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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.
LPL deal raises questions
LPL Financial Services Inc.’s plan to acquire three broker-dealers owned by Pacific Life Insurance Co. came as little surprise to many in the industry, though the deal has raised a few key questions, industry observers and advisers say.
FSI hopes to state case to SEC consultants
The Financial Services Institute Inc. hopes to bend the ear of the consulting firm chosen by the Securities and Exchange Commission to consider the effect on investors of applying differing regulatory standards to broker-dealers and investment advisers.
Commonwealth plans to open its payout purse
NEW YORK — Commonwealth Financial Network of Waltham, Mass., said it is giving pay raises to 400 of its advisers effective April 1, increasing the payout for advisers once they reach $25 million in assets on the firm’s proprietary managed money system.
Former Wachovia manager charged in Ponzi-type scam
A former Wachovia Securities LLC branch manager in Toledo, Ohio, has been charged with stealing between $17 million and $40 million from about 45 investors by using a Ponzi-type scheme, according to the Department of Justice.
Big indie deal finally comes off
After eight months of negotiations, LPL Financial Services Inc. last Thursday finalized the details of its acquisition of three broker-dealers owned by Pacific Life Insurance Co. of Newport Beach, Calif.
LPL buys most B-Ds of Pacific Life
After eight months of negotiations, LPL Financial Services Inc. this morning finalized the details of its acquisition of the majority of the broker-dealers owned by Pacific Life Co. of Newport Beach, Calif.
Yet another CEO parts ways with the Pacific Select Group
Yet another chief executive of a Pacific Select Group LLC broker-dealer is leaving his respective firm, making for a near-complete overhaul in top management of the four broker-dealers in the Pacific Select network.
Royal alums aim to build national firms
Two of the biggest names — and personalities — until recently associated with Royal Alliance Associates Inc. now are attempting to build national firms.
State regulators on indies’ radar
After spending the past three years cozying up to securities regulators at NASD, independent-contractor broker-dealers are fearful that state regulators pose an increasing threat.
Broker-dealers focus intently on transitions
Like their clients, advisers and registered representatives are getting older and often worry about their futures.
Co-founder of ING firm jumps to NFP
One of the founders of Financial Network Investment Corp., the largest independent-contractor broker-dealer in the ING Advisors Network Inc., walked out the door last month and joined NFP Securities Inc., leaving some observers to wonder how many registered representatives affiliated with FNIC eventually could follow.
Up-and-coming execs
Three executives of National Planning Corp., Sean Haley, Bryan Jacobsen and Austin Moon, have received promotions.
Linsco makes a move to other side of ledger
A leading broker-dealer known for its dedication to independent financial advice has jumped into the lucrative managed-money business.
