Industry News

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NEWS INDUSTRY NEWS MAY 14, 2007
A bank-owned trading system challenges TSX

OTTAWA — An alternative trading system owned by Canadian banks — the announcement of which this month immediately knocked 12% off the share price of the Toronto Stock Exchange’s parent, TSX Group Inc. — threatens to upset Canada’s capital markets.

NEWS INDUSTRY NEWS MAY 14, 2007
Expensive credit repair kits not likely to go away

NEW YORK — Consumers with low credit scores, many of whom already pay high interest rates on subprime loans, may be paying too much for something else: kits that claim to patch up their credit.

NEWS INDUSTRY NEWS MAY 14, 2007
In La-La Land, business managers direct finances

LOS ANGELES — In most of the country, wealth managers deal directly with their clients.

NEWS RETIREMENT PLANNING MAY 14, 2007
Atkins estate battle offers advisers lessons

The widely publicized dispute between diet guru Robert Atkins’ widow and the trustees of her trust is a cautionary tale for financial advisers and their clients about what can happen in estate cases, observers say.

NEWS BROKER DEALERS MAY 14, 2007
LPL is said to play hardball

LPL Financial Services is playing hardball. Officials at the firm reportedly made it clear to competitor National Planning Holdings Inc. that it needs to step away from recruiting registered representatives from Pacific Life Insurance Co. or it will face consequences.

NEWS WIREHOUSES MAY 14, 2007
LPL advisers are raising fees

Financial advisers across the country who use Linsco/Private Ledger Corp. as their broker-dealer are raising prices, mostly for new clients.

NEWS INDUSTRY NEWS MAY 14, 2007
Rep sues A.G. Edwards in market-timing case

Although A.G. Edwards & Sons Inc. agreed to pay $3.9 million to settle federal charges involving allegations of mutual fund market timing, it still faces a legal battle being waged by one of the brokers involved in the case.

NEWS LIFE INSURANCE AND ANNUITIES MAY 14, 2007
Longevity plagues financial planning

“Four score and seven years” may soon be more recognizable as the typical baby boomer life span than the start of a famous speech.

NEWS INDUSTRY NEWS MAY 14, 2007
Los Angeles entices wealth managers

Like Southern California itself, the Los Angeles wealth management market is vibrant, sprawling, lucrative, growing and fragmented.

NEWS BROKER DEALERS MAY 14, 2007
Raymond James recruits recruiters

Raymond James Financial Services Inc. is adding major clout to its recruiting effort, bringing on board half a dozen recruiters, including two top executives from rival independent-contractor firms, investmentnews.com reported Friday.

NEWS LIFE INSURANCE AND ANNUITIES MAY 10, 2007
Marsh & McLennan rebrands consulting units

Marsh & McLennan Cos. Inc. has consolidated its three top management consulting businesses to streamline the operations under one name and better compete for high value clients, according to Crain's New York Business.

NEWS INDUSTRY NEWS MAY 10, 2007
Sanders Morris Harris posts earnings drop

Sanders Morris Harris Group Inc. posted a small drop in first-quarter earnings on an after-tax decline of $1.6 million in the income from its merchant portfolio and its ownership interest in limited partnerships net of minority interests.

NEWS LIFE INSURANCE AND ANNUITIES MAY 09, 2007
Conseco reports lower income

Conseco, Inc. in Carmel, Ind. today reported $14.6 in net operating income for the first quarter of 2007, down from $55.8 million for the same period a year ago.

NEWS WIREHOUSES MAY 09, 2007
Morgan Stanley to pay $7.9 million

Morgan Stanley & Co. Inc. will pay $7.9 million for its failure to provide best execution to certain retail orders for over-the-counter securities, the Securities and Exchange Commission announced today.

NEWS RIAS MAY 09, 2007
Fidelity unveils systems for RIAs

Fidelity Investments, in cooperation with Oracle Corp. and Emerging Information Systems Inc., has created two web-based customer relationship management and financial planning systems for registered investment advisers, the Boston-based firm announced today.

NEWS WIREHOUSES MAY 09, 2007
Legg Mason 4Q profits jump 15%

Legg Mason Inc. posted a 15% increase in net income as increased advisory fees drove assets under management to record levels.

NEWS BROKER DEALERS MAY 09, 2007
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.

NEWS INDUSTRY NEWS MAY 08, 2007
Deutsche books 20% hike in revenues

Deutsche Bank reported $12.9 billion in net revenues for the first quarter, a 20% gain from the same period in 2006, thanks to record sales in its corporate and investment bank division.

NEWS WIREHOUSES MAY 08, 2007
Schwab looks beyond boomers

Charles Schwab Investment Management has lowered its minimum initial investment in mutual funds to $100 as part of a sweeping effort to capture younger investors.

NEWS LIFE INSURANCE AND ANNUITIES MAY 08, 2007
Marsh 1Q income down 36%

Marsh & McLennan Cos. today reported that first-quarter income declined by 36% to $268 million, compared to $416 million for the same period a year ago.