Advisor News

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REGULATION AND LEGISLATION MAY 21, 2007
Brokerages shuffle fee accounts

Brokerage firms, preparing to transition existing customers into alternative fee programs, are putting the freeze on new fee-based brokerage accounts.

By Bloomberg
INDEPENDENT BROKER DEALERS MAY 21, 2007
Will modeling tools be next FPA target?

Now that the Financial Planning Association’s victory over fee-based brokerage accounts is cemented, some in the securities industry are wondering whether the group will take aim at other brokerage transactions that hinge upon a registered representative giving clients advice.

By Bloomberg
OPINION MAY 21, 2007
Pension system proposal is worth a look

By ewilliams
RETIREMENT PLANNING MAY 18, 2007
Trust boosts 401(k) participation, study finds

Add financial literacy and trust in financial institutions to the factors that increase 401(k) participation rates.

By Bloomberg
WIREHOUSES MAY 17, 2007
Ex-Goldman chairman ‘appalled’ at pay

John C. Whitehead said he is outraged by the excessive compensation given to Wall Street top execs.

By Bloomberg
WIREHOUSES MAY 17, 2007
JPMorgan Chase buys Xign Corp.

JPMorgan Chase & Co. acquired Xign Corp., a provider of business-to-business on-demand financial settlement solutions.

By Bloomberg
WIREHOUSES MAY 16, 2007
Fidelity slashes PetroChina holdings

The Fidelity Out of Sudan group applauded news that the fund giant has slashed its stake in PetroChina ADRs by 91%.

By Bloomberg
ALTERNATIVES MAY 16, 2007
ESL ups stake in Citigroup

An affiliate of Edward Lampert's ESL Investments Inc. hedge fund now owns 15.24 million shares of Citigroup Inc.

By Bloomberg
WIREHOUSES MAY 16, 2007
Energy boss leaves JPMorgan Chase

George "Beau" Taylor, JPMorgan Chase & Co.'s energy-trading head has quit to join the Credit Suisse Group, according to published reports.

By Bloomberg
WIREHOUSES MAY 16, 2007
JPMorgan fund manager sacked

A senior fund manager at a joint venture between JPMorgan Asset Management and Shanghai International Trust & Investment Co. was dismissed yesterday because of suspected insider trading.

By Bloomberg
WIREHOUSES MAY 16, 2007
Merrill promotes two in private equity

Merrill Lynch & Co. Inc. has announced that it will expand its private equity efforts and promote two managers.

By Bloomberg
WIREHOUSES MAY 15, 2007
Fidelity unveils three Advisor funds

Fidelity Investments today added international real estate, Canada and small cap funds to their Advisor fund roster.

By Bloomberg
WIREHOUSES MAY 14, 2007
UBS exec moves to biz development

Tom Madsen, UBS Global Asset Management’s global head of equities, has stepped down from his post to take a business development role, according to published reports.

By Bloomberg
WIREHOUSES MAY 14, 2007
Bear Stearns writes off $225M for specialists

With floor traders at the New York Stock Exchange fast becoming obsolete, Bear Stearns Cos. Inc. said today that it would write down the value of its specialist business by $225 million, according to Crain's New York Business.

By Bloomberg
WIREHOUSES MAY 14, 2007
Schwab smiles on merger of rivals

Charles “Chuck” Schwab again dismissed speculation that his company might acquire TD Ameritrade Holding Corp. or E*TRADE Financial Corp. by suggesting the two rivals might form a good union themselves, according to press reports.

By Bloomberg
WIREHOUSES MAY 14, 2007
Fidelity adds to AMT tax-free funds

Fidelity Investments, the biggest U.S. mutual fund company, today announced the launch of two new share classes of Fidelity California, Massachusetts, New Jersey and New York AMT Tax-Free Money Market Funds.

By Bloomberg
INDEPENDENT BROKER DEALERS MAY 14, 2007
SIFMA defends mandatory-arbitration system

NEW YORK — As some U.S. senators find fault with the arbitration system that resolves client disputes with broker-dealers, the brokerage industry’s largest trade group is defending the process.

By Bloomberg
FINTECH MAY 14, 2007
Schwab cuts PortfolioCenter price

SAN FRANCISCO — Schwab Performance Technologies Inc. is waiving the $10,000 license charge for its PortfolioCenter portfolio accounting software for advisers with 50 or fewer accounts.

By Bloomberg
REGULATION AND LEGISLATION MAY 14, 2007
Capital requirements worry small firms

IRVINE, Calif. — Small brokerage firms are concerned about possible increases in net capital requirements that the Securities and Exchange Commission has proposed.

By Bloomberg
RETIREMENT PLANNING MAY 14, 2007
Atkins estate battle offers advisers lessons

The widely publicized dispute between diet guru Robert Atkins’ widow and the trustees of her trust is a cautionary tale for financial advisers and their clients about what can happen in estate cases, observers say.

By Bloomberg