Advisor News

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REGULATION AND LEGISLATION JUN 29, 2009
Court: State can apply some laws to national banks

The Supreme Court on Monday ruled that states can apply some of their own laws to big national banks operating within their borders, a decision proponents called a huge win for consumers and for states seeking more power to regulate financial activities.

By Bloomberg
HSA assets grew more than 62% last year, Celent study shows
RETIREMENT PLANNING JUN 29, 2009
HSA assets grew more than 62% last year, Celent study shows

Despite the downturn in the economy, the number of health savings accounts and assets held in the plans continue to grow, a new study released today showed.

By Lisa Shidler
RETIREMENT PLANNING JUN 28, 2009
The cost of kidnapping an adviser: Six years in prison

The 'Geritol Gang' tried to recoup investment losses by making off with their financial adviser. Now, they're looking at serious prison time.

By Associated Press
RIA NEWS JUN 28, 2009
We need financial cops - and speed limits

Mary Schapiro, chairman of the Securities and Exchange Commission, is correct: Fiduciary standards for all who give investment advice won't be sufficient to deter fraud.

By MFXFeeder
MUTUAL FUNDS JUN 28, 2009
Target date funds seen as a question of how rather than if

Target date funds are ripe for regulation — a conclusion made abundantly clear at a joint Department of Labor and Securities and Exchange Commission hearing this month dissecting these popular retirement funds.

By Mark Bruno
REGULATION AND LEGISLATION JUN 28, 2009
Advisers, investors call for reinstating uptick rule

Highlighting investor concern about the market effects of short selling, more than 3,000 comments have been filed with the Securities and Exchange Commission on proposed changes to the short-sale rule.

By Sara Hansard
RIA NEWS JUN 28, 2009
Breakaway brokers still a trickle, not a tide

Even though independence is losing its stigma as a sign of failure among wirehouse brokers, they continue to move at only a moderate pace to independent broker-dealers and registered investment advisory firms, a panel of experts said last week.

By Jed Horowitz
LIFE INSURANCE AND ANNUITIES JUN 28, 2009
Insurance-affiliated brokers face major changes under Obama plan

Broker defections, a loss of market share and spinoffs could be on the horizon for insurance-affiliated broker-dealers if the Obama administration's proposed regulatory reforms force them to act as fiduciaries.

By Darla Mercado
REGULATION AND LEGISLATION JUN 28, 2009
Big fraud cases put focus on disclosure

The Stanford and Madoff fraud cases have put the brokerage industry's disclosure system under the spotlight.

By Dan Jamieson
FINTECH JUN 28, 2009
For family offices, tech fixes are never easy

Complain as they do about technology, financial advisers don't realize how good they have it compared with managers of family offices.

By Davis Janowski
RIA NEWS JUN 28, 2009
SEC doesn't need a defibrillator after all

At the beginning of the year, after it missed cues for seemingly everything from the massive Madoff Ponzi scheme to the credit crisis, the Securities and Exchange Commission was being written off as all but dead.

By Sara Hansard
REGULATION AND LEGISLATION JUN 26, 2009
Attempt to blame fair-value accounting for AIG’s woes was misleading, FASB chairman says

Former American International Group Inc. Chairman Martin Sullivan misled Congress last year when he told lawmakers AIG’s financial problems were caused by fair-value accounting standards, the chairman of the Financial Accounting Standards Board said today.

By Bloomberg
EMERGING MARKETS JUN 26, 2009
FSA outlines proposal to ban commissions

The United Kingdom’s Financial Services Authority, in an effort to restore “trust and confidence in the retail-investment market,” has outlined a proposal to ban commission payments by investment management firms.

By Jeff Benjamin
REGULATION AND LEGISLATION JUN 26, 2009
Treasury sets purchase process for bank warrants

After banks make an offer, Treasury will decide whether to make a counteroffer, subject to a private appraisal if the two sides cannot agree on a fair price.

By Bloomberg
REGULATION AND LEGISLATION JUN 25, 2009
Antiguan ex-official arrested in Stanford case

Antigua's former chief financial regulator surrendered Thursday to face U.S. charges that he aided an alleged $7 billion swindle by Texas billionaire R. Allen Stanford, government officials said.

By Bloomberg
RETIREMENT PLANNING JUN 25, 2009
ICI says 401(k) legislation would set a ‘dangerous precedent’

The Investment Company Institute blistered a House bill under consideration that would require detailed 401(k) plan fee disclosures and require plan administrators to offer a least one low-cost index fund to plan participants.

By Bloomberg
LIFE INSURANCE AND ANNUITIES JUN 25, 2009
Texas Insurance Department will try to implement protective provisions of annuity legislation

The Texas Department of Insurance yesterday said that it will try to implement provisions of legislation vetoed last week by Gov. Rick Perry that was designed to protect annuity customers.

By Darla Mercado
REGULATION AND LEGISLATION JUN 24, 2009
Elderly clients convicted of kidnapping, beating adviser

Four Germans, aged 61 to 80, abducted financial adviser, held him hostage in a basement; reportedly upset after losing $3.6M in real estate deals

By Bloomberg
PRACTICE MANAGEMENT JUN 24, 2009
Insurers, banks criticize Obama's proposed consumer watchdog agency

Life insurers and banks bashed the administration’s proposal for a Consumer Financial Protection Agency today at a House Financial Services Committee hearing.

By Sara Hansard
RETIREMENT PLANNING JUN 24, 2009
House committee approves bill restricting 401(k) advice to indie advisers

An influential House committee today approved a comprehensive package of retirement legislation that includes a provision that would permit only independent financial advisers to counsel 401(k) participants on their investment decisions.

By Mark Bruno