B-Ds: 2010 In Review
LPL agrees to acquire “certain assets” of National Retirement Partners Inc. for $27 million. Two weeks later, it is announced that a Finra panel has ordered NRP to pay $2 million to two former advisers who were let go by the firm after it bought their practice.
President Barack Obama signs into law the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Among the provisions affecting the industry, it shifts regulation of about 4,000 registered investment advisers with $25 million to $100 million of assets under management to the states. It also directs the SEC to determine whether all providers of investment advice should be held to the same fiduciary standard.
Photo: Bloomberg