Brokers: Merrill’s retention packages discriminatory

Merrill Lynch & Co. Inc. has been accused of discriminating against African American and female brokers, a claim based on the retention bonus package that was announced to the firm’s brokers last Friday.

In a lawsuit filed the same day in federal court in Chicago, a group of brokers allege that Merrill Lynch of New York and Charlotte, N.C.- based Bank of America Inc. play favorites.

The two firms allegedly “identified and selected for higher compensation the [reps] it would try hardest to retain via the retention bonuses and knew that they were offering more generous retention packages to white men than to African Americans and women,” according to the suit, which was submitted on behalf of plaintiffs by the law firm Stowell & Friedman Ltd. of Chicago.

The Hartford, Prudential, MetLife

The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.

That’s down from a profit of $851 million, or $2.68 per diluted share, for the comparable period last year.

Profits were battered by a $2.2 billion net realized capital loss, which included $932 million after-tax charge related to the company’s deferred acquisition costs.

Variable annuity deposits also fell during the third quarter, as sales fell during a rocky period for the equity markets: VA deposits came to $1.9 billion, down from $3.3 billion in the previous year.

Brokers: Merrill’s retention packages discriminatory

Merrill Lynch & Co. Inc. has been accused of discriminating against African American and female brokers, a claim based on the retention bonus package that was announced to the firm’s brokers last Friday.

In a lawsuit filed the same day in federal court in Chicago, a group of brokers allege that Merrill Lynch of New York and Charlotte, N.C.- based Bank of America Inc. play favorites.

The two firms allegedly “identified and selected for higher compensation the [reps] it would try hardest to retain via the retention bonuses and knew that they were offering more generous retention packages to white men than to African Americans and women,” according to the suit, which was submitted on behalf of plaintiffs by the law firm Stowell & Friedman Ltd. of Chicago.

The Hartford, Prudential, MetLife

The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.

That’s down from a profit of $851 million, or $2.68 per diluted share, for the comparable period last year.

Profits were battered by a $2.2 billion net realized capital loss, which included $932 million after-tax charge related to the company’s deferred acquisition costs.

Variable annuity deposits also fell during the third quarter, as sales fell during a rocky period for the equity markets: VA deposits came to $1.9 billion, down from $3.3 billion in the previous year.

Brokers: Merrill’s retention packages discriminatory

Merrill Lynch & Co. Inc. has been accused of discriminating against African American and female brokers, a claim based on the retention bonus package that was announced to the firm’s brokers last Friday.

In a lawsuit filed the same day in federal court in Chicago, a group of brokers allege that Merrill Lynch of New York and Charlotte, N.C.- based Bank of America Inc. play favorites.

The two firms allegedly “identified and selected for higher compensation the [reps] it would try hardest to retain via the retention bonuses and knew that they were offering more generous retention packages to white men than to African Americans and women,” according to the suit, which was submitted on behalf of plaintiffs by the law firm Stowell & Friedman Ltd. of Chicago.

The Hartford, Prudential, MetLife

The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.

That’s down from a profit of $851 million, or $2.68 per diluted share, for the comparable period last year.

Profits were battered by a $2.2 billion net realized capital loss, which included $932 million after-tax charge related to the company’s deferred acquisition costs.

Variable annuity deposits also fell during the third quarter, as sales fell during a rocky period for the equity markets: VA deposits came to $1.9 billion, down from $3.3 billion in the previous year.

Brokers: Merrill’s retention packages discriminatory

Merrill Lynch & Co. Inc. has been accused of discriminating against African American and female brokers, a claim based on the retention bonus package that was announced to the firm’s brokers last Friday.

In a lawsuit filed the same day in federal court in Chicago, a group of brokers allege that Merrill Lynch of New York and Charlotte, N.C.- based Bank of America Inc. play favorites.

The two firms allegedly “identified and selected for higher compensation the [reps] it would try hardest to retain via the retention bonuses and knew that they were offering more generous retention packages to white men than to African Americans and women,” according to the suit, which was submitted on behalf of plaintiffs by the law firm Stowell & Friedman Ltd. of Chicago.

Brokers: Merrill’s retention packages discriminatory

Merrill Lynch & Co. Inc. has been accused of discriminating against African American and female brokers, a claim based on the retention bonus package that was announced to the firm’s brokers last Friday.

In a lawsuit filed the same day in federal court in Chicago, a group of brokers allege that Merrill Lynch of New York and Charlotte, N.C.- based Bank of America Inc. play favorites.

The two firms allegedly “identified and selected for higher compensation the [reps] it would try hardest to retain via the retention bonuses and knew that they were offering more generous retention packages to white men than to African Americans and women,” according to the suit, which was submitted on behalf of plaintiffs by the law firm Stowell & Friedman Ltd. of Chicago.

Brokers: Merrill’s retention packages discriminatory

Merrill Lynch & Co. Inc. has been accused of discriminating against African American and female brokers, a claim based on the retention bonus package that was announced to the firm’s brokers last Friday.

In a lawsuit filed the same day in federal court in Chicago, a group of brokers allege that Merrill Lynch of New York and Charlotte, N.C.- based Bank of America Inc. play favorites.

The two firms allegedly “identified and selected for higher compensation the [reps] it would try hardest to retain via the retention bonuses and knew that they were offering more generous retention packages to white men than to African Americans and women,” according to the suit, which was submitted on behalf of plaintiffs by the law firm Stowell & Friedman Ltd. of Chicago.

The Hartford, Prudential, MetLife

The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.

That’s down from a profit of $851 million, or $2.68 per diluted share, for the comparable period last year.

Profits were battered by a $2.2 billion net realized capital loss, which included $932 million after-tax charge related to the company’s deferred acquisition costs.

Variable annuity deposits also fell during the third quarter, as sales fell during a rocky period for the equity markets: VA deposits came to $1.9 billion, down from $3.3 billion in the previous year.

The Hartford, Prudential, MetLife

The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.

That’s down from a profit of $851 million, or $2.68 per diluted share, for the comparable period last year.

Profits were battered by a $2.2 billion net realized capital loss, which included $932 million after-tax charge related to the company’s deferred acquisition costs.

Variable annuity deposits also fell during the third quarter, as sales fell during a rocky period for the equity markets: VA deposits came to $1.9 billion, down from $3.3 billion in the previous year.

The Hartford, Prudential, MetLife

The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.

That’s down from a profit of $851 million, or $2.68 per diluted share, for the comparable period last year.

Profits were battered by a $2.2 billion net realized capital loss, which included $932 million after-tax charge related to the company’s deferred acquisition costs.

Variable annuity deposits also fell during the third quarter, as sales fell during a rocky period for the equity markets: VA deposits came to $1.9 billion, down from $3.3 billion in the previous year.

The Hartford, Prudential, MetLife

The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.

That’s down from a profit of $851 million, or $2.68 per diluted share, for the comparable period last year.

Profits were battered by a $2.2 billion net realized capital loss, which included $932 million after-tax charge related to the company’s deferred acquisition costs.

Variable annuity deposits also fell during the third quarter, as sales fell during a rocky period for the equity markets: VA deposits came to $1.9 billion, down from $3.3 billion in the previous year.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New-home sales rise in September

The latest data from the Department of Commerce indicate sales of new single-family homes rose slightly in September from August while average home prices fell to their lowest level in almost three years.

New-home sales rose 2.7% in September to a seasonally adjusted rate of 464,000 homes. That’s down 33.1% from the same month a year ago, the report said.

The Northeast saw the biggest year-over-year decline, falling 65.1%, the data said.

New annuity solutions may prove costly

Insurance executives highlighted the income benefits behind some new annuity solutions and guarantee wrappers, but the costs behind these products may rise in light of a careening market.

The three primary retirement concerns are turning assets into income, managing risk and equity market volatility, said Holt McGee, national sales manager of New York-based MetLife Inc.’s annuity agency distribution.

He was a speaker this morning at “The Continuum of Income Products,” a workshop at the annual LIMRA conference in Hollywood, Fla., which began yesterday and will conclude tomorrow. LIMRA International Inc. is based Windsor, Conn.

Finra reaches ARS agreements with firms

The Financial Industry Regulatory Authority Inc. today announced agreements in principle with Bank of New York Mellon Capital Markets LLC, City National Securities Inc. and Harris Investor Services Inc. to settle charges related to the selling and marketing of auction rate securities.

Under the agreements, Bank of New York Mellon, Beverly Hills, Calif.-based City National Securities and Chicago-based Harris will repurchase up to $60 million of auction rate securities sold to investors between May 31, 2006 and Feb. 28, before the market for the securities dried up.

Home prices continue race to bottom

The residential real estate market continued to struggle in August with home prices tumbling at a record pace during the month, according to the Standard &Poor’s/Case-Shiller Home Price Index that was released today.

The index, which measures home prices in the United States’ 20 largest cities, declined a record 16.6% in August, compared with August 2007. It was the 20th straight month with a year-over-year decline.

The survey's narrower 10-city composite index declined a record 17.7% year-over-year, also falling for the 20th straight month.

Still more reg reform needed, Greenspan says

Following the “breakdown of the central pillar of competitive markets,” new regulatory changes will be needed in the areas of fraud, settlements and securitization in order for the financial markets to “return to stability,” former Federal Reserve Chairman Alan Greenspan said today.

But “whatever changes are made ... will pale in comparison to the change already evident in today's markets,” he said this morning in prepared remarks delivered before the House Committee on Government Oversight and Reform. “Those markets for an indefinite future will be far more restrained than would any currently contemplated new regulatory regime.”

NASAA worried about reform efforts

State securities regulators are worried that efforts to reform regulation in the wake of the financial crisis might be used to further a deregulatory environment.

“In this environment, you wouldn't use that term 'deregulation,'” but legislative changes could include provisions favored by Wall Street to loosen oversight, said Fred Joseph, Colorado securities commissioner and president of the North American Securities Administrators Association Inc. of Washington.

Jury finds that Unum defrauded U.S.

A Boston federal jury found that disability insurer Unum Group committed fraud against the United States in some of its disability cases.

The Chattanooga, Tenn.-based disability insurance provider had allegedly required some of its customers to apply for Social Security benefits despite knowing that the claimants weren’t eligible for benefits.

The jury’s decision was based on a sampling of six cases, two of which were found to be fraudulent. Two other cases had no evidence of fraud, while the jury was unable to reach a decision on the remaining two cases.

Pitt calls for private-sector task force

In the wake of the financial crisis, a new regulatory structure is needed to improve regulatory standards, said Harvey Pitt, a former chairman of the Securities and Exchange Commission.

Mr. Pitt, now chief executive of Kalorama Partners LLC of Washington, spoke on a panel at the New York- and Washington-based Securities Industry and Financial Markets Association's annual meeting in New York today.

He suggested that a private-sector task force create a set of regulations for a new regulatory structure, rather than Congress or the next presidential administration. Employing such a task force would be more effective than having the Department of the Treasury or the Federal Reserve draft the legislation, Mr. Pitt said.

Earnings drop for T. Rowe, Federated, Franklin

T. Rowe Price Group Inc. reported its first profit drop since 2003 today as weak credit conditions led to a steep decline in inflows.

The Baltimore-based asset manager saw third-quarter net income fall 12.6% to $153 million, or 56 cents a share, from $175 million, or 63 cents a share, in the year-earlier period.

Third-quarter net cash inflows fell 76% from a year earlier to $1.7 billion.

Assets under management fell to 13% from the 2007 third quarter to $345 billion.

Fed sets rates for commercial paper

The Federal Reserve has set rates for its purchases of asset-backed commercial paper at 3.88%.

The central bank’s new commercial-paper-funding facility, announced in early October (InvestmentNews, Oct. 7),

made its debut yesterday. It is designed to provide a vehicle that will purchase three-month unsecured and asset-backed commercial paper directly from eligible issuers.

The program is administered by the Federal

Treasury invests in several regional banks

The Department of the Treasury has begun to purchase stakes in several regional banks as the government aims to halt the freeze of the credit markets, according to a Bloomberg report.

The report, which cited a person who was briefed on the matter, said that the Treasury Department may announce the plan as soon as today.

The plan would be the second round of a $250 billion plan to inject equity into the financial system.

IRA beneficiary designation can be a trap

Few people understand the importance of their IRA beneficiary designation forms, because if they did, they’d read the fine print and that might give them pause.

Reviewing these forms should be standard practice for advisers, said Seymour Goldberg, a Jericho, N.Y.-based attorney, certified public accountant and author of “JK Lasser’s Inherited IRAs: What Your Family Needs to Know” (John Wiley & Sons Inc., 2008).

“It’s the most client-friendly service you can perform,” agrees Andrea Wasser, associate counsel at The Vanguard Group Inc. in Malvern, Pa.

IRA beneficiary designation can be a trap

Few people understand the importance of their IRA beneficiary designation forms, because if they did, they’d read the fine print and that might give them pause.

Reviewing these forms should be standard practice for advisers, said Seymour Goldberg, a Jericho, N.Y.-based attorney, certified public accountant and author of “JK Lasser’s Inherited IRAs: What Your Family Needs to Know” (John Wiley & Sons Inc., 2008).

“It’s the most client-friendly service you can perform,” agrees Andrea Wasser, associate counsel at The Vanguard Group Inc. in Malvern, Pa.

IRA beneficiary designation can be a trap

Few people understand the importance of their IRA beneficiary designation forms, because if they did, they’d read the fine print and that might give them pause.

Reviewing these forms should be standard practice for advisers, said Seymour Goldberg, a Jericho, N.Y.-based attorney, certified public accountant and author of “JK Lasser’s Inherited IRAs: What Your Family Needs to Know” (John Wiley & Sons Inc., 2008).

“It’s the most client-friendly service you can perform,” agrees Andrea Wasser, associate counsel at The Vanguard Group Inc. in Malvern, Pa.

AIG ex-chief to forfeit $19 million package

New York Attorney General Andrew M. Cuomo today confirmed American International Group Inc.’s agreement to freeze ex-CEO Martin Sullivan’s compensation package.

Mr. Cuomo sent a letter to Edward Liddy, AIG’s new chief executive, to confirm the New York insurer’s cooperation with the Attorney General’s Office.

The missive is the latest dispatch from the attorney general, who last week sent a letter to AIG’s board demanding that the company cease covering “extravagant” expenditures and recover unreasonable payments — or face legal action.

AIG ex-chief to forfeit $19 million package

New York Attorney General Andrew M. Cuomo today confirmed American International Group Inc.’s agreement to freeze ex-CEO Martin Sullivan’s compensation package.

Mr. Cuomo sent a letter to Edward Liddy, AIG’s new chief executive, to confirm the New York insurer’s cooperation with the Attorney General’s Office.

The missive is the latest dispatch from the attorney general, who last week sent a letter to AIG’s board demanding that the company cease covering “extravagant” expenditures and recover unreasonable payments — or face legal action.

AIG ex-chief to forfeit $19 million package

New York Attorney General Andrew M. Cuomo today confirmed American International Group Inc.’s agreement to freeze ex-CEO Martin Sullivan’s compensation package.

Mr. Cuomo sent a letter to Edward Liddy, AIG’s new chief executive, to confirm the New York insurer’s cooperation with the Attorney General’s Office.

The missive is the latest dispatch from the attorney general, who last week sent a letter to AIG’s board demanding that the company cease covering “extravagant” expenditures and recover unreasonable payments — or face legal action.

AIG ex-chief to forfeit $19 million package

New York Attorney General Andrew M. Cuomo today confirmed American International Group Inc.’s agreement to freeze ex-CEO Martin Sullivan’s compensation package.

Mr. Cuomo sent a letter to Edward Liddy, AIG’s new chief executive, to confirm the New York insurer’s cooperation with the Attorney General’s Office.

The missive is the latest dispatch from the attorney general, who last week sent a letter to AIG’s board demanding that the company cease covering “extravagant” expenditures and recover unreasonable payments — or face legal action.

AIG ex-chief to forfeit $19 million package

New York Attorney General Andrew M. Cuomo today confirmed American International Group Inc.’s agreement to freeze ex-CEO Martin Sullivan’s compensation package.

Mr. Cuomo sent a letter to Edward Liddy, AIG’s new chief executive, to confirm the New York insurer’s cooperation with the Attorney General’s Office.

The missive is the latest dispatch from the attorney general, who last week sent a letter to AIG’s board demanding that the company cease covering “extravagant” expenditures and recover unreasonable payments — or face legal action.

Democratic leaders angry with hedgers

Six Democratic House leaders who deal with financial services issues, including Rep. Barney Frank, D-Mass., Friday expressed “outrage” over a news report that some hedge funds have tried to convince companies that service mortgages not to take advantage of legislation aimed at reducing foreclosures, because it would hurt their mortgage investments.

“For hedge funds, which have been the beneficiary of a lack of regulation and a very permissive attitude, now to put obstacles in the way of this important national policy is intolerable,” said a release issued by Mr. Frank, chairman of the Financial Services Committee, Paul Kanjorski of Pennsylvania, Carolyn Maloney of New York, Maxine Waters of California, Luis Gutierrez of Illinois and Melvin Watt of North Carolina.

brokersXpress to buy Horwitz and Associates

Another independent broker-dealer is being acquired.

Chicago-based brokersXpress Inc. has agreed to buy Horwitz & Associates Inc., an independent broker-dealer and investment adviser based in Riverwoods, Ill.

This summer saw a flurry of acquisitions among independent broker-dealers, with at least five deals being announced.

Since the stock market collapsed last month, the mergers and acquisitions market has apparently quieted down.

15,000 added to jobless rolls last week

Unemployment claims increased by 15,000 last week, according to government data released today.

The number of American workers who filed new claims for jobless benefits rose to a seasonally adjusted 478,000 during the one-week period ended Oct. 18, from a revised 463,000 the prior week, according to Department of Labor data.

The effects of Hurricane Ike, which battered the Texas coast last month, contributed to 12,000 of the jobless claims, according to the Labor Department.

Markets rally on Bernanke’s talk

U.S. stocks rallied today and the Dow Jones industrial average zipped back above the 9,000 level on news that Federal Reserve Chairman Ben Bernanke supported fiscal stimulus to help the ailing U.S. economy.

The Dow Jones industrial average closed up 413.21, or 4.67%, at 9,265.43; the S&P 500 rose 44.85, or 4.77%, closing at 985.40; and the Nasdaq composite was up 58.74, or 3.43%, to close at 1,770.03. All numbers are preliminary.

LPL names president of Associated Securities

LPL Financial of Boston has tapped Allison Couch to be president of Associated Securities Corp., its El Segundo, Calif., subsidiary.

Ms. Couch, who is currently affiliated with FSC Securities Corp. of Atlanta, was most recently the president and CEO of one of the country’s leading networks of financial advisers, the Financial Services Network of San Mateo, Calif.

LPL, by far the biggest independent-contractor broker-dealer in the industry, said that the ”vast majority” of the 230 reps in the Financial Services Network were leaving to join Associated Securities, along with James Herrington, the network’s founder and chairman. That group generated more than $41 million in fees and commissions last year.

France to invest $14 billion in banks

Shares in French banks today soared after the government agreed yesterday to invest 10.5 billion euros ($13.76 billion) into the nation’s six largest banks, all based in Paris.

The investment comes from a government rescue package of 36 billion euros ($47.22 billion).

Christine Lagarde, France’s finance minister, stressed that the cash injection is not meant to strengthen banks’ capital but rather to reinforce their capital reserves.

Fed bolsters money market funds

In another attempt at defrosting frozen credit conditions, the Federal Reserve today announced a financing program aimed at bolstering the struggling money market mutual fund industry.

The new Fed program, called the Money Market Investor Funding Facility, is designed to support a private-sector initiative aimed at providing liquidity to money market investors.

The central bank is planning to back purchases of short-term debt, such as certificates of deposit and commercial paper that expires in 90 days or less, from money market mutual funds.

Fed’s discount window sees record activity

Lending to commercial banks from the Federal Reserve’s discount window hit record levels this week as frozen credit conditions prevented financial institutions from providing loans to one another, according to a report issued yesterday by the Federal Reserve.

Total direct lending from the Fed was $441.4 billion as of Wednesday, up from $430.9 billion the previous week, according to the report.

Lending through the central bank’s primary credit facility rose to $101.9 billion from $98.1 billion the week ending Oct. 8, with average daily borrowing rising to $131.1 billion from $75 billion.

South Korea announces $130 billion injection

In response to dismal global credit conditions, the South Korean government outlined a proposal over the weekend that would inject $130 billion into its financial system.

Under the plan, which needs to be approved by South Korea’s General Assembly, the country will guarantee $100 billion in its bank’s external debts for three years and supply lenders with $30 billion.

In an effort to strengthen South Korea’s asset management companies, the government would also provide tax benefits for long-term equity and bond investors.

iTunes provides info for advisers

MFS making market commentary available to advisers via iTunes

Why download music when you could instead be listening to a market outlook forecast from MFS Investment Management?

Yes, the Boston-based firm, which has $183 billion in assets under management, announced this week the availability of its market commentary podcasts through Cupertino, Calif.-based Apple Inc.’s iTunes store. MFS has also added real simple syndication feeds to the News and Commentary section of its website, mfs.com.

iTunes provides info for advisers

MFS making market commentary available to advisers via iTunes

Why download music when you could instead be listening to a market outlook forecast from MFS Investment Management?

Yes, the Boston-based firm, which has $183 billion in assets under management, announced this week the availability of its market commentary podcasts through Cupertino, Calif.-based Apple Inc.’s iTunes store. MFS has also added real simple syndication feeds to the News and Commentary section of its website, mfs.com.

iTunes provides info for advisers

MFS making market commentary available to advisers via iTunes

Why download music when you could instead be listening to a market outlook forecast from MFS Investment Management?

Yes, the Boston-based firm, which has $183 billion in assets under management, announced this week the availability of its market commentary podcasts through Cupertino, Calif.-based Apple Inc.’s iTunes store. MFS has also added real simple syndication feeds to the News and Commentary section of its website, mfs.com.

iTunes provides info for advisers

MFS making market commentary available to advisers via iTunes

Why download music when you could instead be listening to a market outlook forecast from MFS Investment Management?

Yes, the Boston-based firm, which has $183 billion in assets under management, announced this week the availability of its market commentary podcasts through Cupertino, Calif.-based Apple Inc.’s iTunes store. MFS has also added real simple syndication feeds to the News and Commentary section of its website, mfs.com.

Economy ailing but on the mend, says Bernanke

Lawmakers should “look very hard” at the bursting of asset bubbles that hurt the economy, said Federal Reserve Chairman Ben S. Bernanke.

And it will take time for the economy to rebound, even with government efforts to calm financial markets and check the credit crisis, he said this afternoon in a speech to The Economic Club of New York.

“Stabilization of the financial markets is a critical first step, but even if they stabilize, as we hope they will, broader economic recovery will not happen right away,” Mr. Bernanke said.

iTunes provides info for advisers

MFS making market commentary available to advisers via iTunes

Why download music when you could instead be listening to a market outlook forecast from MFS Investment Management?

Yes, the Boston-based firm, which has $183 billion in assets under management, announced this week the availability of its market commentary podcasts through Cupertino, Calif.-based Apple Inc.’s iTunes store. MFS has also added real simple syndication feeds to the News and Commentary section of its website, mfs.com.

Economy ailing but on the mend, says Bernanke

Lawmakers should “look very hard” at the bursting of asset bubbles that hurt the economy, said Federal Reserve Chairman Ben S. Bernanke.

And it will take time for the economy to rebound, even with government efforts to calm financial markets and check the credit crisis, he said this afternoon in a speech to The Economic Club of New York.

“Stabilization of the financial markets is a critical first step, but even if they stabilize, as we hope they will, broader economic recovery will not happen right away,” Mr. Bernanke said.

Economy ailing but on the mend, says Bernanke

Lawmakers should “look very hard” at the bursting of asset bubbles that hurt the economy, said Federal Reserve Chairman Ben S. Bernanke.

And it will take time for the economy to rebound, even with government efforts to calm financial markets and check the credit crisis, he said this afternoon in a speech to The Economic Club of New York.

“Stabilization of the financial markets is a critical first step, but even if they stabilize, as we hope they will, broader economic recovery will not happen right away,” Mr. Bernanke said.

MFA decries call for hedge fund ban

The $1.9 trillion hedge fund industry has gone on the defensive following a recent statement by Italian finance minister Giulio Tremonti, who suggested a move to abolish the alternative-class investments in Italy.

“Hedge funds are private pools of capital that play a vital role in the global economy,” said Richard Baker, president and chief executive of the Managed Funds Association in Washington.

“This is a time of unprecedented instability in the markets; not a time to think about abolishing an industry that is an essential source of liquidity,” he added.

U.S. to buy equity stakes in major banks

In the latest effort to breathe life into the struggling economy, the Department of the Treasury announced that it will inject $250 billion into banks, while the Federal Deposit Insurance Corp. took additional steps to help depositors.

Using funds from the $700 billion financial market bailout package, the government will purchase equity stakes to help nine banking institutions lend money and spur economic growth. The move was announced by President George W. Bush this morning.

Rogue traders bleed French bank for $800M

Groupe Caisse d'Épargne, a French savings bank, said today that it had sustained a 600 million euro loss ($800 million) due to unauthorized equity derivatives trading.

The bank said that the loss was “exclusively related” to independent actions taken by a proprietary trading team at Caisse Nationale des Caisses d'Épargne, the Paris bank’s holding company.

The illicit activity was discovered internally.

The bank said it has a capital base of more than 20 billion euros ($26 billion) and the loss shouldn’t affect customers.

Advisers must showcase their wares

If advisers don’t do a better job touting their services, they’ll lose clients, according to retirement advisers who spoke Tuesday at the Center for Due Diligence’sconference in Scottsdale, Ariz.

It’s important that advisers let their clients know what they’re doing for them on a regular basis, said Dorann Cafaro, an adviser and partner with Cafaro Greenleaf Retirement Plan Advisors in Little Silver, N.J.

Specifically, advisers in the 401(k) arena need to show employers what they’ve done for their participants and emphasize the ways they stand out from their competitors, she said.

'Extraordinary response' necessary, Bush says

Calling the $700 billion government bailout an “extraordinary response to an extraordinary crisis,” President Bush today said that it is “going to take awhile” for the initiative to thaw the frozen credit markets.

“These are decisive measures aimed at the heart of our financial challenges,” he said in a speech before business leaders at the U.S. Chamber of Commerce in Washington. “They're big enough and bold enough to work, and the American people can be confident that they will.”

Citi kills talks with Wells Fargo

Citigroup Inc. of New York has ended negotiations with Wells Fargo & Co. of San Francisco over the Wachovia transaction, according to a statement by Citigroup released early this evening.

“We're walking away. We're ending negotiations,” said Citigroup spokeswoman Christina Pretto.

Citigroup and Wells Fargo were in talks over how to divide up the assets of struggling Wachovia Corp. of Charlotte, N.C.

Wells Fargo spokeswoman Julia Tunis Bernard had no immediate comment when asked if Wells Fargo still planned to pursue a purchase of Wachovia, including Wachovia Securities LLC of St. Louis.

Report: Spanish bank to buy Sovereign

Banco Santander SA is in advanced talks to acquire full control of Sovereign Bancorp Inc., according to published reports.

Madrid-based Santander is expected to pay approximately $3.81 per share, which was the price that Sovereign's shares closed at in Friday trading on the New York Stock Exchange, according to The Wall Street Journal.

The transaction would value Wyomissing, Pa.-based Sovereign at approximately $2.53 billion.

Lehman execs to get hefty retention bonuses

Several top executives and money managers at Lehman Brothers Holdings Inc., the bankrupt money management firm, will get retention bonuses valued at a cumulative $400 million when the sale of its investment-management business to Bain Capital LLC and Hellman & Friedman LLC is completed, according to published reports.

Boston-based Bain and San Francisco-based Hellman agreed to purchase most of the asset-management business from Lehman on Sept. 29 in a deal that valued the unit at $2.15 billion.

Trade gap narrows in August

In a rare piece of positive economic data, lower energy prices in July sent the trade deficit down 3.5% in August, according to data from the Department of Commerce.

The August trade deficit shrunk to $59.1 billion from a downwardly revised estimate of $61.3 billion in July.

Exports fell 2% in August to $164.7 billion, marking the largest one-month drop since June 2004.

Meanwhile, imports fell 2.4% to $223.9 billion.

SEC commences study of fair-value accounting

The Securities and Exchange Commission has begun a study of mark-to-market accounting, which will look at the standard’s effects on bank failures.

The study, authorized by the Emergency Economic Stabilization Act of 2008, which President Bush signed into law last Friday, will examine the impact of mark-to-market accounting on financial institutions’ balance sheets and on the quality of financial information available to investors, the SEC said yesterday.

Three cheers for humility

If you happened to watch Monday’s hearing of the House Oversight and Government Reform Committee, you saw a great example of what’s wrong with American leadership.

In a word, it’s hubris.

I’m not just talking about Richard S. Fuld Jr., the cocksure CEO of bankrupt Lehman Brothers Holdings Inc. of New York (By the way, isn’t it amazing how Mr. Fuld, who made tens of millions of dollars a year because he is such a genius and brilliant manager, couldn’t remember anything about a memo he wrote a few months ago when it was shown to him?)

Pending home sales revived in August

In a sign that buyers are responding to low home prices and more affordable interest rates, the pending home sales index saw a 7.4% boost to 93.4 in August, according to the National Association of Realtors.

That is 8.8% higher than the August 2007 index of 85.8.

The index, which measures signed sales contracts, is the highest since it stood at 101.4 in June 2007.

Each region saw a surge in the index from July to August.

RBC to buy back $800 million IN ARS

RBC Capital Markets Corp. of New York will buy back up to $800 million in auction rate securities from more than 2,000 investors under a preliminary settlement announced today by the Securities and Exchange Commission and state securities regulators.

RBC Capital Markets, part of Royal Bank of Canada of Toronto, is to use its best efforts to provide liquidity to other larger ARS investors under the agreement in principle, the SEC said.

Treasury mulls buying stakes in banks

In another attempt to thaw the frozen credit markets, the Department of the Treasury is considering a recapitalization plan that would involve buying stakes in the country’s banks, according to published reports.

The plan is still in the preliminary stages, but would be similar to one announced in England yesterday, which involved the British government pumping $87 billion into its banks and providing backing to financial institutions to allow them to increase their total tier 1 capital by $43.2 billion (

Fed balanced recession, inflation in Sept.

Weighing the risks of weaker growth and higher inflation equally, the Federal Open Market Committee decided to keep the federal funds rate at 2% at its Sept. 16 meeting, despite dealing with a meltdown in the credit markets, according to minutes released today.

“With substantial downside risks to growth and persisting upside risks to inflation, members judged that leaving the federal funds rate unchanged at this time suitably balanced the risks to the outlook,” the minutes read.

Bush signs $700B bailout package

The House of Representatives passed a revised version of the $700 billion bailout package Friday afternoon by a vote of 263 to 171 and President Bush immediately signed the bill into law. The earlier version was rejected on Monday.

“By coming together on this legislation, we have acted boldly to help prevent the crisis of Wall Street from becoming a crisis in communities across our country,” said Mr. Bush.

Rep Chris Van Holland, R-MD, said Congress had no choice but to pass the bill.

Advisers remain calm as Cramer yells fire

The host of CNBC’s “Mad Money” had one message for investors in the stock market this morning: Get out!

“Whatever money you may need for the next five years, please take it out of the stock market right now, this week,” Jim Cramer said on CNBC’s “Today Show” in an interview with Ann Curry.

Predicting a possible 20% drop in the markets, he said, “I do not believe that you should risk those assets in the stock market right now.”

SandP downgrades AIG

Standard and Poor’s Ratings Services has downgraded its CreditWatch ratings on American International Group Inc. and its guaranteed subsidiaries to “negative” from “developing.”

Financial-strength ratings on most of AIG’s insurance operating subsidiaries are still on CreditWatch with developing implications, and changes on those ratings depend on whether the entities are sold and who buys them.

The downgrade reflects New York-based AIG’s announcement today that it had borrowed $61 billion to date from the $85 billion loan made to it by the Federal Reserve Bank of New York. The “A-/A-1” counterparty credit rating on AIG relies on that loan.

Bracing for lean times ahead

With the onset of the financial crisis, the Denver-based Financial Planning Association is planning to budget for some lean times in the years to come, according to the association’s president, Mark E. Johannessen, who spoke to reporters at the association’s 2008 conference in Boston yesterday.

"We know that a pullback is coming and have budgeted accordingly, looking ahead at 2010 fiscal-year budget," he said.

Mr. Johannessen is also managing director at Harris SBSB in McLean, Va., which manages $1.9 billion in assets,

Massive hedge fund redemptions feared

The $2 trillion hedge fund industry could be forced to unwind and liquidate major positions in an effort to meet what is expected to be above-average levels of investor redemption requests.

The implications of a redemption wave could place the hedge fund industry in the position of indirectly applying a major drag on the financial markets.

“Redemptions will always depend on the hedge fund manager or general partner,” said John Van, Nashville-based chief compliance officer for Greenwich (Conn.) Alternative Investments LLC.

AIG to jettison businesses

American International Group Inc. wants to sell a number of business lines, but intends to hang onto its core U.S. property and casualty insurance businesses, its foreign general insurance businesses, and its foreign life insurance business, chief executive Edward Liddy said in a conference call with analysts this morning.

In his discussion of New York-based AIG’s future, Mr. Liddy failed to mention specifically its broker-dealers network, the AIG Advisor Group, which has close to 7,000 affiliated reps and advisers. Yesterday, investmentnews.com reported that the AIG Advisor Group would be included in AIG’s broad sale of assets.

Senate primed to pass revised bailout bill

A showdown is looming in Congress.

Two days after the House rejected a $700 billion financial services bailout bill by a vote of 228 to 205, the Senate will be voting this evening on a slightly revised package in the hopes of pushing the controversial legislation forward.

Lawmakers said the new package will include tax breaks for businesses, users of alternative energy, and hurricane victims as well as relief from the alternative minimum tax. It would also raise the limit on Federal Deposit Insurance Corp.-insured bank accounts to $250,000 from $100,000 for one year.

Senate primed to pass revised bailout bill

A showdown is looming in Congress.

Two days after the House rejected a $700 billion financial services bailout bill by a vote of 228 to 205, the Senate will be voting this evening on a slightly revised package in the hopes of pushing the controversial legislation forward.

Lawmakers said the new package will include tax breaks for businesses, users of alternative energy, and hurricane victims as well as relief from the alternative minimum tax. It would also raise the limit on Federal Deposit Insurance Corp.-insured bank accounts to $250,000 from $100,000 for one year.

Will California need $7B?

California might require as much as $7 billion in emergency funding from the federal government to pay the salaries of critical state employees.

In a letter to Treasury Secretary Henry Paulson Jr., California Gov. Arnold Schwarzenegger blamed the need for the money on the credit crisis.California is among a number of state and local governments that are unable to secure funding for bond offerings and for the cash flow needed for schools, local governments and law enforcement.

Senate primed to pass revised bailout bill

A showdown is looming in Congress.

Two days after the House rejected a $700 billion financial services bailout bill by a vote of 228 to 205, the Senate will be voting this evening on a slightly revised package in the hopes of pushing the controversial legislation forward.

Lawmakers said the new package will include tax breaks for businesses, users of alternative energy, and hurricane victims as well as relief from the alternative minimum tax. It would also raise the limit on Federal Deposit Insurance Corp.-insured bank accounts to $250,000 from $100,000 for one year.

Advent closes deal with Tamale

It’s official: Advent Software Inc. of San Francisco this week announced it had completed the acquisition of Tamale Software of New York and London, a provider of management solutions that combines research and investment holdings.

Advent, a major supplier of adviser software, said the purchase was part of its strategy “to expand its footprint in the front office” and establish itself as a leader in the growing market for research management solutions.

Website makes hedge fund research easier

Research on the often opaque hedge fund industry is about to get a little easier for qualified investors through a new online platform providing detailed information on 1,900 hedge funds that are seeking investor capital.

MyFundFinder.com, from MyFundFinder LLC in Fairfield, Iowa, which combines an extensive hedge fund database with a new technology platform, is scheduled to launch Monday with free access for institutional and wealthy individual investors.

Advisers, clients back Palin in survey

Hours before the vice presidential debate, Republican candidate Sarah Palin received a vote of confidence from 62% of broker-dealers and registered investment advisers surveyed by the Fidelity Independent Adviser newsletter and Dion Money Management LLC.

They believe Alaska’s governor is better-qualified for the office of vice president; however, 37% of the 3,731 surveyed preferred Sen. Joe Biden, D.-Del., the Democratic candidate.

Advisers, clients back Palin in survey

Hours before the vice presidential debate, Republican candidate Sarah Palin received a vote of confidence from 62% of broker-dealers and registered investment advisers surveyed by the Fidelity Independent Adviser newsletter and Dion Money Management LLC.

They believe Alaska’s governor is better-qualified for the office of vice president; however, 37% of the 3,731 surveyed preferred Sen. Joe Biden, D.-Del., the Democratic candidate.

Merrill’s Thain to remain after merger

Bank of America Corp. CEO Ken Lewis announced today that Merrill Lynch & Co. Inc. chief executive John A. Thain will join Bank of America after it acquires the Wall Street giant.

Mr. Thain will serve as Charlotte, N.C.-based Bank of America’s president of global banking, securities and wealth management when the expected transaction takes place early next year.

The arrival of Mr. Thain means a new role for Brian Moynihan, Bank of America’s current president of global corporate and investment banking.

Stocks bounce back for day, down 4.4% for Q3

U.S. stocks recovered more than half their Monday losses as investors renewed hope the government would reach an agreement on an economic bailout package, but share prices nonetheless ended the third quarter with hefty losses.

With a 485.21 gain to 10,850.66, up 4.68% from the previous day’s close, the Dow Jones industrial average made up much of the ground lost when Congress rejected the Bush administration’s $700 billion financial rescue plan. For the quarter, however, the blue chip barometer lost 499.27 points, or 4.39%.

Stocks bounce back for day, down 4.4% for Q3

U.S. stocks recovered more than half their Monday losses as investors renewed hope the government would reach an agreement on an economic bailout package, but share prices nonetheless ended the third quarter with hefty losses.

With a 485.21 gain to 10,850.66, up 4.68% from the previous day’s close, the Dow Jones industrial average made up much of the ground lost when Congress rejected the Bush administration’s $700 billion financial rescue plan. For the quarter, however, the blue chip barometer lost 499.27 points, or 4.39%.

Stocks bounce back for day, down 4.4% for Q3

U.S. stocks recovered more than half their Monday losses as investors renewed hope the government would reach an agreement on an economic bailout package, but share prices nonetheless ended the third quarter with hefty losses.

With a 485.21 gain to 10,850.66, up 4.68% from the previous day’s close, the Dow Jones industrial average made up much of the ground lost when Congress rejected the Bush administration’s $700 billion financial rescue plan. For the quarter, however, the blue chip barometer lost 499.27 points, or 4.39%.

Stocks bounce back for day, down 4.4% for Q3

U.S. stocks recovered more than half their Monday losses as investors renewed hope the government would reach an agreement on an economic bailout package, but share prices nonetheless ended the third quarter with hefty losses.

With a 485.21 gain to 10,850.66, up 4.68% from the previous day’s close, the Dow Jones industrial average made up much of the ground lost when Congress rejected the Bush administration’s $700 billion financial rescue plan. For the quarter, however, the blue chip barometer lost 499.27 points, or 4.39%.

Stocks bounce back for day, down 4.4% for Q3

U.S. stocks recovered more than half their Monday losses as investors renewed hope the government would reach an agreement on an economic bailout package, but share prices nonetheless ended the third quarter with hefty losses.

With a 485.21 gain to 10,850.66, up 4.68% from the previous day’s close, the Dow Jones industrial average made up much of the ground lost when Congress rejected the Bush administration’s $700 billion financial rescue plan. For the quarter, however, the blue chip barometer lost 499.27 points, or 4.39%.

Schwarzenegger terminates life settlements bill

California Gov. Arnold Schwarzenegger has vetoed a bill that would have created a regulatory framework for life settlements.

The bill, SB 1543, would have enacted the Life Settlement Consumer Protection Act.

Life settlements are transactions in which a policy owner sells the coverage to a third party.

The third party then pays the premiums and becomes the beneficiary of the policy.

According to the act, beneficiaries of trusts who owned an insurance policy but didn’t have an insurable interest in the person who was covered would be violating insurable interest laws.

Schwarzenegger terminates life settlements bill

California Gov. Arnold Schwarzenegger has vetoed a bill that would have created a regulatory framework for life settlements.

The bill, SB 1543, would have enacted the Life Settlement Consumer Protection Act.

Life settlements are transactions in which a policy owner sells the coverage to a third party.

The third party then pays the premiums and becomes the beneficiary of the policy.

According to the act, beneficiaries of trusts who owned an insurance policy but didn’t have an insurable interest in the person who was covered would be violating insurable interest laws.

Schwarzenegger terminates life settlements bill

California Gov. Arnold Schwarzenegger has vetoed a bill that would have created a regulatory framework for life settlements.

The bill, SB 1543, would have enacted the Life Settlement Consumer Protection Act.

Life settlements are transactions in which a policy owner sells the coverage to a third party.

The third party then pays the premiums and becomes the beneficiary of the policy.

According to the act, beneficiaries of trusts who owned an insurance policy but didn’t have an insurable interest in the person who was covered would be violating insurable interest laws.

Paulson vows to get package passed

After Congress fell 13 votes shy of approving the sweeping $700 billion Emergency Economic Stabilization Act of 2008, Treasury Secretary Henry Paulson Jr. said he was "very disappointed" in the vote.

“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the bill’s defeat yesterday.

“We are committed to working with congressional leaders to get it done,” Mr. Paulson added.

Funds grudgingly comply with Form SH

Complying with a new rule known as Form SH, the first 1,700 money managers, mostly hedge funds, fell in line yesterday by filing their respective short positions with the Securities and Exchange Commission.

The rule is part of a Sept. 19 emergency ban on short selling that applies to 800 banks and related financial companies.

Despite firms’ and banks’ compliance, however, the rule is being vehemently opposed by the hedge fund industry on a variety of grounds ranging from what they say are onerous filing requirements to an invasion of proprietary trading strategies.

Paulson vows to get package passed

After Congress fell 13 votes shy of approving the sweeping $700 billion Emergency Economic Stabilization Act of 2008, Treasury Secretary Henry Paulson Jr. said he was "very disappointed" in the vote.

“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the bill’s defeat yesterday.

“We are committed to working with congressional leaders to get it done,” Mr. Paulson added.

Paulson vows to get package passed

After Congress fell 13 votes shy of approving the sweeping $700 billion Emergency Economic Stabilization Act of 2008, Treasury Secretary Henry Paulson Jr. said he was "very disappointed" in the vote.

“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the bill’s defeat yesterday.

“We are committed to working with congressional leaders to get it done,” Mr. Paulson added.

Funds grudgingly comply with Form SH

Complying with a new rule known as Form SH, the first 1,700 money managers, mostly hedge funds, fell in line yesterday by filing their respective short positions with the Securities and Exchange Commission.

The rule is part of a Sept. 19 emergency ban on short selling that applies to 800 banks and related financial companies.

Despite firms’ and banks’ compliance, however, the rule is being vehemently opposed by the hedge fund industry on a variety of grounds ranging from what they say are onerous filing requirements to an invasion of proprietary trading strategies.

Funds grudgingly comply with Form SH

Complying with a new rule known as Form SH, the first 1,700 money managers, mostly hedge funds, fell in line yesterday by filing their respective short positions with the Securities and Exchange Commission.

The rule is part of a Sept. 19 emergency ban on short selling that applies to 800 banks and related financial companies.

Despite firms’ and banks’ compliance, however, the rule is being vehemently opposed by the hedge fund industry on a variety of grounds ranging from what they say are onerous filing requirements to an invasion of proprietary trading strategies.

UBS expects modest 3Q uptick

On the heels of four straight quarterly losses, UBS AG is expecting to return a small third-quarter profit when its earnings are released Nov. 4, the bank’s chairman, Peter Kurer, said in a speech today during a shareholder meeting in Basel, Switzerland.

The improved performance of UBS is a result of the Zurich, Switzerland-based bank’s substantially reducing its exposure to troubled U.S. real estate investments by disposing of many of those assets, he said in his speech.

Fed funnels billions into global markets

The Federal Reserve announced today an additional injection of cash into the global financial system to help combat the credit crisis.

The Fed is increasing its existing currency swaps with foreign central banks by $330 billion to $620 billion.

Participating central banks include the European Central Bank, the Swiss National Bank, and the Banks of Canada, England, Japan, Norway, Sweden, Denmark and Australia.

The Fed also said that it is boosting its own auction facility for U.S. banking institutions to $75 billion per auction from $25 billion starting Oct. 6, with two additional auctions totaling $150 billion to be conducted in November.

Week 4: Gaining top client referrals

Background: This month, we’ve focused on preparing for year-end client reviews to uncover and identify clients’ retirement assets. If you haven’t started, don’t miss an opportunity to talk with your clients right now during this time of financial uncertainty. Last week’s InvestmentNews webcast, What To Say To Clients Now (click “View the Archive”), in which I took part, covered several effective approaches to calling clients. Since study after study confirms that clients leave a practice due to lack of communication from their adviser, now is the time to take action and call.