A proposal that would require brokers providing advice to be regulated as RIAs may be dropped from financial reform legislation, according to consumer groups and state securities regulators.
Chief executives at some of the biggest financial institutions are on a mission to repair their image with Congress and the public, part of a strategy to gain more influence over legislation that would overhaul financial regulations and intrude further into their business.
Carlos Slim, the world's richest man according to Forbes magazine, has acquired shares of BlackRock Inc., the world's biggest money manager, expanding his U.S. holdings.
Authorities say Patrick Rakotonanahary's currency trading business was actually a classic Ponzi scheme
Info from 24,000 of its Swiss bank accounts was stolen between 2006 and 2007, HSBC reported today. Tax authorities in foreign countries can expect to be hearing from the data bandits -- if they haven't already, that is.
Their parents are getting all the attention, but 30-somethings want (and need) financial advice. Now
The Minnesota Commerce Department claims that the insurer sold 541 contracts worth $28 million that weren't OK'd by state
Senate Banking Committee Chairman Christopher Dodd, D-Conn., is expected to introduce new financial reform legislation this week that excludes applying a fiduciary standard to brokers offering investment advice.
The Securities and Exchange Commission's expected move to regulate placement agents as broker-dealers instead of prohibiting investment advisers from using them won't curb influence-peddling, some critics say.
Everybody dies. Not everybody plans for it, though. That's where financial advisers come in. Few professionals are as well positioned to offer guidance on this sensitive topic — or to steer clients to specialists such as estate planners or attorneys. Indeed, financial advisers, who meet with clients on a regular basis, sometimes for years, can play a pivotal role in getting them to get their affairs in order long before they face their own mortality.
Banking giant Wachovia Corp. will pay $160 million to settle a federal investigation into laundering of illegal drug profits through Mexican exchange houses in the largest case of its kind ever brought against a U.S. bank, prosecutors said Wednesday.
If such overplayed images as Roman columns, boats, or chess pieces populate your firm's website, it is definitely time for a redesign.
Twenty years ago, investment adviser Greg Merlino woudn't take on clients unless they had at least $250,000 of investible assets.
The nascent secondary market for annuities and their guaranteed benefits could be stunted as the result of a vote last week by state insurance regulators to allow carriers to terminate the annuity benefits if a client sells the contract.
A former branch manager who headed one of the largest groups of reps at FSC Securities Corp. is suing the broker-dealer after what he claims was a thwarted and contentious attempt to buy the business from parent AIG Advisor Group earlier last year.
A Tennessee representative formerly affiliated with AIG Financial Advisors Inc. spent time making voodoo dolls of his victims to ward off their damaging testimony, prosecutors said.
The trial over a 401(k) fee lawsuit against ABB Inc. is continuing on despite a workplace shooting at one of the company's factories on Thursday, in which the shooter was a plaintiff in the suit.
Regulators shut four banks from California to Florida on Friday, boosting to 20 the number of U.S. bank failures this year following the 140 closures last year in the worst financial climate in decades.
