Results for "registered investment advisers (RIA)"

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TD to advisers: Just say no to SRO

February 3, 2011

TD Ameritrade Institutional is urging its registered investment adviser firms to lobby Congress in an effort to keep the Securities and Exchange Commission the primary regulator for advisers. The firm late yesterday posted a sample letter on...

Deal fever hit RIA biz in 2010

February 2, 2011

Mergers-and-acquisitions activity among registered investment advisory firms picked up last year, reaching record levels in terms of both number of deals and assets involved, according to Schwab Advisor Services. In 2010, 109 deals involving...

SEC OKs all-public arbitration panels

February 1, 2011

The Securities and Exchange Commission yesterday approved a Financial Industry Regulatory Authority Inc. proposal to give investor claimants the option of using all-public arbitration panels. The approval follows a 27-month pilot program during...

SEC must make its study work in the real world

January 30, 2011

The devil, as the old saying goes, is in the details. This certainly holds true for the SEC study calling for the creation of a uniform fiduciary standard of care for brokers and registered investment advisers. The highly anticipated study,...

Prudential's pared-down VA has some advisers grumbling

January 30, 2011

Prudential once again has pulled back on the living benefits in one of its most popular variable annuities. Last week, the insurer announced the release of two living benefits riders, the Highest Daily Lifetime Income and Spousal Highest Daily...

Obama must ensure regulatory balance

January 23, 2011

We applaud President Barack Obama's executive order to restore “balance” to federal regulation and weed out rules that stifle job creation and make the U.S. economy less competitive. At the same time, we concede that the order, titled simply...

ADV overhaul: Plain English is Greek to some advisers

January 23, 2011

Many financial advisers are finding out that they aren't as fluent in English as they thought. Starting March 31, many advisers will be required to provide clients with plain-English descriptions of their investment philosophies, fee schedules...

SEC to advisers: Pay new fees or face more exams

January 20, 2011

In the Dodd-Frank financial reform law, Congress asked the Securities and Exchange Commission to assess how it could strengthen regulation of financial advice. The answer the agency gave in a report delivered to Capitol Hill Wednesday night...

Schwab reports $16B in new custody assets, meets 3Q numbers

January 18, 2011

Charles Schwab Corp., the largest independent brokerage by client assets, reported third-quarter profit that met projections after it settled claims about misleading investors and revenue from trading declined. The company also reported an uptick...

GAO report could be first step toward regulating financial planners

January 17, 2011

In a Washington where Republicans are ascendant — taking over the House and increasing their Senate numbers to a level that ensures filibuster success — the term “regulation” is unpopular. That is, unless you're talking about financial...

Other VA players may follow Genworth out door

January 16, 2011

Genworth Financial Inc.'s decision to leave the variable annuities business could herald more departures by other peripheral players this year. “There are a number of reasons why companies might throw in the towel — too competitive, too...

Is Schwab booting custody clients that hire its brokers?

January 16, 2011

Like other brokerage firms, The Charles Schwab Corp. is known to be self-protective about its discount brokerage customers. And like other firms, it has sued former brokers whom it suspects of violating prohibitions against soliciting clients....

SEC should require fiduciary standard

January 16, 2011

In the name of investor protection, we urge the Securities and Exchange Commission to exercise its rulemaking authority to require brokers to act in their clients' undivided best interests at all times. We are also reiterating our call for the...

Schwab’s stance on an SRO: Just say no

January 14, 2011

The Charles Schwab Corp. has come out against the idea of creating a self-regulatory organization for advisers. "As the largest custodian for independent RIAs, we believe there is great value in an adviser examination program that is robust...

Is Schwab booting custody clients that hire its brokers?

January 13, 2011

Like other brokerage firms, the Charles Schwab Corp., has a history of suing defecting brokers who may have violated their non-solicitation agreements. But of late, the company appears to be going a step further. Some sources say the online...

INTV: Advisers and B-Ds rattled by private placements

January 13, 2011

Private placements require a higher level of scrutiny than listed securities, so advisers need to know who is doing the auditing and whether independent due diligence is being conducted. InvestmentNews News Editor Bruce Kelly explores some of...

United Capital moving up the food chain, buys $1.6B RIA

January 13, 2011

United Capital Financial Partners Inc. is acquiring Zirkin-Cutler Investments Inc., a $1.6 billion registered investment advisory firm owned by M&T Bank Corp. The firm plans to announce two additional acquisitions tomorrow and yet another one...

QA3 tangles with insurer over private-placement coverage

January 12, 2011

QA3 Financial Corp., an independent broker-dealer that was a leading seller of high-risk private placements over the last decade, in a recent lawsuit said its insurance carrier was pushing it into bankruptcy by failing to back up its coverage....

Focus Financial picks up $575M RIA

January 12, 2011

Pettinga Financial Advisors Inc. has joined Focus Financial Partners LLC. The registered investment advisory firm based in Evansville, Ind., has about $575 million under management. Terms of the arrangement, which was announced Tuesday, were...

Money fund industry aims to foist reporting burden onto B-Ds

January 12, 2011

To avoid future panics in money market funds, the mutual fund industry is calling on federal regulators to force broker-dealers to disclose information about their money fund clients. Industry experts think that fund operators will get their...

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