A member of the House Financial Services Committee next week plans to propose an amendment to financial service legislation that would require that a study be done on the regulation and oversight of financial planning.
Morgan Stanley Smith Barney saw its total broker head count decline slightly in the third quarter — but their combined clients' assets managed to increase significantly during the three-month period, according to the earnings announcement the brokerage made today.
Many of the stock market indicators are suggesting caution, but investors now have to consider the “new normal” before jumping in or retreating, according to Jeffrey Beamer, manager of the Lacerte Guardian Fund (LGFIX) for Lacerte Capital Advisers LLC.
Matthew Weitzman, a former principal of AFW Asset Management Inc., was sentenced to 97 months in prison after he pleaded guilty last year to stealing from the firm's clients.
Fears abound about the potential for change in the regulatory and compliance arena.
Despite the 60% stock market rally since the March low, many consumers remain fixated on the immediate reality of unemployment, and that is preventing a lot of investors from participating in the rally, according to Kevin Mahn, chief investment officer with Hennion & Walsh Asset Management Inc.
A judge has thrown out a lawsuit against Vice President Joe Biden's youngest son and brother over their 2006 purchase of a hedge fund firm, saying an investor failed to be specific enough in claiming that they underhandedly shoehorned him out of the deal.
Based on a draft amendment of the Investors Protection Act that was distributed today by the House Financial Services Committee to select members of the financial services industry, the duty of care applied to both brokers and financial advisers would be at least as high as the standards that the SEC applies to investment advisers.
A weak report on housing starts made investors nervous that the economy will be slower to recover even as profits at many companies exceed expectations.
Construction of new homes edged up slightly in September, helped by a rebound in single-family construction. However, in a worrisome sign for future housing work, applications for building permits fell by the largest amount in five months.
