5 Burst results for "Prudential Securities"

"prudential securities" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

09:16 min | 3 months ago

"prudential securities" Discussed on Bloomberg Radio New York

"And there you have it. The opening bell at the New York Stock Exchange the opening bell being brought to you, by S E. I imagine your asset management's firms operational infrastructure. As a competitive advantage. Let s see, I show you how it s c i c dot com slash I am s leading up to the open futures have been higher all morning long following a rebound of Chinese tech stocks right now the S and P 500 intraday record out of the gate seven points higher right now Up about 2/10 of a percent. The Dow is up 2/10 of a percent 67 points higher. 35,402 and the NASDAQ composite Index adding to yesterday's record clause, 52 points higher. That's up 4/10 of a percent at 14,900. And 94. That is your Bloomberg Opening Bell Report. Tom and Paul John Tucker. Thanks so much Paul Sweeney in Tom Kean with an eventful morning in Washington. A huge focus on Afghanistan. We've talked about it through the morning, but also other discussions. Ed Mills joins us now. Edward Rails Raymond James. Washington policy analyst Ed Mills. You're the only guy No, I think there's 18 maybe 19. I can't remember Blue dogs. The blue dogs came about 25 years ago as yellow dogs there's bo evils. And then there's blue dogs. Mills. What's a blue dog? It is generally a moderate Democrat, especially on social issues and on fiscal issues, someone who is probably Not on board for some of the spending that the Bernie Sanders wing of the party would be pushing for. Are they closer to a Republican moderate or closer to the senator from Vermont? Closer to her Republican moderate, But the truth of the matter is a moderate is even more rare Bird in D. C these days, Miss Spanberger X of the CIA takes the trophy outside Richmond up to Fredericksburg down. I can't remember where that's that's up. They nail that. Okay, did okay Abigail Spanberger, the seventh Congressional District of Virginia. She won by under 51% of the vote by 7447 votes, I think is my math this morning. There's a lot there are a lot of those people out there and to Speaker Pelosi. Care about them. When I talked to folks on the hill. She is very concerned about them. She wants to keep the majority, but she also sees a once in a generation opportunity. To pass an agenda that she has spent her lifetime putting together. This is likely her last term Congress indoor as speaker. Um and so I think she wants to cement her legacy. Okay? I got to be rude. Here, Paul. You've got to jump in with questions. I'm going to put a cork in. I put the surveillance cork in my mouth. I got to ask at. Is she going to sacrifice The majority in the house so she can get the trophy before she retires. I think if it was a choice, she would get the trophy. I think she thinks she can do both in, um, you know, kind of 2000 and 10. There were some votes that she force members to take that cost her. The majority I think she has learned from that has not really pushed folks out onto the limb. But I think that members feel as if, uh if they do the agenda or not, Their best chance of keeping the majority is by producing some level of legislation. So she would say by doing infrastructure by doing some of these social changes. That is the best chance of preserving the majority. It might sacrifice individual members, but I think that she wants to take this once in a generation opportunity to get this done. So, Ed, I want you to clear up something for me if you can, and this is really good into how the sausage is made down in Washington. We have the fiscal stimulus the infrastructure bill, but it's not We don't really have it because it's tied to this bigger budget deal. Tell me how that all works. Do we have to have one? Can we get one without the other? Do we have to have them both? They ultimately will pass separately. But it is a standoff between the moderates and the progressive. The moderates don't want to pass. Um yeah to Budget reconciliation instructions until they get a vote on the stand alone infrastructure bill that's already passed the Senate. The Progressives don't want to pass that stand alone bill because they're fearful they are not going to get the larger bill done. Ultimately both get done. There is more than enough reasons that they both get done. The October 1st deadline for appropriations and surface transportation will be the reason why we get the Senate passed infrastructure bill done. Exploration of the child tax credit. The need to lift the debt limit later this year are the reason the larger package gets done Debt ceiling Is this something we need to worry about? It just seems like something that always kind of at the last minute gets fixed. Is this time any different given that we've got these big bills? Pending. It's not different in terms of it will get done at the end of the process will be different. Democrats are playing a game of chicken with Republicans seeing if they can get them to support something larger. The thing in their back pocket is that you can do debt limit through budget reconciliation, The Senate changed the rules of speaking of this year. They do have to go through kind of what's known as a vote a Rama to amend reconciliation instructions. So it's going to be messy over the next couple of months. But the outcome really does not change. It. Really is the sausage making that you discussed. Excuse me. I'm in such shock. I didn't like my God. It's my first day in the studio. Yeah, I could go on forever on this. Did Sam Rayburn ever have to put up with a voter Rama? Well, he was speaker of the House of No. But I'm sure some of this you know you've always had the kind of filibuster rule in the Senate. It's changed over the years, and you kind of it. You think more of a Senator Byrd for bringing about things like a vote a Rama. Vote a rama. Yeah, that's just doesn't sound right. We didn't learn about that. Now. We did, son, Ed. I mean, Go ahead. Go ahead. No, I think it is. It is kind of a silly thing. It's one of those things where an average person hears about a boma vote. A Rama and their eyes glaze over. Senator hears about that, and they complain that they have to All nighters right well into their eighties and actually vote on legislation And, you know, we talk about messy situations in Congress. We've certainly got one in Afghanistan. How does that play into again kind of the day to day operations of rounding up votes and getting stuff done? I think it is ultimately going to have more ramifications politically, especially on the midterm elections rather than on the day to day activities of Congress. If anything, having the events in Afghanistan put pressure on the Democrats to produce a win legislatively changed the conversation. Go back to what they have already put on their agenda. And so I think kind of the crisis in Afghanistan actually make Infrastructure more likely to pass because Democrats will feel the pressure politically to notch a win. And so maybe it's a little early, but it's never too early to look ahead to 2022 is the expectation that the Democrats will in fact lose their slim majority in Congress. Or is it still an open question? I think that the base case is, you know, Historically, you lose seats with a slim majority. Um, you know, it is more likely than not for Republicans to win the house. It's more of a tough up in the Senate. I think the thing that an Abigail Spanberger was concerned with in the last election was crime and or order defund the police conversations. The weak spot for Democrats right now is a question of security rising crime within major cities. That has really been a topic of conversation I have had with clients and people around this country. If Afghanistan makes people feel less safe, that is a real concern for some of those suburban an excerpt. Democrats, which could be the area in which Democrats lose their majority. Ed Mills learned a lot there. Thank you so much greatly greatly appreciate it. Just if I were an institutional investor. I have to talk to this guy. Well, that's what you know A lot of the firms do this, but Raymond James, you know with the Southern view, Sure. They have developed in a cutie down there for like, I'm gonna say this with respect decades. Absolutely no, the head mills has led the charge. Remember? Remember when Prudential Securities was had a really, really, really strong department on the street? They had a very good made a very good Washington D. C. This is before PDS For those of you younger you won't remember. This is like when there was paper and you actually Read it cover to cover its depressing with our news in New York.

Abigail Spanberger Paul Sweeney Ed Mills Sam Rayburn Tom New York Paul 14,900 Paul John Tucker Vermont 7447 votes Ed Washington Fredericksburg Tom Kean 52 points October 1st Edward Rails 2022 Senate
"prudential securities" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

08:00 min | 4 months ago

"prudential securities" Discussed on Mindy Diamond on Independence: A Podcast for Financial Advisors Considering Change

"Jerry talks about the journey from starting at zero and building an incredible business the progression toward independence while at wells fargo how his clients where the real catalyst in the decision to go fully independent. And how if they had chosen to stay put even though things were good enough they may have missed out on the growth opportunity of a lifetime and much more. So let's get to it jerry. I can't thank you enough for making time to join me. Today is my absolute pleasure. Thank you for inviting me. You bet aright will. You have an amazing story and built an amazing business. So let's not waste another minute. Let's jumping so. I guess let's start with tell us a little bit about yourself and the career path led you and your partners to launch. What is gyi l. advisers. certainly so. My background is such that. I started off. I going down. The path of a legal career and i graduated from law school in may of nineteen ninety and admitted to practice law in new york and connecticut and i did practice for approximately six years and then i left the active practice of law back in one thousand nine hundred ninety six and went to work as a financial adviser in training at prudential securities and at prudential securities. I met existing partners and together we developed practice in two thousand and three prudential entered into a joint venture with wachovia bank to form covy securities and then in two thousand and eight wachovia was absorbed by wells fargo and then myself along with john. Y'all's and michael apure moved to wells fargo financial network and then together with our other legacy partner claire mcdonald and then in two thousand sixteen with the help of focus financial partners we created our own registered investment advisory firm and has just been just an amazing journey along the way will cover much of it as we move forward but there are many what i call recovering attorneys that wound up in wealth management. What do you think the connection is and wide turned out well for so many and certainly you. I think that as attorneys out critical thinking skills are refined and we are trained to think consultations and to have a fiduciary mindset so if you contrast that to the historical evolution of brokers or financial advisors some have that mindset but that's not always necessarily the same focus. Okay so let's back up a little bit and look at your time i at prudential and then wells fargo. Tell us a little bit about your business. There your team the type of clients you served in how much and assets you were managing shore. As i mentioned. I started out in the financial adviser in training program and i did. What at the time. Any other adviser did i strapped on a catcher's mitt and fielded a really anything that came my way and at the same time early in my career. I was exposed to institutional advisory work at the time. It was more analogous to what i did. As an attorney with the fiduciary responsibility was already embedded into what was being done for clients and together with my other partners. John y'all's and then subsequently michael and claire we also had a private client advisory practice in slowly but surely that was built out. Okay so you spent about twenty years there at prudential and then what became wells fargo. So what was it like the good in the bat. Starting first with the good. We made a lot of friends in that organization other advisers members of management people and operations. There are a lot of talented people. It's axiomatic to say that they're really good people anywhere on the on the bad front if you will. There were other people there as well on any given day inside of a large organization where fiduciary standards and acting in the best interest of clients. It perhaps may not always be the standard of care that's applied people are going to do things that are not appropriate. Unfortunately we would take a hit in the press in our credibility with clients would take a hit because of wrongdoing that would occur another branch halfway across the country involving people. we didn't know or behavior. We weren't aware of so as a result the home office. We have to engineer policies for what was often the lowest common denominator. And this for us would be at time stifling unless you were working with the branch manager that was a more practical and pragmatic it would be difficult for larger advisory groups to be able to provide dynamic custom solutions for clients despite this that we were able to retain clients and develop trust relationships. So remind me again. How much announced sets you're managing at the time. If we go back again to nineteen ninety-six. We started with nothing when we left a we were somewhere. North of four billion in assets under management and under advisement and. Just give us a sense of the client breakdown. How much of that whereas institutional assets and how much private client if you look at it from a revenue perspective it was about a fifty fifty mix between institutional clients as well as private clients. And what i would say. Though is the assets were more heavily skewed towards the institutional side. I would say probably baby. Seventy five eighty percents institutional assets as opposed to the clients making up the rest and what kind of institutions. so it really ran. The gamut is From doing work for defined benefit plans insurance straws defined contribution plans foundations and endowments and those were both municipal clients for profit. Corporate clients a really eclectic mix of of all of those those types of clientele mate. So let me ask you a question. You say managing to the lowest common denominator became stifling and difficult to offer dynamic and creative solutions set to clients more on the institutional side than the private clients side or vice versa. How did the managing the lowest common denominator impact. You so if we. I focus in on things such as standard of care. It took an enormous amount of energy expended on our part to prevail upon the home office that we needed to be able to expressly assume our fiduciary responsibility. You wouldn't think that would be a major lift but in fact at the time it was a friend. You talk about things. Such as investment if you wanted to be able to provide access to clients for alternative investments. You didn't always necessarily end up getting the very best alternatives our options available to in the branch more often than not. These were options. That were really being packaged. Or put out to A wirehouse for distribution as opposed to being best in class. So that the moment that you end up getting outside of that realm you end up having a much wider range of options and alternatives to.

wells fargo prudential wachovia form covy securities michael apure wells fargo financial network claire mcdonald John y Jerry jerry connecticut mitt new york claire john michael
"prudential securities" Discussed on James Wilson Institute Podcast

James Wilson Institute Podcast

01:59 min | 8 months ago

"prudential securities" Discussed on James Wilson Institute Podcast

"This program is brought to you. By the james wilson institute on natural rights in the american founding. If you'd like to learn more about the james wilson institute please visit james wilson institute dot org. We hope you enjoy the program. Hello and welcome to the james wilson. Podcast i'm your host garrett's networker. Today will be chatting with stephen soukup. Stephen is the author of the book. The dictatorship of whoa capital how political correctness captured big business from encounter books. Stephen is e senior commentator vice president and publisher of the political form an independent research provider that delivers research and consulting services to the institutional investment community with an emphasis on economic social political and geopolitical events. Likely to have an impact on the financial markets in the united states and abroad. He's also the director of the political form institute a nonprofit educational organization dedicated to creating and preserving community primarily among those who earn their living and create wealth for the nation through the capital markets. Soukup is followed politics and federal regulatory policy for the financial community since one thousand nine hundred ninety six when he joined the award winning washington research office of prudential securities. He's also a fellow in culture in the economy at the culture of life foundation. Also joining us on the podcast. Is peter spence. One of our interns at the james wilson institute peter. Why don't you get a started. Why did you write this book. And what specifically led you to dive into the dictatorship of will capital. Well i have worked for twenty. Five years My entire professional career In the financial services world and.

"prudential securities" Discussed on 860AM The Answer

860AM The Answer

02:01 min | 3 years ago

"prudential securities" Discussed on 860AM The Answer

"High net worth individuals developers and borrowers. Hey, let's Sarah sweet spot. Previously is a senior vice president at balance sheet manager j developed relationship with over three hundred financial institutions throughout the United States. Balance-sheet manager was established in nineteen and nine to create a national platform for banks and financial institutions previously. He manage key client areas for Mellon Bank and Prudential Securities. Nj graduated from California polytechnic state university with a degree in finance and economics. So that said he knows what he's doing. So without further. Argumentation welcome to the radio nation. Jay. Moran. Thanks for having me again. I welcome. And you know, as I said, the real state news is actually what we're going to be discussing. So the acronym is AD. You is that correct. Yeah. So, you know, the legal term is accessible accessory dwelling unit. You know, some people might call him a granny flat in my unit. Your backyard cottage, you know, secondary unit in the backyard or in finding existing falling within a single family home. What makes it so important right now. And what do you think was the cause of this movement? Well, so that's eighty you. But placing came from Sacramento in one of the big pushes from Jerry Brown. And then I think that's gonna be passed on to Gavin Newsom. Our new mayor is increase the housing stock excessively in supply constrained markets such as the bay area, and when the state modified their EDU in twenty eighteen what they really wanted to do with bypass local ordinances it really make easier for homeowners to expand and add the granny or in my unit into their existing building. So one of the things that that does is if you're in a jurisdiction that let's say not too not too eager to extend you. That's the state law. Bypasses local ordinances, though, in the fact that you're living in the suburbs..

Jay senior vice president California polytechnic state u Gavin Newsom United States Mellon Bank Sarah Nj Prudential Securities Moran Sacramento Jerry Brown
"prudential securities" Discussed on 860AM The Answer

860AM The Answer

01:36 min | 3 years ago

"prudential securities" Discussed on 860AM The Answer

"High net worth individuals developers and borrowers. Hey, let's Sarah sweet spot previously as a senior vice president at balance sheet manager j developed relationship over three hundred financial institutions throughout the United States. Balance-sheet manager was established in nineteen thousand nine to create a national platform for banks and financial institutions previously. He manage key client areas for Mellon Bank and Prudential Securities. Nj graduated from California polytechnic state university with a degree in finance and economics. So that said he knows what he's doing. So without further. I went to Asian welcome to the radio nation. Jay take him around. Thanks for having me again. I appreciate it. You're welcome. And you know, as I said, the real estate news is actually what we're going to be discussing. So the acronym is AD you is that correct? Yeah. So, you know, the legal term is accessible accessory dwelling unit. Idio-, you know, some people might call him. A granny flat in my unit backyard cottage secondary unit in the backyard or in finding existing falling within a single family home. What makes us so important right now. And what do you think was the cause of this movement? Well. Eighty you. But placing team from Sacramento and one of the big pushes from Jerry ground. And then I think that's going to be passed on to Gavin Newsom. Our new mayor is increase the housing stock excessively in supply constrained markets such as the bay area, and when the state modified their EDU in twenty eighteen what they really wanted.

Jay senior vice president Gavin Newsom California polytechnic state u Mellon Bank Prudential Securities United States Nj Sarah Sacramento Jerry Idio