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ING cuts fees for advisers
As part of effort to spiff up its fee business, the ING Advisors broker-dealers have cut fees that their advisers pay for two key advisory offerings.
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.
INVEST buys PFIC Securities contracts
INVEST Financial Corp. of Tampa, Fla., this morning said it has acquired the contracts of nearly 400 bank-based registered representatives of PFIC Securities Corp. of Franklin, Tenn., a subsidiary of Morgan Keegan & Co. Inc. of Memphis.
RJ unit takes internal heat
Thomas James clearly is displeased with the growth at Raymond James Financial Services Inc.
FSI wants SEC to change its privacy rule
NEW YORK — Looking to de-fuse a potential time bomb for independent-contractor broker-dealers, the Financial Services Institute Inc. wants the Securities and Exchange Commission to change its privacy rule.
Bradley keen on post B-D rule era
The end of the broker-dealer exemption rule will create a great opportunity for registered investment advisers to build out their firms, said J. Thomas Bradley, president of TD Ameritrade Institutional, speaking in Chicago today.
High-profile adviser loses 314G arbitration claim
A high-profile financial adviser who hosts a weekly financial-advice radio show has lost a $314,000 arbitration claim that focused on his failure to deliver promised investment management.
NPH posts record revenues
National Planning Holdings Inc., the nation’s seventh largest independent-contractor broker-dealer network, today posted record revenues of more than $135 million during the first quarter, an increase of 13.5% from the same time last year.
Instinet opens BrokerShare to non B-Ds
Instinet Group Inc., a global agency broker, has announced the expansion of its BrokerShare commission sharing arrangement program to include non broker-dealers.
Gross revenue for top 25 indie firms crosses $10B mark
For the second consecutive year, the largest 25 independent-contractor broker-dealers saw top-line growth slow, even though it still was up by double digits.
Pacific Life executive jumps ship
Another top executive has walked away from the Pacific Select Group LLC, the soon-to-be-dismantled broker-dealer network of Pacific Life Insurance Co. of Newport Beach, Calif.
United Securities sticks former brokers with tail E&O bill
Brokers who left United Securities Alliance Inc. before its March 1 acquisition by Royal Alliance Associates Inc. received a letter from United’s lawyers last month that contained a surprise: They owe United $5,000.
Raymond James & Associates lands bigger producers
NEW YORK — Raymond James & Associates Inc. recruited 36 registered representatives during the first quarter, compared with the 43 reps hired during the year-earlier period.
Court rejects broker-dealer exemption rule
The U.S. Court of Appeals for the District of Columbia Circuit on Friday overturned the Securities and Exchange Commission’s broker-dealer exemption rule in a 2-1 decision.
NASD to emphasize regulation ‘principles’
NASD will put increasing emphasis on “principles based” regulation rather than “one size fits all” rulemaking, even as it concedes that such a move could confuse many in the brokerage industry.
IT spending on rise at financial services firms, survey shows
In an effort to connect better with customers, financial services companies of all stripes are spending more on information technology, according to one analyst.
NFP to continue acquisition strategy
NEW YORK — National Financial Partners Corp. will continue to pour money into acquisitions this year. At a recent conference for analysts and investors, company officials disclosed that they have earmarked $20 million to spend on acquisitions this year, a $5 million increase over 2006’s allocation.
Brokers lower VA commissions
Worried about giving clients a fair deal and keeping regulators at bay, some brokerage firms are tamping down the commissions on variable annuities that registered representatives and financial advisers sell.
Indies are too tempting to be ignored
Intrigued wirehouse executives who are looking for a change are beginning to check out independent-contractor broker-dealers, and what they see interests them more and more, industry executives, consultants and recruiters say.
Royal indulges its appetite for acquisitions
Continuing its focus on buying small to midsize firms, Royal Alliance Associates Inc. late last month completed a deal to acquire United Securities Alliance Inc.
