1. 2 Mark Curtis Smith Barney Palo Alto, Calif. § § § § § § $12,000 N/A N/A 10.000 2. 4 Brian Pfeifler Morgan Stanley New York § § 3,500 25 50+ 9.930 3. 7 Gregory Vaughan Morgan Stanley Menlo Park, Calif. § § § 10,500 20-50 50+ 9.886 4. 5 Augie Cenname Merrill Lynch Columbus, Ohio § 5,700 5-500 20-1,000+ 9.875 5. 6 Marvin McIntyre Smith Barney Washington, D.C. § § § § 2,750 1 - 20 5-50 9.859 6. 10 Howard Rowen Deutsche Bank Alex.Brown Los Angeles § § 1,500 25 50+ 9.847 7. N Richard Zinman Smith Barney New York § § 5,000 10+ 25+ 9.842 8. 39 Phil Scott Merrill Lynch Bellevue, Wash. § § 1,300 3-10 10-20 9.841 9. 3 Richard Saperstein Bear Stearns New York § § 8,270 60 na 9.801 10. 9 Jon Goldstein Smith Barney Menlo Park, Calif. § § 4,900 25+ 50+ 9.773 11. 11 Robert Dixon Morgan Stanley Menlo Park, Calif. § § § 10,500 20-50 50+ 9.759 12. N Jeffrey Schottenstein Merrill Lynch San Francisco § 2,700 50 100 9.757 13. 18 Ira Walker Morgan Stanley Red Bank, N.J. § § § 3,000 10+ 35+ 9.744 14. 12 Louis Chiavacci Merrill Lynch Coral Gables, Fla. § § 2,500 20-30 40-50 9.719 15. 14 Ric Edelman Edelman Financial Svcs Fairfax, Va. § § 2,700 0.4 2 9.687 16. 13 Drew Zager Morgan Stanley Los Angeles § 5,400 50 100 9.651 17. 28 Martin Halbfinger UBS Financial Svcs New York § § 1,500 2-50 5-100 9.633 18. 15 Robert Stulberg Merrill Lynch Bloomfield Hills, Mich. § § 2,200 2-50+ 5-100+ 9.622 19. 17 Bill Gurtin Morgan Stanley Rancho Santa Fe, Calif. § 5,000 5-500 10-1,000 9.600 20. 19 Paul Tramontano Smith Barney New York § § § 6,000 5 25 9.579 21. 23 Jeff Erdmann Merrill Lynch Greenwich, Conn. § § 3,000 5-50 25-70 9.516 22. 24 Dana Jackson Smith Barney Menlo Park, Calif. § § 6,500 15+ 25+ 9.508 23. 25 Raj Sharma Merrill Lynch Boston § § § § 4,450 10 10 9.505 24. 37 Ron Carson Carson Wealth Mgmt Omaha, Neb. § § § 1,442 1-5+ 5-12 9.501 25. 22 Richard Blosser Morgan Stanley Los Angeles § § § § 2,500 25-50 50+ 9.499 26. 20 Mark Sear Merrill Lynch Los Angeles § § 5,600 20 30 9.497 27. 21 David Hou Merrill Lynch Los Angeles § § 5,600 20 30 9.497 28. N Roger Coleman Smith Barney New York § § § § 3,900 2-5 10-20 9.490 29. 32 Sanford Katz UBS Financial Svcs San Francisco § 1,325 15-150 15-150 9.483 30. N Richard F. Connolly UBS Financial Svcs Boston § 1,860 N/A 2.5+ 9.457 31. 26 Joseph Montgomery Wachovia Securities Williamsburg, Va. § § § 7,300 3-10 5-15 9.431 32. 27 Jim Hansberger Smith Barney Atlanta § § § § 1,500 N/A 10-20 9.429 33. 34 Saly Glassman Merrill Lynch Blue Bell, Pa. § § § 1,050 3-5 10 9.413 34. 30 John W. Rafal Essex Financial Svcs Essex, Conn. § § § § 1,400 2 3-10 9.399 35. 31 Rebecca Rothstein Smith Barney Beverly Hills, Calif. § § § § 1,000 10 20 9.386 36. N George Schietinger Credit Suisse New York § § 1,350 10+ 25+ 9.376 37. N Shelley Bergman Bear Stearns New York § § § 1,245 1-25 5-100 9.373 38. N Troy Griepp Morgan Stanley San Francisco § § 3,500 20-50 10-200 9.36 39. 43 George Dunn Smith Barney Washington, D.C. § § § § 3,800 25-500+ 50-1,000 9.358 40. 40 Bernard King UBS Financial Svcs St Louis § § § § 1,085 3.5 7 9.330 41. 48 Michael Johnston Smith Barney Irvine, Calif. § 1,953 10-25+ 15-50+ 9.327 42. N Dale Reed JPMorgan Private Bank Los Angeles § 12,000 25-200 100-1,000 9.326 43. 45 Alan Whitman Morgan Stanley Pasadena, Calif. § § § 1,118 1-10+ 3-20+ 9.319 44. 54 Dana Locniskar Merrill Lynch Detroit § § 3,500 5-25+ 10-30+ 9.310 45. 29 John Korbell Smith Barney San Antonio § § 1,100 1-5 5-10 9.293 46. 42 Charles Zhang Ameriprise Financial Svcs Portage, Mich. § § 800 2 3.5 9.271 47. 46 John Kulhavi Merrill Lynch Farmington Hills, Mich. § § § 785 500-3 2-5 9.268 48. N William J. Greco UBS Financial Svcs Hartford, Conn. § § § 1,775 4-6 8-12 9.240 49. 53 Jonathan Harris Morgan Stanley San Francisco § § § 3,000 20 20-100 9.235 50. N Christopher Aitken Smith Barney Lutherville, Md. § § § § 2,800 10-50 20-75 9.225 51. 61 John Cooke Wachovia Securities Indianapolis § § § § 1,180 1-15 2-40 9.216 52. 59 Rich Petit Morgan Stanley Menlo Park, Calif. § § § 5,000 25 50-100 9.214 53. N Scott W. Christopher JPMorgan Private Bank Los Angeles § 12,000 35-200 25-1,000+ 9.207 54. 57 Steve Hefter Morgan Stanley Riverwoods, Ill. § § 1,332 5-150 10-1,000 9.201 55. 52 Lori Van Dusen Smith Barney Rochester, N.Y. § § § 3,000 50 60 9.192 The Top 100 Here are America’s best financial advisers from brokerages and banks, as identified by industry researcher R.J. Shook, author of The Winner’s Circle books. The advisers, he says, follow the industry’s best practics and have the biggest books of business. The scoring system assigns a value of 10 to the top adviser, then calculates the others’ scores by comparing each with the No. 1 finisher in terms of assets under management, revenue, customer satisfaction and other factors. Total assets are those of the adviser’s team; they include both those at the firm and those held elsewhere but overseen by the team. Institutional assets are given less weight in the scoring. N indicates an adviser is new to the list this year. CUSTOMERS High Ultra-High Total Typical Typical Rank Individuals Net Worth Net Worth Corpor- Found- Endow- Assets Account Net Worth ’06 ’05 Name Firm Location (Up to $1 mil) ($1-10 mil) ($10 mil+) ations ations ments ($mil) ($mil) ($mil) Score Continued on Page 32
2
Embed
W P1BW114013-0- › 29370top100brokers.pdf2.4 Brian PfeiflerMorgan Stanley New York §§3,500 25 50+ 9.930 3. 7 Gregory Vaughan Morgan Stanley Menlo Park, Calif. §§ §10,500 20-50
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
CY
AN
M
AG
ENTA
Y
ELLO
W
BLA
CK
CM
YK
Com
posi
te
Com
positeP
1BW
114013-0-W01900-1---X
AE
E,E
U,M
W,N
A,S
W,W
E
8158
02_8
1581
3 04/24/2006
P1B
W11
4013
-0-W
0190
0-1-
--X
AP1BW114013-0-W
P1BW114013-0-W01900-1---XA
Get out of a single mindset.That’s outperformance.That’s Deutsche Asset Management.In asset management, there is no one answer. So, we find the right balance of qualitative styles
and quantitative tools to construct portfolios that suit many investment needs.
For more information, visit deam.com
Deutsche Asset Management is the marketing name in the US for the asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Asset Management Inc., Deutsche Asset Management Investment Services Ltd., Deutsche Investment Management Americas Inc. and DWS Trust Company. 04/06 17401
CA
SH
|
EQ
UIT
Y
|F
IXE
D I
NC
OM
E
|IN
SU
RA
NC
E A
SS
ET
MA
NA
GE
ME
NT
|
MU
LT
I-A
SS
ET
MA
NA
GE
ME
NT
|
QU
AN
TIT
AT
IVE
ST
RA
TE
GIE
S
|S
PE
CIA
LT
Y F
IXE
D I
NC
OM
E
April 24, 2006 B A R R O N ' S 19
1. 2 Mark Curtis Smith Barney Palo Alto, Calif. § § § § § § $12,000 N/A N/A 10.000
2. 4 Brian Pfeifler Morgan Stanley New York § § 3,500 25 50+ 9.930
3. 7 Gregory Vaughan Morgan Stanley Menlo Park, Calif. § § § 10,500 20-50 50+ 9.886
47. 46 John Kulhavi Merrill Lynch Farmington Hills, Mich. § § § 785 500-3 2-5 9.268
48. N William J. Greco UBS Financial Svcs Hartford, Conn. § § § 1,775 4-6 8-12 9.240
49. 53 Jonathan Harris Morgan Stanley San Francisco § § § 3,000 20 20-100 9.235
50. N Christopher Aitken Smith Barney Lutherville, Md. § § § § 2,800 10-50 20-75 9.225
51. 61 John Cooke Wachovia Securities Indianapolis § § § § 1,180 1-15 2-40 9.216
52. 59 Rich Petit Morgan Stanley Menlo Park, Calif. § § § 5,000 25 50-100 9.214
53. N Scott W. Christopher JPMorgan Private Bank Los Angeles § 12,000 35-200 25-1,000+ 9.207
54. 57 Steve Hefter Morgan Stanley Riverwoods, Ill. § § 1,332 5-150 10-1,000 9.201
55. 52 Lori Van Dusen Smith Barney Rochester, N.Y. § § § 3,000 50 60 9.192
The Top 100Here are America’s best financial advisers from brokerages and banks, as identified by industry researcher R.J. Shook, author of The Winner’s Circle books. The advisers, he says, follow the industry’sbest practics and have the biggest books of business. The scoring system assigns a value of 10 to the top adviser, then calculates the others’ scores by comparing each with the No. 1 finisher in termsof assets under management, revenue, customer satisfaction and other factors. Total assets are those of the adviser’s team; they include both those at the firm and those held elsewhere but overseen by the team. Institutional assets are given less weight in the scoring. N indicates an adviser is new to the list this year.
CUSTOMERSHigh Ultra-High Total Typical Typical
Rank Individuals Net Worth Net Worth Corpor- Found- Endow- Assets Account Net Worth’06 ’05 Name Firm Location (Up to $1 mil) ($1-10 mil) ($10 mil+) ations ations ments ($mil) ($mil) ($mil) Score
Continued on Page 32
30 B A R R O N ' S April 24, 2006
CY
AN
M
AG
ENTA
Y
ELLO
W
BLA
CK
CM
YK
Com
posi
te
Com
positeP
1BW
114011-0-W01700-1---X
AE
E,E
U,M
W,N
A,S
W,W
E
8158
00_8
1581
5 04/24/2006
P1B
W11
4011
-0-W
0170
0-1-
--X
AP1BW114011-0-W
P1BW114011-0-W01700-1---XA
INSURERS IN THE LLOYD’S OF LON-don syndicate may be getting ready topull their backing of a large and con-troversial collectible-stamp business.The insurers are facing a May 1 dead-line to renew their theft-and-damagepolicies for the stamp hoard of Spain’sAfinsa Bienes—and a person familiarwith the matter thinks the group willwalk.
A withdrawal by the prestigious in-surers would be a black eye for Afinsaand could raise questions about Nasdaq-listed Escala Group (ticker: ESCL),which supplies Afinsa with stamps andis 69% owned by the Spanish firm.Afinsa declined to comment. Escala,whose shares have nearly tripled in thelast year, couldn’t be reached.
Barron’s cast a skeptical eye on theAfinsa stamp business last year (“StickySituation,” May 23, 2005). The companypromises that investors can earn 6% to10% annual returns by purchasingstamps from Afinsa and selling themback to it after a fixed period. The pro-gram, which has drawn some 150,000 in-vestors, is backed by a stamp collectionthat Afinsa claims is worth $1.5 billion.
The problem is that Afinsa values itsholdings based on prices in stamp cata-logs, which can be far above marketprices. The person familiar with the mat-ter suggested that at least some Lloyd’s
insurers have been basing their coverageon Afinsa’s valuation, and are now con-cerned. A Lloyd’s spokeswoman wouldn’tcomment on the situation.
London-based insurer Hiscox, aleading member of the Lloyd’s syndi-cate, last year stopped insuring theportfolio against fire and theft afterBarron’s highlighted Afinsa’s valua-tion method.
The 20 or so other members of thesyndicate have continued to offer cov-erage. But the source told Barron’s itis “highly unlikely” that the otherLloyd’s insurers will agree to renewtheir policies with Afinsa at the annualdeadline.
HSBC Insurance, Afinsa’s London-based insurance broker, reportedly hasbeen scouting for new insurers. HSBCdeclined to comment. —NEIL A. MARTIN
WE’RE REELING FROM WHEELING. THEshares of steel maker Wheeling-Pitts-burgh jumped more than 25%, to about45, in the firstmonth afterwe ran a favor-able profile of the company last year(“Still a Steel?,” Feb 7, 2005). But they’vesince fallen by half, and any hopes for abig bounce now look speculative, at best.
It’s true that the company, based inWheeling, W.Va., has made someprogress resolving operational prob-lems that had caused it to report twostraight quarterly losses—and to pre-dict a third, despite one of the strongestmarkets ever for steel. And takeovertalk last week did help the stock, fromthe high teens to 24.49.
Reports out of West Virginia and Pitts-burgh, citing numerous but unnamedsources, said Brazilian steel maker CiaSiderurgica Nacional, or CSN, and Chi-cago-based steel distributor Esmark,have expressed interest in Wheeling-Pittsburgh. CSN declined to comment.Esmark Chief Executive James Bou-chard declined to comment specifically onWheeling-Pittsburgh but noted his com-pany has earmarked $200 million in cashto participate in industry consolidation.
But how much Wheeling-Pittsburghmight fetch in a sale is still anybody’sguess. Given that the lowest prices paidin recent steel acquisitions were roughly$600 per ton of annual production, you
could imagine a price of around 60 ashare for Wheeling-Pittsburgh, whichproduces 2.5 million tons a year. But thatwould ignore the fact the company isn’tmaking any money and is payingthrough the nose for iron ore and coal,and its blast furnace needs maintenance.
While 60 would be a stretch, anythingunder 30 would be a steal, says one indus-try observer. Even when the stock was at18.70, it looked too speculative for UBSSecurities steel analyst Timna Tanners;she issued a Sell rating at that point.
And any deal could lead to seriouswrangling among shareholders. The com-pany’s Employee Stock Ownership Planholds 27% of the company and an outsideinvestor, Tontine Partners, owns close to10%. Investors might just want to steerclear of the clashing of heavy metal. —SANDRA WARD
The Dent in Wheeling-Pittsburgh
A Return Visit to Earlier Stories
Stamp of Disapproval
2005 2006
$45
35
25
15
5
Wheeling Pittsburgh (WPSC - NNM)Weekly close on April 20
• Peak Oil Debate: Will Demand Outstrip Supply?• Keynote Address: Five Reasons to be Bullish on Gold• Moderated panel - New Prospects in Uranium• Keynote Address: Oil’s Impact on Global Markets• Workshop: James Dines’ Uranium Picks• Keynote Address: Energy GeoPolitics• Institutional Luncheon with Marc Faber
Invitation Only - Hosts: Endeavour Mining Capital & GMP Securities LP
Dr. Martin Murenbeeld
The Dundee Group
Dr. Stephen LeebThe Complete
Investor
Rick RuleGlobal ResourceInvestments Ltd.
Dr. Michael J. EconomidesCullen Collegeof Engineering
Frank HolmesU.S. Global
Investors, Inc.
get thejob done.
• More powerful trading tools
• Easier access to research andaccount information
• Fast, accurate trades for just $7 flat
• 240 local offices so we’realways nearby
FAST. EASY. POWERFUL.
That’s Scottrade.
scottrade.com
We’ve got the power to
*Additional charges may apply foroptions, stocks priced under $1.00,and certain mutual fund orders
Member SIPC
1-800-619-SAVE
April 24, 2006 B A R R O N ' S 17
56. N James Hulburd Merrill Lynch San Francisco § 1,550 35-45 50-75 9.152
57. N Christopher Sargent Wachovia Securities Washington, D.C. § 673 2-3 5-10 9.146
58. N Rick Davidson Credit Suisse New York § § § 1,030 5 12 9.124
59. N Peter Rohr Merrill Lynch Philadelphia § § 1,205 20 25 9.122
60. 56 Thomas D. Lips UBS Financial Svcs Hartford, Conn. § § § 700 1-20 5-50 9.120
61. N Peter Rukeyser Morgan Stanley New York § § § 2,200 35 50 9.119
62. N Alexander Williams Morgan Stanley New York § § § 2,200 35 50 9.119
63. 63 Donald DeWees Wachovia Securities Wilmington, Del. § § § § 1,000 3.5+ 5+ 9.094
64. 65 Michael C. Dawson UBS Financial Svcs Houston § § 7,009 100 100+ 9.094
65. 47 Nick Bapis Morgan Stanley Salt Lake City § § § § 1,800 5 10 9.073
66. 60 John Olson Merrill Lynch New York § § 1,435 2-30 5-50 9.041
99. 97 Kay Shirley Fin Development Sys/MSC Atlanta § § 600 0.8-1 3 8.737
100. 93 Scott Tiras Ameriprise Fin Svcs Houston § § 1,375 1-3 2-5 8.734For more information on The Winner’s Circle and the ranking methodology, go to: www.wcorg.com Source: R.J. Shook
CUSTOMERSHigh Ultra-High Total Typical Typical
Rank Individuals Net Worth Net Worth Corpor- Found- Endow- Assets Account Net Worth’06 ’05 Name Firm Location (Up to $1mil) ($1-10 mil) ($10 mil+) ations ations ments ($mil) ($mil) ($mil) Score