Neuberger Berman To Expense Options: Investment advisory concern Neuberger Berman Inc. said it would expense the cost of all stock options the company grants beginning January 2003.

In 2003, the company said it would adopt the expense recognition provisions of recording the fair value of stock options under the guidance of SFAS No. 123, Accounting for Stock-Based Compensation. The company said it does not anticipate granting any significant number of options in the third and fourth quarters of 2002.

More than 90 Percent of Funds Reported Negative Returns in Q2: Concerns over accounting irregularities, coupled with disappointing earnings, clobbered mutual funds during the second quarter, with 93 percent of all stock funds reporting negative returns according to Weiss Ratings Inc.

The dismal Q2 performance marked a major nosedive from an already bleak first-quarter results, when 45 percent of stock funds reported losses.

While the majority of fund sectors suffered steep declines during the second quarter, the exceptions were precious metals and real estate-related funds. Precious metals funds provided an average return of 10.99 percent, while funds specializing in real estate-related equities yielded an average return of 4.82 percent, according to the report.

In addition, 87 percent of bond funds reported positive returns for the quarter. However, the average return to investors was a meager 2.08 percent.

Nationwide Financial Debuts Survivorship Life Policy: Nationwide Financial has launched a new survivorship life product designed to ensure a family’s lifestyle after an unexpected death, as well as provide cash accumulation benefits.

The Best of America Protection Survivorship Life policy will be sold through investment advisors in independent financial planning firms, as well as through financial institutions.

The policy is a last-survivor flexible premium universal life insurance policy that offers coverage on the lives of two people with the benefit paid on the death of the second person free of income taxes. It can be used in both estate and business succession planning.

Deloitte Advisors Crack Worth Top 250 Roster: Two financial specialists from the Private Client Advisors Practice of Deloitte & Touche have been named to Worth magazine’s 250 Best Financial Advisors list for 2002.

Bruce Weininger, in Chicago, and Ellen Boling, in Cincinnati, were named to the list for their work in retirement planning, wealth management and financial planning for corporate executives and high net worth individuals.

RSM McGladrey Names New VP of Wealth Management: Large accounting and management consulting firm RSM McGladrey appointed Jay A. Zack as its executive vice president of wealth management. In that role, Zack has overall responsibilities for investment advisory services, personal financial planning services, insurance advisory services and advanced estate and gift planning.

Zack joined McGladrey & Pullen in 1979 and was named partner in 1987. In 1995, McGladrey & Pullen appointed him regional tax coordinator, responsible for tax consulting in six offices in Minnesota, South Dakota and Wisconsin. He took over as a functional leader of wealth management for the Upper Midwest in 2000.

DATAlynx Unveils Internet Account Aggregation Service: DATAlynx has unveiled an account aggregation service that allows investors to view all of their financial information at one Internet location, and allows advisors to review client records on a timely basis.

Information that can be viewed through the aggregation account include banking, investments, credit card and reward programs, as well as workplace retirement plans, mortgages, loans, insurance and employee stock option program accounts.

"The aggregated account information gives the advisor’s client a daily snapshot of his or her assets and liabilities and helps to keep track of a full range of financial information," said DATAlynx vice president Skip Schweiss. "A client can give the advisor access to all or part of the aggregation account so the advisor will have a more complete picture of a client’s financial life."

When an aggregated account has been set up by an advisor working with DATAlynx, the service goes out to the accounts authorized by the client and compiles information into a complete financial picture on one Web page. Clients can decide how much of this information their advisors may access. The service also allows the account owner to download aggregated information to Quicken or MS Money.

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