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

Rules changing for the money management game

The business of managing people’s money is getting a shakeout in Richmond.

With major stock indices off nearly 40 percent, all sorts of clients are reevaluating their advisors, and that has meant opportunity for firms that can land new clients without letting go existing ones. But it also means more pressure to lower rates, which could leave a lasting effect on the local industry and make it less profitable for years to come. Read more

Wachovia Securities to get new name

First Wachovia Securities departs Richmond. Now the firm is doing away with its name all together. According to the Jacksonville Business Journal, Wachovia Securities will be renamed Wells Fargo Advisors in May.

Auction-Rate Insecurity

At least three Richmond investment firms are having trouble retrieving client money from investments that were thought to be short-term and low-risk.

Individuals and businesses that invest with Davenport & Company, Charles Schwab and Wachovia Securities might be unable to access money from certain mutual funds that invest in municipal bonds, also known as auction-rate securities. Read more