Wal-Mart Stores Inc. is taking another crack at expanding its financial services business by partnering with a discount- brokerage platform that potentially could move the world’s largest retailer closer to the financial advice business.
NEW YORK — Although most millionaires feel that their wealth is “extremely secure,” many still have not found the kind of financial advice that suits their needs. According to the annual wealth survey by The Phoenix Cos. Inc. of Hartford, Conn., 34% of millionaires young and old lacked a primary financial adviser.
OTTAWA — The House of Commons Finance Committee has voted down a measure that would have provided for a 10-year delay in taxing companies with an income trust structure.
NEW YORK — Companies that provide training and manufacture software aimed at investment advisers expect to cash in on the recent demise of the broker-dealer exemption rule.
CHICAGO — To add reserves to their retirement nest egg, more elderly people are considering the sale of existing life insurance policies, financial advisers say.
IRVINE, Calif. — NASD has dropped a controversial proposal to revamp its branch office definitions.
Wachovia Corp. is putting the finishing touches on its retention package for brokers with A.G. Edwards.
One of AIG's subprime units settled with the Office of Thrift Supervision over inappropriate loans to some borrowers and excessive fees.
Two hedge funds have sent a second letter to TD Ameritrade, challenging the company’s refusal to merge.
A Massachusetts man and his company have been charged with operating as an unregistered broker-dealer and soliciting investors for companies he represented.
Citigroup Inc. agreed to pay $15.2 million to settle claims with NASD that its brokers misled employees of BellSouth Corp.
Prudential Financial today announced that it would close its equity research and trading business, with a loss of some 420 jobs.
Two hedge funds are pressuring TD Ameritrade to sell out to E*TRADE or Schwab, according to press reports.
MetLife Inc.'s Investors Group has promoted Elizabeth M. Forget to senior vice president, the insurer said today.
Morgan Stanley’s board of directors has approved the spin-off of Discover Financial Services.
Jesper Koll, an economist for Merrill Lynch based in Japan, has resigned from his post, published reports said.
Scot Warren was appointed managing director for equity indexes at the Chicago Mercantile Exchange, according to a statement from the exchange.
Wealthy investors who use registered investment advisers are only indexing 3.8% of their marketable securities.
Bear Stearns has joined with a group of Saudi Arabian executives to provide investment products that comply with Islamic law.
Great-West Life bought Boston-based Putnam Investments to obtain "instant recognition" in the U.S. market.
