For the fifth consecutive year, Rainsberger Wealth Advisors has received national recognition from Bloomberg’s Wealth Manager Magazine as one of the nation’s premier wealth management and consulting firms.
In the July/August issue of the magazine, RWA ranked as the top firm in Colorado Springs and one of top 10 in Colorado. Nationally, it placed 297th.
Bud Rainsberger, principal of RWA said doing what’s right for the client is what sets his firm apart from others.
Rainsberger provides fee-only financial planning, retirement and investment management guidance for high net worth individuals and business owners.
Bank of America has launched a product that provides small business owners with access to an unsecured line of credit of up to $100,000.
Business Credit Express is intended to help business owners improve cash flow, fund payroll, secure working capital, refinance debt and purchase inventory.
BCE also can be used as overdraft protection for a Bank of America business checking account.
Bank officials tout the program as an opportunity for small business owners to move money through online banking.
Another plus for business owners is that Bank of America does not charge cash advance fees for accessing funds using Express checks, making online banking transfers or for using the Business Credit Express Visa card for purchases.
The BCE also allows owners to borrow and repay as often as needed to satisfy immediate credit needs and have access to 24-hour customer service.
The National Association of Security Dealers has fined Citigroup Global Markets Inc. $400,000 for supervisory and record-keeping violations.
Citigroup also has been ordered to pay $715,000 to affected mutual fund entities.
Regulatory agency officials said that Citigroup was fined for an alleged ploy by more than 100 of the company’s brokers to improperly obtain waivers of mutual fund sales charges by falsely claiming their customers were disabled.
The scam allegedly took place from June 2001 through June 2002. It was discovered that Citigroup Global Markets representatives improperly entered disability waivers for hundreds of customers in connection with 2,419 mutual fund transactions totaling $47 million.
Customers were registered as being entitled to Contingent Deferred Sales Charge waivers because they were allegedly disabled, in order to avoid a sales charge that mutual fund companies impose on investors who sell or redeem their class B shares within a certain period after purchase.
The NASD also ordered Citigroup Global Markets to review its policies and training procedures relating to CDSC waivers in mutual fund transactions.
Citigroup neither admitted nor denied the charges, but consented to the NASD’s findings.
OK, so they don’t have access to a sauna at work nor are they given unlimited vacation time, but employees at Compass Bank have it better than their colleagues at other banks.
According to the 2006 Best Companies to Work for in Colorado survey, Compass was the top bank in the state.
Natalie Landau, vice president of regional human resources for Compass Bank, said the bank has made increased efforts to build unity and leadership.
Compass Bank has 32 branches in Colorado.
Is change in the air?
During a time when executives are known for living lavish lifestyles and letting others foot the bill, former Treasury Secretary Robert Rubin, who is now chairman of Citigroup Inc.’s executive committee, has decided to pay for his personal use of corporate aircraft.
Even though Rubin’s employment agreement includes the use of corporate aircraft for business and personal trips, Rubin said he believes it is appropriate to reimburse the company for his personal travel.
Rubin joined the bank in 1999 after serving for more than four years as President Bill Clinton’s Treasury secretary.
Wells Fargo, the No. 2 U.S. mortgage lender, announced this week that it will be working with A.G. Edwards to provide mortgages and home equity loans to the brokerage’s clients.
The venture, known as A.G. Edwards Mortgage LLC, might help San Francisco-based Wells Fargo, which is also the No. 5 U.S. bank, expand its mortgage operations as home-buying demand slows.
Through Wells Fargo’s home mortgage unit, the venture will offer first- and second-home mortgages, home equity loans, construction loans, jumbo mortgages and lines of credit.
A.G. Edwards has about 6,700 financial advisers in 741 offices nationwide.
Last month, Wells Fargo agreed to buy a $140 billion mortgage servicing portfolio from Seattle’s Washington Mutual Inc. the No. 3 mortgage lender.
Rob Larimer covers banking and finance for the Colorado Springs Business Journal.