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Stifel makes buy

November 8, 2004

NEW YORK - Stifel Nicolaus & Co. Inc. of St. Louis said last month that it had purchased PowellJohnson Inc. of Nashville, Tenn. Terms of the deal weren't disclosed. PowellJohnson was short lived, opening in the middle of the market downturn...

AmEx closes door on brokers making move

November 8, 2004

NEW YORK - American Express Financial Advisors Inc. of Minneapolis is closing the door on brokers looking to move to its independent-broker-dealer affiliate, Securities America Advisors Inc. of Omaha, Neb. After almost five years and a much-ballyhooed...

Advisers selling DC plans must improve fee disclosure

November 1, 2004

SAN FRANCISCO - Advisers who sell defined contribution plans need to be proactive in disclosing fees to plan sponsors, including how much they're being compensated, said the U.S. Department of Labor's chief enforcement officer for employee retirement...

NASD tries to head off problems for brokers

October 25, 2004

PALM SPRINGS, Calif. - NASD is working to nip problems in the bud for its broker-dealer members. Speaking at the NASD fall securities conference here in mid- October, NASD vice chairman Mary L. Schapiro called the recent intensity of regulation...

Broker execs mull creating SRO

October 25, 2004

NEW YORK - Saying they are fed up with NASD's aggressive regulatory stance, some broker-dealer executives are discussing breaking away from their present self-regulatory organization and creating a new industry group. And the executives are...

NASD probing sales of realty investments

October 25, 2004

NEW YORK - At a time when regulators are conducting wide-ranging investigations into the sales practices of broker-dealers, NASD is turning its attention to real estate, the hottest market since stocks started their descent in 2000. According...

Fiduciary center's designation questioned as more brokers get it

October 25, 2004

CHICAGO - Donald Trone, co-founder and director of the Center for Fiduciary Studies in Sewickley, Pa., is roundly praised for his work spreading the gospel of fiduciary practices. But concerns have surfaced that by marketing the center's training...

Clients must OK block transfers

October 18, 2004

NEW YORK - In a move likely to slow the recruitment of independent-contractor registered representatives, NASD announced last week that registered reps and firms must get clients to sign off on all block transfers of mutual funds and variable...

529s a hot topic in Washingon

October 11, 2004

WASHINGTON - Regulators investigating Section 529 plans for unsuitable sales, and one of the financial services industry's severest critics, agree with brokers' contention that they are put between a rock and a hard place with sales of the popular...

Genworth Financial seeks CEO for its broker-dealer subsidiary

October 11, 2004

NEW YORK - On the heels of the year's largest initial public offering, Genworth Financial Corp. is looking to raise the profile of its broker-dealer, Terra Securities Corp. Genworth Financial, the Richmond, Va.-based insurance business that...

Hundreds of planners write off Merrill rule

October 4, 2004

WASHINGTON - Hundreds of financial planners have written to the Securities and Exchange Commission urging the withdrawal of the so-called Merrill Lynch rule, or demanding at least better disclosure by brokers. The financial planners appear to...

Litman's test: Get high rollers to aim lower

October 4, 2004

SAN FRANCISCO - An investment advice service for high-end fee-only financial advisers is trying to lure its big fish downstream. The bait: turnkey mutual fund wraps with a $50,000 minimum. Litman/Gregory Asset Management LLC of Larkspur, Calif.,...

Brokers set sights on booming 403(b) market

October 4, 2004

SAN FRANCISCO - A teacher hiring boom is attracting attention from broker-dealers and financial advisers. The Spectrem Group Inc. of Chicago last year said U.S. schools are expected to hire 2 million teachers over the next 10 years. Jon Ziehl,...

Rush to comply leaves some reps caught in middle

October 4, 2004

NEW YORK - Some registered representatives are feeling increasingly punch-drunk from the un-precedented rush to regulate the securities industry, according to brokers, executives with broker-dealers, attorneys and recruiters. On one side, there...

Most big brokers find ways to continue extra loss protection

September 27, 2004

WASHINGTON - About a year ago, many insurance carriers stopp-ed selling certain policies that brokerage houses buy to provide extra protection for their customers in case investment firms fail. Insurers such as Travelers Property Casualty Corp....

A rush to head off 529 regs

September 27, 2004

NEW YORK - As the mutual fund scandals continue to gallop across newspaper headlines, state officials who run the fast-growing but increasingly scrutinized Section 529 college savings plans are in the middle of a high-stakes battle to prove...

SEI's restructuring is a boon to AssetMark

September 27, 2004

SAN FRANCISCO - The or-phaning of scores of financial advisers by SEI Investments Co. is in full swing. But at least one company is welcoming these advisers with open arms and emerging as a new force. AssetMark Investment Services Inc. of Pleasant...

Fidelity adds compliance layer for reps

September 20, 2004

NEW YORK - Preliminary moves by two leading mutual fund companies to reduce potential late trading and market timing have forced some registered representatives and financial advisers to face hard questions over their clients' retirement accounts....

Lincoln's new pay package both gives and takes

September 20, 2004

NEW YORK - Lincoln Financial Advisors Corp. of Fort Wayne, Ind., is giving to its affiliated advisers with one hand and taking away with the other. In a move that observers said is finally pushing the firm closer in line with the industry, the...

M Financial teams up to create money management platform

September 13, 2004

NEW YORK - One of the fastest-growing independent broker-dealers in the industry is teaming up with a top Wall Street firm to create a proprietary money management platform. In a move that mimics its relationships with top insurance companies,...

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