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DOL guidance may hurt independent providers
WASHINGTON — Department of Labor guidance allowing money managers to offer investment advice directly to 401(k) plan participants could squeeze the bottom lines of leading independent-advice providers Financial Engines Inc. and Morningstar Associates LLC, but it’s a big win for mutual fund companies.
New Hartford marketing campaign aims to sell retirement plans
NEW YORK — The Hartford (Conn.) Financial Services Group Inc. wants more financial advisers to sell retirement plans.
Early returns at Magellan, Janus Worldwide promising
BOSTON — Although it is too early to tell whether their winning streaks will continue, Fidelity Magellan Fund and Janus Worldwide Fund — two large mutual funds that have struggled to beat their benchmarks of late — are off to decent starts in 2007.
Wholesaling efforts are falling short, report says
NEW YORK — Asset management firms that employ wholesalers are not reaching their full sales potential and can do a lot more to form stronger relationships with financial advisers, according to a report released earlier this month by kasina LLC.
Advisers could be fall guys in a $317M ‘Ponzi scheme’
Financial intermediaries could be left holding the bag in the unraveling of what is being characterized as possibly the longest-running Ponzi scheme in U.S. history.
Brokerages slow to reveal sales pact details
Although many brokerage firms are letting investors in on whether they have “shelf space” agreements with certain mutual fund companies, few are disclosing the details of those agreements.
Budget includes another 529 boon from Bush
A short but significant provision in President Bush’s proposed fiscal 2008 federal budget has cemented his status as the college savings plan industry’s new best friend.
Bank loans thriving as bond option
Bank-loan funds are the beneficiary of a bond market that has made investors leery of most fixed-income investments — particularly junk bonds. Compared with junk-bond funds — to which some consider bank-loan funds an attractive alternative — asset flows into bank-loan funds have remained strong.
These days, it’s no fun being a bond manager
SAN FRANCISCO — A top bond expert made only passing mention of bonds at TD Ameritrade Holding Corp.’s 2007 annual conference in San Diego early this month.
TD Ameritrade’s Moglia moves to reposition brand
Joseph Moglia’s proclamation that his company is spending big money to align the TD Ameritrade brand with thoughtful investment advice drew initial applause from financial advisers listening to the Omaha, Neb.-based company’s chairman and chief executive at its Partnership 2007 conference here last week.
Startup firm allows homeowners to tap equity without payments
Baby boomers who are rich in real estate now can get cash out of their homes without taking on debt or making a payment, but at least one competitor questions whether the idea is a Faustian bargain.
Non-traditional indexes gaining ground in ETF world
PHILADELPHIA — When it comes to new indexes, those that eschew weightings based on market capitalization are all the rage.
Putnam needs to show, not tell, advisers say
When it comes to Putnam Investments, it is the performance — not the parent — that matters, financial advisers say.
Many pessimistic about financial future, study shows
WASHINGTON — As Americans feel more stressed out over the erosion of corporate benefits and the solvency of social benefits programs, such traditional economic indicators as gross domestic product growth and household income are becoming less correlated to their perception of the economy’s well-being, according to a recently released study.
Year-old roll-up firm triples assets to $15B
Focus Financial Partners LLC, barely a year old, purchased majority stakes in three more independent fiduciary wealth management firms last week — increasing its roster of firms to nine and tripling assets under management to $15 billion.
Advisers lukewarm on alternative energy
The Bush administration’s push for an increased use of alternative energy has shed new light on an emerging category of relatively untested and untapped investment opportunities.
Office, international REITs seen strong for 2007
Real estate investment trusts that focus on office properties and those investing internationally will continue to show strong performance this year, even though REITs overall have outperformed the broad market for the past seven years, according to industry experts.
Franklin Resources expanding in India
BOSTON — Franklin Resources Inc., the nation’s fourth-largest mutual fund company, boosted its head count by 229 workers last quarter, with more than 90% of that growth coming from India, where it opened a new facility last month.
Demise of savings may be greatly exaggerated
NEW YORK — The negative savings rate in the United States has been a cause for concern to some economists — who contend that Americans are spending away their futures.
Global exposure important to investors, Goldman says
NEW YORK — Exposure to global markets is playing an increasingly important role in the confidence investors have in a company and its stock, according to evaluations of 2006 fourth-quarter company reports published last month by Goldman Sachs & Co. Inc.
