Colorado Springs-based
Rainsberger Wealth Advisors receives national recognition 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 focusing on small business
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. Citigroup's
global market division fined 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. Compass Bank ranked tops for
employment 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.
Bank executive paying for personal jet use 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 teams with A.G. Edwards 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.
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