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Fidelity CEO eases requirements for adviser biz’s profit margins
Edward C. “Ned” Johnson III has given the adviser services business at Fidelity Investments approval to loosen temporarily constraints on its profit margins in a bid to gain market share among advisers.
ETFs are finding favor among brokers
The recent setting aside of the broker-dealer exemption rule could make the brokerage community one of the hottest markets for exchange traded funds — a dramatic reversal from the way ETFs were viewed by brokers just a few years ago.
Canada will allow deductions for foreign acquisitions
OTTAWA — A funny thing happened on the way to a “hollowed out” corporate Canada. Instead of foreigners’ taking over Canadian companies and moving top jobs and decision making offshore (InvestmentNews, March 26), Canadian companies are acquiring foreign companies in record numbers.
Doing good doesn’t necessarily mean doing well
NEW YORK — Although institutional investors have hopped on the socially conscious investing bandwagon, individual investors may be wondering whether it really pays to allow their conscience to dictate their investment strategies.
Fiserv ISS deal secures No. 3 spot for TD Ameritrade
SAN FRANCISCO — With its planned $225 million cash purchase of Fiserv Inc.’s custody business, announced May 24, TD Ameritrade is trying to do more than solidify its hold on the No. 3 position among RIA asset custodians.
Mutual funds herdlike in director voting, study says
PHILADELPHIA — When it comes to voting their proxies in elections for corporate directors, mutual fund companies prefer not to stand out from the crowd.
Looking for an alter-neigh-tive investment?
What has four feet, lives in a stable and could be your next investment? With the 139th Belmont Stakes coming up this Saturday, horse money can be found not just at the betting window but also in the thoroughbreds themselves.
Regulators see risks in new products for boomers
CHICAGO — Wall Street’s eagerness to develop and sell exotic new products to the nation’s growing ranks of retirees is worrying regulators.
Elder care becoming focus for advisers
NEW YORK — The needs of aging clients and their aging parents are compelling financial advisers to become more knowledgeable about elder-care issues.
The Hartford launches three mutual funds
BOSTON — The Hartford Mutual Funds, where assets have more than quadrupled since 2000, added three funds last week, including two requested specifically by financial advisers.
BofA sets up advisory biz for ultrarich
Bank of America Corp. is counting on a new advisory business to help retain ultrahigh-net-worth clients once its $3.3 billion deal to acquire U.S. Trust Corp. from San Francisco-based Charles Schwab Corp. closes next month.
American Century to bolster adviser-sold menu
BOSTON — In an effort to reverse outflows and attract new assets, American Century Investments is stepping up its efforts to sell mutual funds through financial advisers.
Life cycle portfolios catching on in variable products
CHICAGO — Life cycle fever seems to be spreading from 401(k) plans to variable annuities. At ING Variable Annuities, for instance, assets in LifeStyle portfolios — which were introduced as ING-managed subaccounts in mid-2004 — reached $8 billion at the end of April, up from more than $4 billion at the end of 2005.
401(k)s pose challenges for advisers
CHICAGO — According to a new white paper, although 83% of plan sponsors who used financial advisers were very satisfied with them, 42% of surveyed sponsors didn’t even use one.
Stubborn clients? Blame the brain
It's the prefrontal cortex, stupid. That's the part of the client's brain that can scuttle an adviser's best-laid plans.
Mortgage accelerators raise concerns
SAN FRANCISCO — A mortgage alternative is gaining traction. In recent years, such companies as CMG Financial Services Inc. and Macquarie Mortgages USA Inc. have begun offering mortgage accelerator loan products that allow borrowers to hasten their loan payoff schedule by reducing the amount of interest paid on their loans.
Big firms to D.C. Circuit: Give us a break, please
IRVINE, Calif. — The major sponsors of fee-based brokerage accounts claim they will need six months to a year to transition clients out of the accounts.
Advisers bristle at race-based assignments
Many advisers do not want to be assigned clients or territories based on their race, national origin or other personal traits — but they are comfortable with relationships that evolve naturally from those factors.
Net sales of 529 plans reach all-time high
The Section 529 college savings plan industry is on a roll. Net sales of 529 plans rose to an all-time high of $5.2 billion during the first quarter of 2007, according to the most recent data available from Boston-based Financial Research Corp.
Slim pickings for Russell 2000 arbitrageurs
Arbitrageurs looking to profit from the annual reconstitution of the small-cap Russell 2000 Index next month will have a more difficult time of it this year, according to some industry experts.
