Advisor News

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REGULATION AND LEGISLATION AUG 18, 2010
Schapiro: SEC is soliciting input on fiduciary issue

Just days after the financial-regulatory-reform law was signed, the Securities and Exchange Commission issued a request for public comment on a provision addressing the standard of care for investment advice.

By Mark Schoeff Jr.
UBS will seek to have $81M Finra ruling overturned
REGULATION AND LEGISLATION AUG 18, 2010
UBS will seek to have $81M Finra ruling overturned

UBS AG, the largest Swiss bank, will seek to reverse a ruling requiring it to pay a U.S. company for business lost when its funds were tied up during the collapse of the auction-rate securities market two years ago.

By Bloomberg
Citi continues to purge U.S. Trust advisers
RIA NEWS AUG 18, 2010
Citi continues to purge U.S. Trust advisers

Citi Private Bank, the private-banking unit of Citigroup Inc., continues its aggressive recruiting from U.S. Trust and has now lured a total of 10 bankers from the Bank of America unit since the end of April.

By Hilary Johnson
RIA NEWS AUG 18, 2010
U.S. Trust, Atlantic Trust ramp up recruiting

U.S. Trust Corp., the private banking unit of Bank of America Corp., has hired five senior-level wealth management experts as part of the firm's bid to hire more than 200 advisers and bankers this year.

By Hilary Johnson
REGULATION AND LEGISLATION AUG 17, 2010
SEC: Investment scam quickly took in more than $1M

Federal regulators say it was too good to be true: A Detroit-area woman is accused of collecting more than $1 million from investors who were told they would earn at least 10 percent a month.

By Bloomberg
REGULATION AND LEGISLATION AUG 17, 2010
CFP Board plans to keep fighting for more planner regulation

At least one group of financial advisers is hoping that the landmark financial-reform legislation will lead to more government oversight of the advice business.

By Mark Schoeff Jr.
REGULATION AND LEGISLATION AUG 17, 2010
Finra may expand oversight to all financial advisers

Finra, whose rules-based approach to oversight of brokers is anathema to many financial advisers, could expand its jurisdiction as a result of the new Dodd-Frank Wall Street Reform and Consumer Protection Act

By Jed Horowitz
LIFE INSURANCE AND ANNUITIES AUG 17, 2010
Adviser groups opposed to exempting indexed annuities from SEC oversight

Groups argue the Harkin amendment would undermine the goal of strengthening the standard of care for investors.

By Mark Schoeff Jr.
Advisers, brokers in fiduciary-study rumble
REGULATION AND LEGISLATION AUG 16, 2010
Advisers, brokers in fiduciary-study rumble

It's usually very quiet in Washington in August. But over at the SEC, the late-summer calm has given way to a loud din as lobbyists battle over the standard of care for investors.

By Mark Schoeff Jr.
RETIREMENT PLANNING AUG 16, 2010
Special report: The top SMAs

The second quarter opened up with high hopes and generally positive expectations for the remainder of the year.

By Mark Bruno
FINTECH AUG 16, 2010
Cambridge Investment Research undertakes social networking pilot using Socialware

Whether they admit to it or not, lots of fellow independent broker-dealers and probably thousands of registered reps are going to monitor how a new social media pilot progresses at Cambridge Investment Research Inc.

By Bloomberg
RETIREMENT PLANNING AUG 16, 2010
Why Warren Buffett could lose $8B

Berkshire Hathaway Inc., the company run by billionaire Warren Buffett, may have to set aside $8 billion in collateral for derivatives under proposed changes to U.S. financial regulations, a Barclays Capital analyst said.

By Bloomberg
Buffett: Directors, officers should be punished for risky business
PRACTICE MANAGEMENT AUG 16, 2010
Buffett: Directors, officers should be punished for risky business

In his latest letter to Berkshire Hathaway shareholders, Warren Buffett says directors and officers -- and not shareholders -- should take the hit for reckless investments.

By Associated Press
RETIREMENT PLANNING AUG 15, 2010
More retirement plans offering self-directed brokerage accounts

Defined-contribution plans are adding self-directed brokerage accounts as a way of giving participants more choices even as some plans reduce the number of core investment options.

By Robert Steyer
OPINION AUG 15, 2010
Minorities can enrich financial services industry

The confirmation a year ago of the first Hispanic Supreme Court justice, following the election of the first black president, has signaled for many people a growing appreciation of racial diversity and inclusiveness in the United States.

By Lazetta Rainey Braxton
REGULATION AND LEGISLATION AUG 15, 2010
Merrill Lynch defeats bid by black advisers to sue as group

A U.S. District Court judge has denied a bid for class action status by 17 black financial advisers in their five-year-old discrimination suit against the Merrill Lynch unit of Bank of America Corp.

By Bloomberg
REGULATION AND LEGISLATION AUG 15, 2010
Financial reform bodes well for TruPS

One likely outcome of the Dodd-Frank financial-reform legislation is that it will rally the TruPS.

By Jeff Benjamin
RETIREMENT PLANNING AUG 15, 2010
Financial planner deduction? It's a long shot

By Mark Schoeff Jr.
REGULATION AND LEGISLATION AUG 15, 2010
Finra wants more financial reporting from B-Ds

The Financial Industry Regulatory Authority Inc. is proposing a rule that would let the regulator demand more frequent financial reporting from its member firms — and as a first step, it wants more details on revenue and expenses.

By Dan Jamieson
REGULATION AND LEGISLATION AUG 15, 2010
NASAA: Advisers have begun prepping for threshold switch

Like many aspects of the financial-regulatory-reform legislation that became law July 21, the provision that increases the threshold for state regulation of investment advisers doesn't go into effect for another year.

By Mark Schoeff Jr.