Dana Giacchetto, a former stockbroker to such celebrity clients as Leonardo DiCaprio, Matt Damon and Cameron Diaz, was found dead this week in his Upper West Side apartment after a night of hard drinking, according to published reports. In the early 2000s, Giacchetto was convicted of the "fraudulent conveyance" of funds from the accounts of unfamous clients to those of celebrity customers as part of an effort to buoy his reputation with the glitterati. His investment firm, Cassandra Group, went under. Giacchetto, 53, was seen partying hard at a club in the Lower East Side Friday night, when he got into a fight with security guards and was eventually kicked out, according to The Hollywood Reporter. In December 1999, The New York Observer wrote a piece about the broker's rise and fall.
The next mayor of Mountain Brook?
Stewart Welch III, the founder of fee-only wealth management service The Welch Group, is running for mayor of Mountain Brook, Ala. Welch is looking to replace the current mayor, Terry Oden, who is retiring after 20 years of service. Although he hasn't made a formal announcement, he said he already met with Oden about it. "We had a long meeting where he filled me in on the state of the city and I left encouraged and excited," Welch told the Over the Mountain Journal. Welch was born and raised in Mountain Brook and founded two businesses there. In addition to running his companies, Welch has a recurring segment on wealth management on WBRC Fox 6 and a recurring column on AL.com. The mayoral election will be held on Aug. 23.
Customized for LPL.
Registered investment advisors custodied with LPL Financial now have access to a direct data feed from Orion Advisor Services. The feed automates the reporting processes by pulling data from LPL to create consolidated performance statements. The feature is also designed to improve the security of client data by eliminating the need to manually import or export files. "Technology creates a competitive advantage when it transforms complexity into simplicity and efficiency," said Eric Clarke, Orion's CEO. "We are confident it will allow [LPL advisors] to focus more on clients and less on data capture and reporting."