Advisor News

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REGULATION AND LEGISLATION AUG 16, 2009
Health care plan makes for interesting reading

I like to read important proposed legislation. Actually, I don't so much like it — the text is often mind-numbing — but I make myself do it because I think that it is important.

By Mike Clowes
INDEPENDENT BROKER DEALERS AUG 16, 2009
The latest threat to independent advisers

History is rife with examples of adverse, unintended consequences resulting from well-intentioned lawmaking acting in the face of a crisis.

By Dale E. Brown
OPINION AUG 16, 2009
The process of picking a co-fiduciary

By definition, prudence involves the exercise of skill and good judgment in the use of resources. It is a core fiduciary duty.

By Blaine F. Aikin
ALTERNATIVES AUG 16, 2009
Treasury unveils bill to reform derivatives on OTC

The Department of the Treasury last Tuesday sent to Capitol Hill the final piece of its financial regulatory reform legislation, a 115-page bill aimed at reforming regulation of over-the-counter derivatives.

By Sara Hansard
REGULATION AND LEGISLATION AUG 16, 2009
Ex-rep claims discrimination in lawsuit

A former broker with Wells Fargo Advisors LLC of St. Louis has sued the firm for sexual discrimination.

By Dan Jamieson
REGULATION AND LEGISLATION AUG 14, 2009
Former AIG execs to pay $115M to settle bid rigging and fraud charges

The state of Ohio yesterday reached a $115 million settlement with ex-AIG chief executive Maurice R. “Hank” Greenberg and a handful of former AIG executives in a suit that alleged bid rigging and accounting fraud.

By Darla Mercado
FINTECH AUG 14, 2009
New turnkey tax management overlay announced by Envestnet

Envestnet unveils tax management overlay; Cabinet NG's document management software updated

By Davis Janowski
INDEPENDENT BROKER DEALERS AUG 14, 2009
Stifel set to absorb 350 UBS reps, add new recruits

Having already added nearly 300 financial advisers in the first six months of the year, Stifel Financial Corp. is now poised to add another 350 new advisers — at least — in the second half of 2009.

By Bloomberg
REGULATION AND LEGISLATION AUG 14, 2009
'Charlatan' promoter barred from marketing fraudulent tax schemes

Daniel Andersen, a promoter serving time in prison, was permanently barred from marketing fraudulent tax schemes by the U.S. District Court for the Western District of Washington in Seattle.

By Bloomberg
OPINION AUG 13, 2009
Wirehouse Woes

The Four Remaining Wire Houses Will Succeed or Fail Based on How Well They Address These Three Things

By Danny Sarch
LIFE INSURANCE AND ANNUITIES AUG 13, 2009
Axa Advisors to pay $50,000 settlement in connection to retirement-fund fraud

The Securities and Exchange Commission on Tuesday filed an administrative proceeding against Axa Advisors LLC for failing to supervise a former registered representative who pleaded guilty to securities fraud in January 2008.

By Sara Hansard
REGULATION AND LEGISLATION AUG 13, 2009
Foundation socks Merrill with $33M suit over Madoff investment

Just months before his now-infamous Ponzi scheme collapsed, Bernie Madoff snookered a Merrill Lynch adviser who was attempting to perform due diligence on him for a foundation that serves the elderly, according to a lawsuit filed in federal court in Florida last week.

By Bruce Kelly
PRACTICE MANAGEMENT AUG 12, 2009
Hong Kong regulator bans ex-CLSA banker for life

Hong Kong regulators on Monday banned a former banker at one of Asia's top stock brokerages from the territory's financial industry for life after he was jailed for insider trading.

By Associated Press
WIREHOUSES AUG 12, 2009
Wirehouse-hopping drops as reps flock to indies and regionals

The number of advisers moving from one wirehouse to another reached a nine-month low last month, according to data compiled by the Discovery-RR Database.

By Sue Asci
REGULATION AND LEGISLATION AUG 12, 2009
UBS settles tax evasion case; will it now name names?

The U.S. and Swiss governments have reached an out-of-court settlement in the tax evasion case involving the Internal Revenue Service's request that UBS AG turn over the identities of 52,000 Americans who have accounts with the bank that may have been used to avoid paying U.S. taxes.

By Charles Paikert
REGULATION AND LEGISLATION AUG 12, 2009
Treasury Department unveils bill to reform OTC derivatives

The Department of the Treasury sent the final piece of its financial regulatory reform legislation to Capitol Hill , a 115-page bill aimed at reforming regulation of over-the-counter derivatives.

By Bloomberg
RETIREMENT PLANNING AUG 12, 2009
Fidelity: Workers again putting more into 401(k)s

For the first time in a year, more of Fidelity's 11.2 million plan participants have raised, rather than reduced, their contributions.

By Bloomberg
REGULATION AND LEGISLATION AUG 11, 2009
Merrill faces arbitration over financial preferred stock

A retired Michigan couple has filed a securities arbitration claim against Merrill Lynch & Co. Inc. for sales practices that allegedly led to a loss of $650,000.

By Sue Asci
REGULATION AND LEGISLATION AUG 11, 2009
Stanford Ponzi case pits SEC against court-appointed receiver

The Securities and Exchange Commission has taken the unusual step of opposing what a court-appointed receiver is doing in the massive Ponzi case that involves companies owned by Robert Allen Stanford.

By Sara Hansard
REGULATION AND LEGISLATION AUG 11, 2009
Ex-Madoff CFO pleads guilty in court in New York

The former chief financial officer for Bernard Madoff pleaded guilty Tuesday to conspiracy, admitting to helping Madoff carry out a massive fraud that cost thousands of people billions of dollars by lying to investors and testifying falsely when it seemed the fraud might be discovered.

By Bloomberg