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• Congress Expected to Overhaul Tax Law

  The next Congress and the Obama administration are expected to make major changes in both individual and business taxes, said a panel of Ernst & Young tax experts.

• Merrill's Orcel Given BofA Post

  Andrea Orcel will become president of international banking, securities and wealth management at the combined company.

• UBS Global Wealth Chief Indicted, Steps Aside

  Raoul Weil, Chairman and CEO of UBS Global Wealth Management and Business Banking, has been indicted by a federal grand jury over the firm's alleged involvement in helping clients hide assets from the IRS.

• New Jersey's Sun Creates Wealth Unit, Eyes Business-Owner Clients

  Thomas X. Geisel faced his share of challenges early this year when he took over as president and chief executive of Sun National Bank in Vineland, N.J.

• Corporate America's Transfusion

  With the US economy in a tailspin and financial markets paralyzed, few US companies will readily find lenders, forcing them to opt for some sort of restructuring in or out of a bankruptcy court.

• Building Momentum: Infrastructure

  Pension funds and insurance companies view US infrastructure projects as safe investments.

• Deloitte: Risk Management Lessons Emerging from Credit Crisis

  As financial firms continue to struggle and risk management weaknesses are exposed, it is not too soon to begin a fundamental rebuilding of the risk function.

• Managerial Expertise

  As markets gyrate, focus on hedge fund managers' performance gets closely scrutinized.

• Some Rich People Do Not Use Debit

  Almost a third of affluent debit cardholders do not use their cards regularly, according to a report to be released today by MasterCard Inc.'s consulting unit.

• Advisors, Sponsors Still Waiting for UMAs, v. 2

  Unified managed accounts (UMAs) are quickly becoming a popular and viable option for Baby Boomers looking for more diversification in retirement, but the plans still have a lot of work to do in order to overcome certain hang-ups.

• Execs: Mind-Boggling Derivatives Need Common Reporting

  When it comes to choosing derivative instruments, some portfolio managers still think the more complicated they are, the better.

• Pension Ratio Average Declines

  The funding ratio at the typical U.S. pension plan fell 0.3 percentage points last month, and liabilities decreased almost the same amount as the assets of a typical U.S. pension plan with a moderate risk portfolio.

• Fitch Increases Fund of Hedge Fund Scrutiny

  In response to scrutiny over its ratings of instruments tied to subprime mortgages, Fitch Ratings has increased its own scrutiny over fund of hedge fund managers.

• The 25 Most Powerful Women in Banking

  U.S. Banker's annual tribute to the professional achievements, personal tenacity and influence of top-performing female financial executives.

• Schwab Unit Microfinance Program Allows Double Dip

  A new microfinance loan program from Schwab Charitable allows investors to double-dip their charitable giving assets.

• Top 20 Wealth Managers

  Advisors who quit the branches to work their own books are rare in the bank channel, but those who make the leap say the rewards far outweigh the risk of giving up branch referrals. The following ranking represents the best book reps in the business.

• Muslim Money

  How Brian Payne carved out a fast-growing niche helping an underserved community.

• 5 Questions with Jean Setzfand

  The director of financial security at AARP provides tips on safeguarding retirement income.

• The Myth of the Stockpicker's Market

  When investors try to outrun both the bulls and the bears, look to sports clichés for help: The best offense is a good defense.

• Identity Thieves Target the Affluent

  Assure your clients that you're safeguarding their information.

• 'Lost Decade' May Yet Happen if Investors Aren't Careful

  Investors who mistakenly viewed the past 10 years as a lost cause made an elementary mistake—and they're about to do it again.

• Attributing Risk

  When choosing an investment manager for your clients, you need to make sure you ask the right questions.

• Question Assumptions

  It's time to sharpen a blunt instrument and reassess conventional wisdom on asset allocation.

• What's the Alternative?

  A report on the study of high-net- worth investors' attitudes toward alternative investments.

• Foundations for Renown

  As the numbers of high-net-worth Americans grow, so does the craving to establish a philanthropic presence—which makes advising on family foundations an effective way to cement a bond.

• Wealth Transfer

  If your clients have inherited money recently, they're probably looking for new advisors.

• Leaving More to Beaver

  A QPRT can greatly reduce estate taxes, but whether it's a good idea depends on the numbers.

• With Their Golden Years Ahead, Boomers Fear Shortfalls

  Uncertain financial markets aren't just giving Wall Street agita. Baby Boomers, particularly those a year or two away from retirement, are beginning to fear a shortfall in retirement assets.

• Households Remain Largest Holders of Munis in 2Q

  Despite all the volatility that permeated the tax-exempt market in the second quarter of 2008, the household sector chased higher absolute yields and increased its ownership of municipal debt by 1.3% to $912.4 billion.

• Arthur J. Gallagher Buys Wm. W. George

  The insurance brokerage and risk management services firm Arthur J. Gallagher & Co. of Itasca, Ill., has acquired Wm. W. George & Associates Inc., a retail insurance brokerage firm.

• 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.

• American Beacon Sold to Lighthouse

  AMR Corp., the Fort Worth parent company of American Airlines Inc., said it has completed the sale of its asset management arm, American Beacon Advisors Inc., to Lighthouse Holdings Inc.

• Lehman Subsidiaries Keep Operating

  Now that Lehman Brothers Holdings Inc. has filed for Chapter 11 protection, analysts believe the firm's investment and wealth management subsidiary is emerging from the weekend's disastrous events as one of the bank's most valuable assets.

• Boomers Love Credit

  Banks are missing out on a big selling point with the retired class. "Credit usage remains quite widespread after retirement, contrary to many consumers' expectations."

• What Fund Execs Need to Know About New Investor Privacy Regs

  Identity theft, data loss and other privacy violations are among the leading threats faced by financial institutions.

• Harris Sees Service for Old Adding New Revenue

  With enCircle, a service aimed at simplifying life for the elderly and their children, Harris Private Bank has found not just a potential new revenue stream, but possibly a new way to attract and retain assets as well.

• Curian Plans Big Expansion with 21 New Salespeople

  Over the next several months, Curian Capital plans to hire 21 additional salespeople.

• Few Taking Advantage of SBA Program

  After a slow start, the Small Business Administration is trying to gin up demand for its Small/Rural Lender Advantage program.

• 10% Fall in Global Wealth Seen for '08

  Global wealth could decline by as much as 10%, to $100 trillion, by yearend.

• Wachovia Offering Phone Consultations on Retirement

  Starting this month, Wachovia Retirement Services will offer free retirement consultation services by phone to any of the employees of the 6,400 companies for which Wachovia is the 401(k) provider.

• Senate Probes Offshore Dividend Tax Dodges

  The Senate's Subcommittee on Investigations held a hearing on how foreign investors dodge taxes on U.S. stock dividends with the help of U.S. banks and investment houses.

• Target-Date Platform from JPM

  JPMorgan Asset Management launched a platform to help advisers and plan sponsors identify and evaluate target-date funds.

• IRS Streamlines Tax-Exempt Application Process

  The Internal Revenue Service and the Treasury Department have issued new regulations that will make it easier for charities to gain tax-exempt status.

• Tax Strategy: Tax Planning Issues Arise from Housing Legislation

  The tax provisions of the Housing and Economic Recovery Act of 2008 appear at best to have only an indirect effect on the individuals most impacted by the subprime mortgages and declining home values.

• Industry Grapples with Solutions for Millions Failing to Save

  The Pension Protection Act is proving to help people better prepare for retirement, but millions of lower-income Americans are still underserved.

• IRS Temporarily Suspends Enforcing AMT on Options

  In response to a letter from several members of Congress, the IRS will stop trying to enforce collection of alternative minimum taxes due on incentive stock options for the rest of the month.

• Fees Turning Off More Plan Sponsors

  Fees have become the top reason that retirement plan sponsors switch providers.

• IRS Finalizes Tax-Exempt Form 990 Instructions

  The Internal Revenue Service has released its revised instructions for the redesigned Form 990 that tax-exempt organizations must submit.

• Healthy Enough to Retire?

  Will health issues force your clients to retire earlier or spend their nest eggs quicker than they planned?

• With Good 401(k) Planning, Everybody Wins

  A solid 401(k) plan can help companies to attract, motivate and retain good workers, enhance a company's corporate reputation and contribute to the long-term financial success of the business.

• IRS Expands Options for Retirement Plan Fixes

  The IRS has offered more ways for employers to make voluntary corrections in their employee retirement plans to bring them into compliance with tax laws and regulations.

• FolioDynamix Buys SunGard Advisor

  FolioDynamix has announced its purchase of SunGard Advisor Technologies Inc.

• 401(k) Contributions Hold Steady

  Fidelity found that Americans are holding steady when it comes to balancing their concerns over the economy and the declining market, and saving for their retirement.

• Customization Report Card Says Needs to Improve

  Wealth management firms are taking steps to better customize their services for clients with more than $1 million, industry observers say.

• 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.

• Wealthy Investors Grow Pessimistic

  High-net-worth investors are becoming increasingly pessimistic about the economy and dissatisfied with the performance of their financial services providers.

• Curian Products in Works Heed Retirement Demand

  Curian Capital LLC of Denver is developing a managed account for investors who need their portfolio to produce regular income as they enter retirement.

• SEC Warns about 401(k) Debit Cards

  The SEC has issued a warning about the use of 401(k) debit cards that allow employees at some companies to borrow money from their retirement plans.

• MassMutual Permits 401(k) Sponsors to Customize Plans

  MassMutual's retirement services division is offering a customized 401(k) tool for plan sponsors and retirement plan advisers.

• Execs in Two Camps Differ Only on Slump's Duration

  Few banking institutions escaped the pain of credit deterioration in the second quarter, but as executives presented their companies' results in recent weeks two camps seemed to emerge.

• Getting Antsy: Advisers Cope with High-Strung Clients

  The fluctuations in the stock market have created quite the headache for advisers, not to mention the surfeit of investment information via the Internet and cable news.

• The Dichotomies of the 22 Million Mass Affluent

  Frugal and lavish at the same time, the new rich have $22 trillion to spend.

• Bank Tidal Wave Douses Wealth Management

  In the wake of a crisis, investors may strike out on their own.

• Even Oil Companies Missed Part of the Recent Gush

  Believe it or not, there are still opportunities for your clients in oil.

• Worthy Successors

  There are two kinds of succession planning—and, often, two different successors.

• Narrow Target

  Ann Coffey specializes in concentrated positions to court the high net worth.

• Garden State Growth

  New Jersey reps prosper despite a challenging market.

• 5 Questions with Belinda Block

  UBS Wealth Management's head of coaching discusses aspects of her sessions and the benefits to advisors.

• Wide-Angle Lens

  Affluent clients want their financial advisors to focus on more than just investments.

• Viewpoint: from Your iPod, a Message on Internet Access

  As the population that prefers the face-to-face model approaches retirement, and fewer and fewer walk into bank branches, the scramble gets worse.

• Not So Elementary

  Alpha, beta and correlation are now popular terms, but investors still need help understanding what they mean.

• Risky Business

  Wealthy clients may be underserved by their property and casualty insurance.

• Is the Boomer Market Opportunity Overblown?

  As baby boomers move into their sixties, banks' wealth management divisions have reason to be excited. But what if the oft-cited number of 78 millions boomers retiring in the next 25 years doesn't pan out?

• The Spoils of Marriage

  An upfront bonus that vests over time may not be considered a marital asset in a divorce settlement.

• House Calls

  Before you pitch your services to physicians, be sure you can meet their unique planning needs.

• B of A Finds Time's Right to Push Alternative Products

  Advisers will have to put more emphasis on alternative assets as the economic crisis continues, according to the head of Bank of America Corp.'s alternative investment arm.

• Wealthy Depositors Seek Options for Parking Cash

  As a start-up flush with capital, Allegiance Bank Texas in Houston has had little trouble attracting deposits of late.

• SEC, Department of Labor Join Forces

  The SEC chairman and and US Secretary of Labor have signed a Memorandum of Understanding (MOU) to formalize and strengthen the cooperation and relationship between their two agencies.

• Morgan Stanley Adds Rep for Mexico

  Morgan Stanley has hired Juan Dibildox as an investment representative in its private wealth management office.

• Philam Offers New Retirement Savings Scheme

  Fund management firm Philam Asset Management Inc. (PAMI) is now offering investors a Personal Investment Program (PIP), aimed at offering investors an affordable savings plan for their future.

• Axa: Retirement Web Site Isn't Just About Sales

  Don't just retire. "Reengage, reinvigorate, redefine, rejuvenate." That's the inspirational message at MyRetirementShop.com, a Web site Axa Equitable Life Insurance Co. launched this month.

• Fund Execs Defend 401(k) Fees

  Excessive fees in some 401(k) plans are hurting the reputation of all 401(k) plans and shaking investor confidence.

• Morgan Grabs $8 Million Team

  Morgan Stanley has boosted its Latin American wealth management presence by luring an $8 million team from Citigroup.

• Social Security Debuts Retirement Benefits Estimator

  The Social Security Administration unveiled a new online calculator to help people plan for their retirement.

• State CPA Societies Offer Secure File Transfers

  Eight state CPA associations have signed deals with LeapFile, a company that provides secure file transfers, to offer some of its services to their members for free.

• Survey on Service Details Younger Crowd's Turnoffs

  Younger banking customers are likelier than older ones to defect over problems such as high fees or poor service.

• Hedge Fund Inflows Suffer Steep 2Q Slide

  Volatile financial markets forced hedge fund net inflows to their lowest level last quarter since the fourth quarter of 2005.

• What Wealthy Families Really Want

  Today, CPAs and chartered accountants are playing an increasingly important role among the circle of advisors to families of substantial wealth.

• More Charges to Come for Bear Stearns HF Managers

  The government's case against two former Bear Stearns hedge fund managers will thicken as prosecutors announced intentions to levy additional charges against the duo.

• Boomers Need Comforting, Reassurance Amid Market Turmoil

  A bear market is particularly bad for Baby Boomers approaching or in retirement, especially if this turns out to be an extended economic downturn.

• Ernst & Young Wins Hedge Fund Case

  Ernst & Young won a decision involving a defunct hedge fund after its liquidators sued the firm's Cayman Islands unit.

• New Pay Options, Old Criticism

  The weak economy is prompting consumers to use their credit cards for more of their regular expenses, opening a door for third-party companies that can process card payments on behalf of billers that do not accept them.

• Evergreen's CEO on His Multi-Boutique Legacy

  Before Dennis Ferro retires as CEO at Evergreen Investments, he wants to expand its alternative investment capabilities and its international distribution.

• Two Baltimore Firms Plan to Merge

  Brown Advisory and Alex. Brown Investment Management, two Baltimore investment firms, have announced that they will merge.

• A Higher Profile for All Varieties of Risk

  Small and large financial institutions are continuing to give high priority to risk-management improvement.

• A Baby Boomer Stampede May Prove Just a Trot

  As Baby Boomers move into their 60s, banks' wealth-management divisions have reason to be excited.

• You Gotta Have a Plan

  Creating retirement plans for small businesses and professional practices presents a big opportunity for planners.

• Petrozzo New CIO at Fidelity

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

• Better Yields

  Planners can find several vehicles that produce more income, for today or tomorrow.

• Saving a Stretch

  A new IRS ruling sheds new light on stretching inherited IRAs, even when the client misses distributions.

• The Commodity Question

  Do commodities deserve a permanent place in clients' portfolios?

• Consumers Went Shopping in May

  The U.S. Commerce Department said personal consumption increased by 0.8% in May, the largest gain posted since November 2007.

• Retirees Need $85K for Healthcare: Fidelity

  Retirees may need more money than previously expected in order to cover all their health care costs.

• HFSB Names Borges New Chairman

  The Hedge Fund Standards Board, set up to monitor conformity to hedge funds best practice standards, has appointed Antonio Borges as its first permanent chairman.

• Stock, Bond Funds Net Nearly $35B in May

  Stock and bond mutual funds garnered $34.6 billion net inflows in May, with global-focused funds raking in the most.

• Hedge Funds Balance Secrecy, Transparency

  Hedge funds are notorious for being secretive, private investment pools, but the time has finally come for them to become more transparent.

• World Wealth Report: Investors Retrench, Grow More Conservative

  Cash became the investment of choice, with fixed income securities not far behind, as high-net-worth individuals reacted to turmoil in the financial markets.

• Annuities Remain Best Bet for Retirees

  Outside of a defined benefit plan, traditional life annuities issued by insurance companies are the best ways to reduce longevity risk for women.