UBS
Billionaire’s suit against UBS over offshore tax liabilityPosted by RJ and Makay on Apr 09, 2012 |
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Billionaire real estate developer Igor Olenicoff and Swiss bank UBS AG will do battle in court today over his claim that UBS bears responsibility for his failure to declare $200 million in offshore accounts on U.S. tax returns. Olenicoff pleaded guilty in 2007 to filing a false tax return and admitted that he did not inform the Internal Revenue Service (IRS) of his offshore accounts for seven years.
On Wall Street magazine has compiled the compensation plans of the large wirehouses and regional firms to see what’s in store for advisors at those firms. Annual production rankings measured firms at various levels of production from $200,000 to $1 million. The 2012 compensation story is more than the rankings or the team-based awards.
Wirehouses have been losing market share since the financial crisis, and according to a new report from Cerulli Associates, the trend may accelerate over the next three years. The entire financial advisory industry stood at less than $11 trillion in 2007. Assets reached 11.2 trillion in 2010. That same time frame saw assets at wirehouses dropping from $5.5 trillion to $4.8 trillion, Cerulli reported.
