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The article focuses on fee-based brokerage accounts in the U.S. The author reports that as a result of a federal court decision, firms have until October 2007 to end their fee-based brokerage programs. The article defines those programs as popular accounts in which clients typically pay an annual fee for an unlimited number of transactions along with basic investing advice. The court found fault with the program because brokers were giving advice without being registered as investment advisors.

Discusses how the Vanguard Group is bolstering its resources to provide advice on retirement. How the company has doubled its staff and expect more growth in the future; Other financial services companies who are getting involved in retirement planning; Challenge that Vanguard faces in offering retirement advice because of its strong association with do-it-yourself investors; Possible response of investors.

Focuses on the customer service operations of stockbrokers and alternatives for investors put off by being forced to use call-centers. Changing nature of personal stockbrokers, who now act more like wealth managers; Establishment of a call center by Morgan Stanley for clients whose accounts are under $100,000, reducing face-to-face meetings between investors and brokers; Alternatives to call centers; Suggestion to hire a financial planner that charges by the hour. INSET: Helping Hand.

Reports that brokerage firms are hiring financial advisors to lure clients with net worth over $10 million in an effort to capture a bigger share of super wealthy investors from private banks, trust companies and investment advisors that have dominated the wealth-advisory business. Details of UBS Group's plan to attract more wealthy investors; Why UBS's push into wealth-advisory is significant; Comments from Anthony DeChellis, co-head of UBS's Private Management Group, regarding the growth potential of wealth-advisory.

Focuses on the financial plans being sold by many financial service companies and warns investors interested in these plans. Example of John Haritos Jr., whose financial plan with American Express Financial Advisors did not perform well; Number of households in the United States that signed up for financial plans from mid-2000 to mid-2002, according to SRI Consulting Business Intelligence, indicating an increase from a 1998 survey; View of author that investors, who feel they are getting independent advice tailored to their own needs, are the victims of a sales tool that often make money for the advisors; Discussion of the disclosure of information by investment advisors; Percentage of advisor sales that go to proprietary products at American Express. INSET: The AmEx Advantage.

Reports on the increasing demand for financial planning services in the United States, as of October 2001.