Josh Kernan, who oversees sales of alternative investments to investment advisers and their clients at Charles Schwab Corp., is leaving the company after 16 years to start a new firm.
The Dodd-Frank regulatory-reform law aims to reduce the SEC's examination responsibilities by shifting some 4,000 investment advisers to state registration, but New York state may gum up the law's intent.
SWS Group, Inc., a Dallas-based broker-dealer and correspondent clearing firm, said its fiscal fourth-quarter net income fell 57% on impairment to the value of two large stock holdings, foreclosed property expenses at a banking unit and lower clearing and investment banking revenue.
The tidal wave of rules and regulations being spawned by the misdeeds of Bernard Madoff and the like is casting a pall on the integrity of a broad spectrum of investment advisers, some fear.
Finra, whose rules-based approach to oversight of brokers is anathema to many financial advisers, could expand its jurisdiction as a result of the new Dodd-Frank Wall Street Reform and Consumer Protection Act
Stifel Financial Corp., which has increased its brokerage force by 23% in the past year, won't be as buffeted as many analysts expect if regulators impose a fiduciary standard on brokers, the company's chief executive said last week.
Dually registered advisers not utilizing relief, regulator says
Stifel Financial Corp CEO Ronald Kruszewski downplayed the impact of a new fiduciary standard on his firm, noting it will likely be just "a disclosure regime.”
Morgan Stanley Smith Barney LLC this month began imposing quarterly fees of $35 on households with total accounts under $25,000, the latest development in big brokerage firms' long-simmering campaigns to wean financial advisers from small accounts.
Finra's complaint will have 'no impact' on Stifel's $318M purchase of the San Francisco-based investment bank, says Kruszewski
