Broker/Dealer Briefing: News and Products

Securities America, the 1,900-representative independent broker/dealer, announced July 26 that it had named Jim Nagengast to succeed Steve McWhorter, who resigned in January as CEO of the Omaha-based firm, a subsidiary of Ameriprise Financial. In an interview, Nagengast said that as part of his priorities now, “we’ll focus even more on our fee-based platform.” Moreover, he said that “if you want to be a leader in fee-based, you have to be a leader in retirement income distribution,” as seen in the broker/dealer’s NextPhase coaching program.

HighTower, the RIA firm based in Chicago that has been growing as breakaway wirehouse brokers join its ranks, has announced its latest partner, Three Bridge Wealth Advisors, an advisory firm based in Menlo Park, California, a California advisory firm with $740 million in assets that has deep ties to the Silicon Valley community.

AIG found itself in the news on August 6 when it posted a $2.7 billion loss for the second quarter of 2010. On August 8, in perhaps even worse news for the company, AIG was missing in action on the soccer pitch as Manchester United, the world’s most valuable sports franchise was victorious in the traditional opening of the English Premier League. AIG had appeared prominently on the front of the Manchester United players’ shirts since 2006, with various British newspapers saying AIG paid about $25 million annually to be only the third corporation to appear on the front of the Man U jersey for four years. Instead, Aon (NYSE ticker: AON), the Chicago-based risk management, reinsurance, and HR consulting firm, now appears on the Man U “kit” in another four-year deal; the British papers say Aon is paying about $33 million per year for the privilege of sponsoring the shirts.