectives. While top wealth management firms may require account minimums that are in the millions, smaller firms may offer the advisory services for portfolios as small as $50,000.

New Portfolio Management Technologies Could Further Commoditize Investment Advisory Services

Simple, web-based portfolio management tools have been proliferating over the past couple of years.

As reported recently by Bloomberg, companies such as Folio Investing, MarketRiders and Flat Fee Portfolios are providing subscription-based wealth...

Saybrus Partners Lands Wells Fargo Advisors as Client

Life insurance consultancy Saybrus Partners recently landed Wells Fargo Advisors as a new client. Saybrus is a relatively new venture that was formed with backing from the Phoenix Companies.

Hartford Financial Services Pays Back TARP Funds and Realigns Business

The Hartford Financial Services Group recently repaid the $3.4 billion in federal aid (TARP funds) it received during the financial crisis. The company also suggested that it will avoid any business, product line and risk concentration in the future. Hartford suffered from heavy exposure to the variable annuity business. The company will now operate with three broad business units: consumer markets; commercial markets, and; wealth management. Source: Investment Advisor Full Story
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BofA Merrill Seeking More Retirement Plan Business

BofA Merrill is focused on recruiting more of its existing corporate customers to its retirement planning business. Reuters reports that the brokerage firm has recently formed three new teams of advisors what will focus on serving the retirement plans of Bank of America's current corporate and investment banking clients. The cross-referrals from the brokerage division to Bank of America have been strong thus far within the newly merged company, with the wealth management division referring 3,...

Bank of America Focusing on Retirement Planning Market

Bank of America is positioning itself to capitalize on perceived opportunities in the retirement planning market. Bank of America's acquisition of Merrill Lynch creates a number of new and interesting cross-selling opportunities. The head of BofA's wealth management and brokerage operations, Sallie Krawcheck, has identified retirement as a growth driver for the company. Source: Financial Planning Magazine Full Story