The dispute between LPL Investment Holdings Inc. and Pacific Life Insurance Co. over liability for rogue brokers is a reminder that unseen risks can be part of any acquisition, no matter how well-vetted, according to lawyers and investment bankers.
<a href= http://www.investmentnews.com/apps/pbcs.dll/section?Category=Topic&keywordid=261&keywordname=LPL%20Financial>LPL Investment Holdings Inc. </a>and Pacific Life Insurance Co. are staring each other down over which firm will have to pony up the potentially millions of dollars in claims stemming from fraud suits against a rogue broker from one of the three independent-contractor firms LPL acquired from Pac Life two years ago.
Now that the Department of Labor is scrapping a rule proposal that would have allowed brokers affiliated with financial-services firms to provide advice to 401(k) participants, Congress will move forward with legislation that would require that such advice be given by independent advisers, according to a key congressman.
In the coming months, state securities regulators will focus on increasing the threshold for state regulation of investment advisers to $100 million, according to Texas securities commissioner Denise Voigt Crawford.
A former GunnAllen Financial Inc. and Ameriprise Financial Services Inc. broker pleaded guilty this month to two federal charges, one of mail fraud and the other of filing a false tax return, and he faces up to 23 years in prison when he is sentenced in September.
Lawmakers in Washington are discussing scrapping the conflicted-advice provision of the 401(k) Fair Disclosure and Pension Security Act of 2009 — a move that would be welcomed by many in the financial services industry.
The Labor Department has officially killed a Bush administration rule that would have cleared the way for mutual fund companies to offer direct one-on-one investment advice through their affiliates to defined contribution plan participants.
In a move likely to be replicated by most exchanges, the Nasdaq OMX Group Inc. announced this week that it will begin providing real-time latency measurement to its customers.
Milliman Inc. is in discussions with a number of mutual fund companies, insurers and 401(k) plan sponsors to launch a guaranteed-income product that would be backed by a pool of insurers.
Despite the growing trend of employers putting their 401(k) plans on autopilot, many more are making investment advice available to plan participants, according to a Hewitt Associates survey released last week.
A proposal by the Securities and Exchange Commission that would require advisory firms that hold custody of client assets to be audited by accountants that are inspected by the Public Company Accounting Oversight Board would cost each firm an average of $200,000, according to one new estimate.
The financial advisory industry is rallying its troops against a controversial SEC rule proposal that would subject thousands of investment advisers to surprise exams by outside auditors.
Smith Barney has hit a former adviser with a lawsuit, an arbitration claim and a restraining order, claiming that the rep improperly pursued clients and used confidential information after he resigned from the brokerage arm of New York-based Citigroup Inc. at midmonth.
Cabinet NG, a document management and workflow software maker, this week launched two new tools the company says are intended to expedite searches and better access documents in its filing system <a href="//www.investmentnews.com/apps/pbcs.dll/article?AID=/20080219/PHOTOGALLERY/804931245/1102/INTechnologyNews03"" target="”_blank”" rel="noopener noreferrer">CNG-Safe</a> (an acronym for Safe Access Filing Environment)
Advent Software Inc. this week introduced an index data service that allows advisers to download index performance data from Standard & Poor's and Russell Investments directly into Advent Portfolio Exchange, its integrated portfolio and client relationship management system.
Lord Abbett & Co. LLC has created a new website to provide financial advisers with direct acces to a range of information about the money management company's funds, as welll as broader financial information.
TD Ameritrade Institutional unveiled a tool last week that gives its business development efforts a technological boost.
After focusing their efforts on increasing 401(k) fee disclosure, members of an influential committee last week approved a more comprehensive package of potential retirement reforms.
A key Congressional committee is expected to vote on a proposal - as early as next week - that could potentially bar thousands of brokers from providing investment advice to 401(k) participants, according to sources.
