Wal-Mart Stores Inc. is taking another crack at expanding its financial services business by partnering with a discount- brokerage platform that potentially could move the world’s largest retailer closer to the financial advice business.
The IRS has put a damper on a tax saving strategy that has been used by some investors with fee-based accounts.
IRVINE, Calif. — Smith Barney reps are wondering when they’ll get their payments from the wage-and-hour lawsuit the firm agreed to settle in May 2006 for $98 million.
PHILADELPHIA — With help from Barclays Global Investors, a California 401(k) record keeper has created a new platform intended to break the mutual fund stranglehold on the 401(k) market.
OTTAWA — The House of Commons Finance Committee has voted down a measure that would have provided for a 10-year delay in taxing companies with an income trust structure.
NEW YORK — Companies that provide training and manufacture software aimed at investment advisers expect to cash in on the recent demise of the broker-dealer exemption rule.
IRVINE, Calif. — NASD has dropped a controversial proposal to revamp its branch office definitions.
CHICAGO — To add reserves to their retirement nest egg, more elderly people are considering the sale of existing life insurance policies, financial advisers say.
WASHINGTON — The Senate Finance Committee has taken the unusual step of asking for public comment on a legislative proposal for a bill that would require brokers and mutual funds to report the cost bases of their customers’ securities transactions.
NEW YORK — Although most millionaires feel that their wealth is “extremely secure,” many still have not found the kind of financial advice that suits their needs. According to the annual wealth survey by The Phoenix Cos. Inc. of Hartford, Conn., 34% of millionaires young and old lacked a primary financial adviser.
