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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.
Annuity, fund sales flat at banks, notes study
Fee income from variable and fixed annuities, and mutual funds, sold by banks declined by 0.6% last year to $19.33 billion, from $19.46 billion in 2005, according to a recent study.
Fundamental differences over Schwab funds
Charles R. Schwab last week called the fundamental indexes underlying his company’s three newest mutual funds “a better mousetrap,” but The Vanguard Group Inc. and Barclays Global Investors smell a rat.
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.
CPA touts 6.6% sustainable retirement withdrawal rate
NEW YORK — Financial advisers can safely increase their clients’ retirement income by 50% or more by structuring withdrawals differently, according to a certified public accountant who specializes in retirement income planning.
VA sales strong in 2006; expected to remain robust
NEW YORK — As long as the stock market keeps rising, and baby boomers keep getting older, variable annuity sales should continue to be robust, industry observers say.
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.
Sun shines on RIAs, and product makers bask in the glow
SAN FRANCISCO — The days when registered investment advisers could remain as cloistered and mysterious to outsiders as a John Grisham-style law firm may be drawing to a close.
Decumulation is key, says professor
The financial planning world has been focusing too heavily on the act of accumulating assets, according to an academic speaking at the InvestmentNews Retirement Summit in New York this afternoon.
CFP Board proposal could meet resistance
Initial reactions to the proposed changes to the ethical standards for certified financial planners have been favorable, but the other shoe could drop this week.
Solo advisers scramble for health coverage
Advisers who start their own practices after leaving larger firms often find that their biggest obstacle is obtaining affordable health insurance for themselves and their families, observers say.
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.
Probe and disturb viewed as key to one firms tactics
Nobody ever accused companies that push annuities on older Americans of being subtle.
IBM advice offering to 401(k) participants signals trend
NEW YORK — IBM Corp.’s announcement that it will offer financial planning services to all 127,000 of its U.S. employees is the biggest sign yet that companies are increasingly interested in providing workers with more individual — and effective — counseling on financial topics.
Merrill bars non-clients from research
Merrill Lynch & Co. analysts are mad as hell that people are simultaneously belittling and stealing their investment ideas, according to Crain's New York Business.
OptionsXpress reshuffles execs
OptionsXpress Holdings Inc. announced today that it promoted its chief financial officer to the role of president and its chief operating officer to the role of executive vice-chairman, according to published reports.
Morgan Stanley profits soar 69%
Morgan Stanley today posted a 69% increase in first-quarter profits on strong advisory fees from higher trading levels and increased investment banking fees.