Bowing to the political clout of the insurance and securities industries, the Financial Planning Coalition has given up its effort to get Congress to establish a definition of financial planning that would have brought thousands of insurance and securities brokers and money managers under the sway of an oversight board that the FPC seeks to create.
In the face of opposition from influential insurance and securities industry groups, the Financial Planning Coalition has moderated its ambition to get Congress to establish a broad regulatory scheme for financial planners.
The Securities and Exchange commissioner says "vague and confusing" language describing target date funds led to investor confusion when investments performed poorly during the market downturn.
The self regulatory organization ruled that Schwab's human resources group committed “gross negligence, and contributed to the damages suffered” by a former employee who claimed the brokerage had made defamatory comments on his termination notice.
And there's a 5% chance the tab could top $570K, according to a sobering study published this week by Boston College.
The Jones family is in need of financial advice in a major way.
A former financial adviser from Plymouth, Mass., has pleaded guilty in federal court to embezzling $4.3 million from his clients and using the money for personal expenses, including to make mortgage payments and pay his daughter's college tuition.
Securities and Exchange Commission investigators were trying to persuade supervisors to protect billionaire Mark Cuban's privacy when they internally e-mailed photos demonstrating his fame, the agency said.
Over the past year, at least six young couples have come to investment adviser Susan Spraker in desperate need of financial help.
The Jones family is in need of financial advice in a major way. InvestmentNews wants to know how you would advise this made-up 30-somethings couple, the first case study of a four-part series on lifestage investing.
Citigroup Inc. said it is repaying $20 billion in bailout money it received from the Treasury Department, in a bid to reduce government influence over the banking giant.
They are going to find out about it anyway, and they're better off hearing about it from you
A Federal judge refuses to vacate an award from June 2009 arbitration ruling.
Adviser Frank Congemi is running radio spots this week lambasting government officials and Wall Street firms for the financial crisis, which he calls the “largest economic crime in history.”
Financial advisers and service providers working with retirement plans are trying to avert the possibility of coming under greater regulation by an existing or new government agency.
Morgan Stanley CEO James Gorman has been put on the hot seat by the company's institutional investors over its compensation policies, according to a report in the Wall Street Journal.
The requirement that brokers who provide advice be regulated as registered investment advisers may be dropped from financial-reform legislation being considered by the Senate Banking Committee, according to consumer groups and state securities regulators.
Senate Banking Committee Chairman Christopher Dodd's decision to retire could allow him to push through proposals to bring brokers under traditional fiduciary standards.
