Advisor News

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INDEPENDENT BROKER DEALERS JUN 19, 2011
Inflated postage charges to clients continues to dog IBD

Newbridge Securities to pay $850,000 as part of class action settlement

By Bruce Kelly
REGULATION AND LEGISLATION JUN 19, 2011
Finra fines five firms almost $1M over fees

Finra has walloped five firms for overcharging for postage and handling with almost $1 million in fines.

By Bruce Kelly
Most wealth management CEOs see clients unsatisfied: PwC
RIA NEWS JUN 19, 2011
Most wealth management CEOs see clients unsatisfied: PwC

A majority of surveyed global wealth-management execs said their clients aren't satisfied these days. Indeed, one industry adviser says many clients 'expect a lot more and tolerate a lot less.'

By Doug Cubberley
Americans bemoan lack of financial willpower – but still planning swell vacations
RETIREMENT PLANNING JUN 19, 2011
Americans bemoan lack of financial willpower – but still planning swell vacations

Blame 'pace of society' for inability to reach retirement goals; meanwhile, holiday spending on the rise

By Lavonne Kuykendall
Want to retain retiree clients? Put their retirement income plan on paper
RETIREMENT PLANNING JUN 19, 2011
Want to retain retiree clients? Put their retirement income plan on paper

Investors prefer to get their retirement income plans in writing, but advisers tend to back away from giving clients a detailed blueprint, a Fidelity Investments survey has found.

By Darla Mercado
RIA NEWS JUN 19, 2011
Advisers: How do you know when it's time for an upgrade?

Financial advisers, whether solo practitioners or members of a multiperson firm, need to think regularly about whether their technology is keeping pace with their business needs.

By Bloomberg
RETIREMENT PLANNING JUN 19, 2011
Treasury set to offer guidance on income products

Aiming to curb the number of individuals who are likely to outlive their retirement savings, the Treasury Department soon will offer guidance on lifetime income options that 401(k) plan participants should have available when they retire

By Liz Skinner
MUTUAL FUNDS JUN 19, 2011
Supreme Court blocks Janus market-timing lawsuit

In a much-awaited decision, the Supreme Court last week ruled in favor of the mutual fund industry in a case involving a company's responsibility for statements made in prospectuses, eliciting a huge sigh of relief from fund companies, broker-dealers and others involved in selling mutual funds

By Jessica Toonkel
FINTECH JUN 19, 2011
Portfolio management, reporting spawning new players, products

For the past decade, many players in the portfolio management and reporting industry have believed in the notion that one size fits all

By Davis Janowski
REGULATION AND LEGISLATION JUN 17, 2011
Firms slam Finra's proposal to register operations staff

Finra's proposal with the SEC to register operations staff has not gone over big in the adviser community. Here's why.

By Dan Jamieson
LIFE INSURANCE AND ANNUITIES JUN 17, 2011
Aviva fleeced in church scam, suit claims

Aviva Life and Annuity Co. late last month filed suit in federal court against a handful of life insurance agents, claiming that they fraudulently sold coverage to some 119 church members

By Darla Mercado
Finra fines JPMorgan Chase $1.7M for hawking 'risky' investments
REGULATION AND LEGISLATION JUN 16, 2011
Finra fines JPMorgan Chase $1.7M for hawking 'risky' investments

Says brokerage unit put conservative clients in unsuitable instruments; bank must pony up nearly $2M in reimbursements

By John Goff
ETF at the heart of UBS $2B debacle: Sources
REGULATION AND LEGISLATION JUN 16, 2011
ETF at the heart of UBS $2B debacle: Sources

Sources say UBS' $2B trading loss may have been caused by an employee's failure to hedge the currency risks of an exchange-traded fund. If so, expect heightened regulatory scrutiny of ETFs.

By John Goff
Ousted Krawcheck could be bounced from Finra board
REGULATION AND LEGISLATION JUN 16, 2011
Ousted Krawcheck could be bounced from Finra board

Last month, Sallie Krawcheck was elected to one of three large-firm governor's seats at Finra. There's just one hitch. Now that Krawcheck no longer works for BofA, she must quickly find a job at a large firm — or give up the seat.

By Dan Jamieson
Remember the titans: Wall Street elite got $1.2T in secret loans
REGULATION AND LEGISLATION JUN 16, 2011
Remember the titans: Wall Street elite got $1.2T in secret loans

Aristocracy of banking would have likely gone down the tubes without previously undisclosed Fed money; 'whopping numbers'

By John Goff
REGULATION AND LEGISLATION JUN 16, 2011
Stifel defrauded school districts: SEC

Says brokerage told officials in Wisconsin it would take '15 Enrons' to sink $200M investment; CDOs went bust

By Liz Skinner
REGULATION AND LEGISLATION JUN 16, 2011
Ex-Wells Fargo adviser: I was fired for blowing the whistle on my boss

Bolanis claims Christopher Sargent was putting elderly clients in unsuitable investments; Sargent, Wells deny accusations

By Liz Skinner
Wedbush ordered to pay $3.5M for 'morally reprehensible failure'
REGULATION AND LEGISLATION JUN 16, 2011
Wedbush ordered to pay $3.5M for 'morally reprehensible failure'

Finra panel says brokerage stiffed muni trader who was owed years worth of incentive comp

By Liz Skinner
RBC Wealth Management boss: We're not interested in big acquisitions
RETIREMENT PLANNING JUN 16, 2011
RBC Wealth Management boss: We're not interested in big acquisitions

Despite talk of possible purchase of Morgan Keegan, Taft says bank not eyeing 'transformational deals'

By Andrew Osterland
INcite: SEC's cease-and-desist orders a joke
REGULATION AND LEGISLATION JUN 16, 2011
INcite: SEC's cease-and-desist orders a joke

Commission tells JPMorgan securities unit not to do what it told it not to do two times before; third time's the charm?

By Bloomberg