In case you missed it, the “buzz” last week was all about the rumor that Wells Fargo & Co was seeking a deal to acquire UBS AG’s U.S. wealth management operations.

The report came out of InvestmentNews on Tuesday, the 15^th, when they cited “unnamed industry personnel and recruiters” who said they got wind of talks between the firms. Then on Wednesday, both Wells Fargo and UBS denied the reports.

So where did the rumor come from? Well, according to Lorie Konish, of OnWallStreet, it dates back to December in an interview with John Stumpf, Wells Fargo Chief Executive who stated in interviews that the firm was looking for an acquisition to better leverage its wealth management business. Add to that, the speculation over several months that UBS would sell its U.S. wealth management business, despite denial by CEO Oswald Gruebel.

So, there is…rumor + rumor = bigger rumor! (I might add that you can find further speculation out there regarding the pros and cons of such a merger between the two.)

It will be interesting to follow…

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Not surprising– the annual FINRA conference in Baltimore last week was packed with financial advisors all wanting to know what was coming down the pipeline and what would happen next.

The conference was literally sold out, a result of the concern over the new fiduciary standard and financial regulatory reform bill just passed by Congress.

As the attendees attended open sessions and mingled in clusters, key terminology like accountability, due diligence, compliance, and regulation was bounced back and forth.

Realizing this is the most sweeping reform in generations, there is some anxiousness out there. Some of it comes from the concern that the fiduciary standard will hurt little firms worse than the big ones due to the cost, time and lack of resources needed to oversee the regulation.

But it doesn’t end here; large or small, firms are worried that the reform will not stop here and that the current administration will continue to “tighten the screws.”

Bottom line, no one really knows how it will affect their firm or their business and there is not much one can do but watch and see how it plays out…

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Hats off to Drexel Hamilton brokerage founder Lawrence Doll in Philadelphia! And to David Zucchino, reporter for the Los Angeles Times, “Column One” feature on Saturday, March 14^th – THIS one warmed my heart…

Who would have pinpointed our courageous wounded veterans as the next heroes on Wall Street?

Well, as Zucchino reports, Doll, a disabled Vietnam veteran himself, did and his firm’s program prepares wounded veterans to pass the exams required to become licensed securities brokers.

The six months of training pays all expenses and costs about $19,000 per veteran, and if they pass they’re guaranteed a job either at Drexel Hamilton or another brokerage company. Doll said:

“These are the guys who sacrificed to keep us free. If you don’t trust them, you don’t trust anybody.”

Doll’s firm is dominated by brokers who serve in the Pennsylvania National Guard. Joel Canfield, a National Guard lieutenant and Drexel Hamilton broker who runs the program, says this is a chance for firms to help restore faith in the market, one veteran at a time.

“People want integrity and responsibility. Who can you trust more with your money than a guy who has made a tremendous sacrifice for his country?”

One of the current trainees, John Jones, is convinced the leadership and decision-making skills learned in combat make veterans like him perfect candidates for the intense competition within the industry.

“Discipline, decisiveness, the ability to lead people and solve problems under duress…Leadership is the key. It’s what America needs. It’s what the finance and business world need. We have it.”

I couldn’t agree more…this is a great, feel good article!

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Whoa…there has been lots of talk on the block about bonus “caps” for top executives, or even outrage at the disclosure of huge bonus payments to executives whose companies have failed or have sought government bail-out funds, but who would have thought even two months ago that the federal government would be so direct in its meddling in the private sector as to set forth the $500,000 cap for financial firms using TARP funds?

Certainly didn’t enter my realm of thinking. Taking this a step further (and in my opinion, the real crux of the issue) if the bail-out funds are to act as a stimulus to the economy, what is the chance that this will create a disincentive for financial firms who might be thinking of asking for bail-out money to stay afloat?

So then, do we have a successful or failed stimulus? And where does the regulation end? Is the next step government regulation on our recruitment hiring packages?

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