Advisor News

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Money lost to retirement plan tax breaks vastly overstated, say actuaries
RETIREMENT PLANNING JUN 10, 2011
Money lost to retirement plan tax breaks vastly overstated, say actuaries

The Treasury Department's calculation of revenues that are lost to tax-deferred retirement plans is flat out wrong, says an acturial group. They may be on to something.

By Mark Schoeff Jr.
BofA sues $5.9B breakaway team over 'trade secrets'
RIA NEWS JUN 10, 2011
BofA sues $5.9B breakaway team over 'trade secrets'

Bank of America Corp. won a court order temporarily blocking four former employees from using and sharing the bank's client records at their new employer, New York-based Dynasty Financial Partners.

By Mark Bruno
Spouses of tax deadbeats catch a break
REGULATION AND LEGISLATION JUN 08, 2011
Spouses of tax deadbeats catch a break

IRS nixes two-year time limit for innocent-spouses to plead their case; rule applies to couples who file jointly

By John Goff
FINTECH JUN 08, 2011
Rivals watch, wait as MSSB starts tweeting

Although its wirehouse rivals are keeping their electronic drawbridges closed to social media, Morgan Stanley Smith Barney LLC last week became the first major Wall Street firm to allow its financial advisers to use popular networking websites

By Andrew Osterland
Flurry of changes at MSSB as Fleming rejiggers
WIREHOUSES JUN 08, 2011
Flurry of changes at MSSB as Fleming rejiggers

Greg Fleming was named boss of Morgan Stanley's wealth management unit earlier this year. Since then, he's been busy rejiggering the management team at Smith Barney. The latest: the rehiring of a onetime CFO at the brokerage.

By Andrew Osterland
RIA NEWS JUN 08, 2011
Will newly proposed tax changes whack the wealthy?

With the Bush tax cuts extended for another two years, the status remains quo on major — and imminent — potential changes in tax law, right?

By Andrew Osterland
REGULATION AND LEGISLATION JUN 07, 2011
Not-so-distinguished gentleman conned Eddie Murphy's ex out of $7M: U.S.

Financial adviser claimed he was investing money in the Middle East, say prosecutors; long and questionable trail

By John Goff
RETIREMENT PLANNING JUN 07, 2011
Bite from 12(b)-1 fee reform should be 'modest' for most firms: KBW

But these three fund firms would likely take the biggest hit under current proposal

By Bloomberg
Finra's Ketchum: B-Ds must 'push and pull' for Reg D details
REGULATION AND LEGISLATION JUN 07, 2011
Finra's Ketchum: B-Ds must 'push and pull' for Reg D details

Finra wants broker-dealers that sell risky Regulation D private placements to engage in a more vigorous due diligence process, “pushing and pulling” for information about the products, according to Richard Ketchum, chairman and chief executive of the Financial Industry Regulatory Authority Inc.

By Bloomberg
REGULATION AND LEGISLATION JUN 07, 2011
Indie broker-dealer J.P. Turner bucks trend by winning private-placement case

In what can only be viewed as a surprise outcome, an independent broker-dealer has won a rare legal victory in the continuing scrum over private placements that has forced several broker-dealers to shut down

By Bruce Kelly
Fidelity exec on 12(b)-1 cap: Advisers will still get paid
MUTUAL FUNDS JUN 07, 2011
Fidelity exec on 12(b)-1 cap: Advisers will still get paid

O'Hanley says expense will 'pop up' somewhere else; whack-a-mole for the SEC?

By Jessica Toonkel
The world according to GARP: Buy tech, beware energy
FINTECH JUN 06, 2011
The world according to GARP: Buy tech, beware energy

Growth-at-a-reasonable-price investment strategy up 14.5% for Brian Lazorishak so far this year

By Jeff Benjamin
RETIREMENT PLANNING JUN 06, 2011
And you think your kid's private school is expensive

Tuition at Leysin American School in the Swiss Alps is $72K a year, but at least the skiing's good

By Bloomberg
RIA NEWS JUN 06, 2011
Rockefeller snags ex-Goldman exec as new CEO

Ten months after the death of its former chief executive, wealth management firm Rockefeller Financial today hired Reuben Jeffery III, a former government official and Goldman Sachs' executive, as its chief executive.

By Hilary Johnson
REGULATION AND LEGISLATION JUN 06, 2011
Family offices fret over Dodd-Frank disclosures

The financial-reform law is threatening the privacy of some of America's richest families.

By Hilary Johnson
REGULATION AND LEGISLATION JUN 05, 2011
ASPPA: Funds lost to retirement plan tax breaks overstated

Federal revenue losses due to tax breaks for retirement savings plans are being greatly exaggerated, according to a group that is urging Congress not to eliminate so-called retirement tax expenditures

By Mark Schoeff Jr.
REGULATION AND LEGISLATION JUN 05, 2011
Advisers are ahead of the game on DOL rule compliance

Instead of standing on the sidelines waiting for a number of long-awaited Labor Department rules to take effect, advisers are figuring out how things will change and are wasting no time as they gear up

By Darla Mercado
PRACTICE MANAGEMENT JUN 05, 2011
Pay-to-play 'death penalty' scaring the life out of advisers

New regulations aimed at ending the cozy relationship between government and those who advise the government on investment matters sound good on first blush. But as firms have discovered, the devil's in the details.

By Mark Schoeff Jr.
ALTERNATIVES JUN 05, 2011
Omni present no longer: Firm latest B-D to close

Another small, independent broker-dealer that faces mounting legal claims is exiting the business, this time after selling real estate deals by a bankrupt syndicator.

By Bruce Kelly
BondView to run the rule over muni bond funds
RETIREMENT PLANNING JUN 03, 2011
BondView to run the rule over muni bond funds

Muni bond transparency isn't very transparent. Indeed, making sense of muni bond funds can be an exercise in frustration. Now, a new rating system may clear things up a bit.

By Jessica Toonkel