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WIREHOUSES MAY 08, 2007
Schwab looks beyond boomers

Charles Schwab Investment Management has lowered its minimum initial investment in mutual funds to $100 as part of a sweeping effort to capture younger investors.

LIFE INSURANCE AND ANNUITIES MAY 08, 2007
Marsh 1Q income down 36%

Marsh & McLennan Cos. today reported that first-quarter income declined by 36% to $268 million, compared to $416 million for the same period a year ago.

RIA NEWS MAY 08, 2007
Lazard revenues grow 4.9% in first quarter

Lazard Ltd. Today posted a 4.9% increase in first quarter revenues on growing asset management fee income and record inflows, but fell short of analysts expectations.

INDEPENDENT BROKER DEALERS MAY 08, 2007
Fidelity B-Ds fined for misleading G.I.s

NASD announced today that it has fined two Fidelity Investments broker-dealers $400,000 for preparing and distributing misleading sales literature promoting plans that were sold primarily to U.S. military personnel.

WIREHOUSES MAY 08, 2007
Citigroup to pay $200,000 for unit's misdeeds

Citigroup Inc. has agreed to pay $200,000 to settle charges with the Securities and Exchange Commission regarding one of its brokerage units that manipulated auctions involving municipal and corporate bonds.

WIREHOUSES MAY 08, 2007
JPMorgan to stop payments to alum associations

JPMorgan Chase & Co. has agreed to stop making payments to more than 100 college alumni associations that allowed the company to market its consolidation loans directly to graduates, according to the Wall Street Journal.

RIA NEWS MAY 08, 2007
Advisers should study up on 529s

Advisers need to be educated about college savings plans in order to better serve ther clients. That was one of the messages delievered at a confernce on colleges savings this morning sponsered by AllianceBernstein Investments.

LIFE INSURANCE AND ANNUITIES MAY 08, 2007
Regulators: Recommend only suitable annunities

The National Association of Securities Dealers and state regulators in North Dakota, Iowa and Minnesota signed a joint statement supporting a new rule to require that insurance companies and agencies recommend only suitable annuity products to their customers.

WIREHOUSES MAY 08, 2007
Citigroup's all about the green

Citigroup Inc. today announced that it will spend $50 billion over the 10 years to address global climate change, the largest such move ever by Wall Street firm.

MUTUAL FUNDS MAY 07, 2007
Funds slow pace of hiring legal, compliance staff

Mutual fund companies are starting to slow the pace at which they hire legal and compliance officers, according to several industry experts. With the mutual fund scandals receding into the past, such a trend was inevitable, they said.