Advisor News

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PRACTICE MANAGEMENT OCT 25, 2009
SEC exams of advisers get tougher and meaner

The SEC may be examining fewer investment advisers than ever, but when it does pay a visit, even routine exams are more demanding, according to lawyers, consultants, advisers and the agency itself.

By Jed Horowitz
REGULATION AND LEGISLATION OCT 23, 2009
Finra's Ketchum pitches — again — for adviser oversight

Richard Ketchum, the chairman and chief executive of the Financial Industry Regulatory Authority Inc., told a gathering of brokerage firm executives that his group will be more aggressive about investigating the advisory activities of their brokers &#8212; regardless of whether it <a href= http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090517/REG/305179968&amp;ht=SRO>gets full regulatory authority </a> to oversee investment advisers.

By Bloomberg
FINTECH OCT 23, 2009
Share of Wallet Report added to WealthTouch platform

WealthTouch Inc. this week announced an addition to its Institutional Reporting Module which it is calling the Share of Wallet Report.

By Bloomberg
LIFE INSURANCE AND ANNUITIES OCT 23, 2009
Insurance advocates laud changes to Consumer Financial Protection Agency Act

Members of the insurance industry are applauding an amendment to the Consumer Financial Protection Agency Act of 2009 that eliminates a section that would have given the agency oversight of some insurance products.

By Bloomberg
RETIREMENT PLANNING OCT 23, 2009
Ameriprise settles with Mass. AG over claims six reps deceived clients

Ameriprise Financial Services Inc. has reached a $200,000 settlement with the state of Massachusetts, resolving accusations that several of its reps employed unfair sales practices when working with clients.

By Bloomberg
REGULATION AND LEGISLATION OCT 23, 2009
Best-selling author hits her financial advisers with lawsuit over $40M in losses

Patricia Cornwell, the author of several best-selling crime novels, is going after her financial advisers in an attempt to recover $40 million she has lost, according to multiple published reports.

By Bloomberg
FINTECH OCT 22, 2009
J.P. Morgan goes live with online target date tool for advisers

J.P. Morgan Funds is rolling out an online version of its target date evaluation program for advisers. The firm also is discussing developing a similar tool to help advisers analyze target risk funds.

By Bloomberg
REGULATION AND LEGISLATION OCT 22, 2009
U.S. House panel approves consumer protection agency

The House Financial Services Committee voted Thursday to create a federal agency devoted to protecting U.S. consumers from predatory lending, abusive overdraft fees and unfair rate hikes.

By Bloomberg
FINTECH OCT 22, 2009
With Windows 7 launched, advisers can start checking for compatibility using new Microsoft website

Microsoft Corp. today officially launched its Windows 7 operating system to the masses.

By Bloomberg
OPINION OCT 22, 2009
It's Payout Change Season!

Your payout is never as simple as it seems

By Bloomberg
FINTECH OCT 22, 2009
New version of trading platform launched by Fiserv

Fiserv, Inc. has released version 5.6 of its Investment Management Solution. The solution is a soup-to-nuts trading platform that supports everything from account screening and portfolio validation to order generation and trade execution.

By Bloomberg
FINTECH OCT 22, 2009
New white paper helps advisers in understanding measurement of low-latency trading

Advisers interested in the technology behind ultra-high-speed trading should take a look at a newly published white paper from exchange technology provider Cinnober.

By Bloomberg
FINTECH OCT 22, 2009
SEC launches investor education website

In what could be a bit of a make-good to investors after missing some massive fraud cases in the last year, <a href=&quot;http://www.investmentnews.com/article/20090913/REG/309139986&amp;ht=SEC &quot; target=&#8221;_blank&#8221;> &#8212;namely Bernie Madoff's $65 billion Ponzi scheme &#8212; </a>, the Securities and Exchange Commission has launched its first-ever website devoted exclusively to helping educate investors.

By Bloomberg
REGULATION AND LEGISLATION OCT 21, 2009
Key lawmaker to tee up formal consideration of financial planning regs

A member of the House Financial Services Committee next week plans to propose an amendment to financial service legislation that would require that a study be done on the regulation and oversight of financial planning.

By Bloomberg
RIA NEWS OCT 20, 2009
Adviser gets eight years in jail for stealing from clients

Matthew Weitzman, a former principal of AFW Asset Management Inc., was sentenced to 97 months in prison after he pleaded guilty last year to stealing from the firm's clients.

By Bloomberg
FINTECH OCT 20, 2009
With compliance and regulatory reforms on the horizon, tech firms respond

Fears abound about the potential for change in the regulatory and compliance arena.

By Bloomberg
REGULATION AND LEGISLATION OCT 20, 2009
Setting the standard: Draft sets the bar for a broker, adviser fiduciary standard

Based on a draft amendment of the Investors Protection Act that was distributed today by the House Financial Services Committee to select members of the financial services industry, the duty of care applied to both brokers and financial advisers would be at least as high as the standards that the SEC applies to investment advisers.

By Bloomberg
REGULATION AND LEGISLATION OCT 19, 2009
SEC busts a 'master of deceit' in $14M Ponzi scheme

Three men are accused of running a Ponzi scheme that scammed more than $14 million from hundreds of Haitian-American investors in South Florida and New Jersey.

By Bloomberg
OPINION OCT 19, 2009
If You Are a $350,000 Wire House Producer......

There is no Big Deal for you right now at a Big Firm. Time to get pragmatic.

By Bloomberg
RETIREMENT PLANNING OCT 18, 2009
Bid to regulate planning industry will soon run into opposition, leaders predict

The industry effort to regulate financial planning as a profession has support from within, but it won't escape opposition from other sectors of the financial services community, several industry leaders said last week.

By Dan Jamieson