Wealth advisors strike out on their own

Here’s a trend to watch for small businesses around Richmond that handled projects from the now-departed Wachovia Securities: Wealth advisors continue leaving big banks and investment firms to run their own wealth management businesses. And most of their investment approaches are similar: trying to help wealthy clients find steady returns. That means likely no home runs, but hopefully no blow-ups, either.

And their independence is a big selling point as they try to pick up clients with more than $500,000 to invest. Read more

The Pipeline: Commercial Real Estate Round Up for 10.23.09

Grubb & Ellis | Harrison & Bates reports the following deals:

BB&T leased 140,400 square feet at Riverfront Plaza, 901 E. Byrd Street in Richmond.

ARC Granite & Marble leased 15,000 square feet at 10411 Leadbetter Road in Hanover. Read more

SBA lending rebounds

Lending is starting to flow again to small businesses.

The Small Business Administration Richmond office helped broker 230 loans in the most recent quarter, which ends today. That’s 19 more than the same quarter last year – and the first quarter in a year not see at least a 27 percent decrease in the number of loans issued.

Two quarters ago, the number of loans was down more than 50 percent from the previous year.

“There’s a little more confidence out there in the small-business community,” said Scott Dailey, an assistant director at the SBA’s Richmond office, which handles the entire state except for Northern Virginia. Read more

Troubled awning firm files for bankruptcy

An awning company that took deposits for work it never finished filed for bankruptcy, and some clients will have to watch the process to see whether they will get their money back.

Thermo-Press Corp, which is a shell for Norvell Awning, filed for Chapter 7 bankruptcy July 10. The company had a total debt load of $1,025,803.26. Norvell’s 46 creditors run from bank loans to back rent, the power company, the phone company and at least a dozen customers who paid for work to be done. Read more

BB&T investment arm sued by Little Rock firm

Scott & Stringfellow, the investment-banking subsidiary of BB&T, is being sued for stealing clients and company secrets as it recruited analysts from a competitor’s Richmond office.

Stephens Inc., an investment bank based in Little Rock, filed a lawsuit in U.S. District Court in Richmond last week against five former analysts who left the firm’s West End office to take higher-paying jobs at Scott & Stringfellow.

Read more

Local builder files for bankruptcy protection

Prospect Homes, a local homebuilder for more than 25 years, filed for Chapter 11 bankruptcy Tuesday.

The company, owned by President Joe Audi, owes creditors between $50 million and $100 million, according to the filing. More than 200 companies and individuals are owed money.

Many businesses listed as creditors were not surprised by the news, as checks had been late in arriving for at least six months. But several local business owners said they kept working with Prospect after Audi met with them, in part because they wanted future work and had known the company for decades. Read more