Advisor News

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INDEPENDENT BROKER DEALERS MAY 14, 2007
LPL is said to play hardball

LPL Financial Services is playing hardball. Officials at the firm reportedly made it clear to competitor National Planning Holdings Inc. that it needs to step away from recruiting registered representatives from Pacific Life Insurance Co. or it will face consequences.

By Bloomberg
WIREHOUSES MAY 14, 2007
LPL advisers are raising fees

Financial advisers across the country who use Linsco/Private Ledger Corp. as their broker-dealer are raising prices, mostly for new clients.

By Bloomberg
REGULATION AND LEGISLATION MAY 14, 2007
SRO merger now in SEC’s court

Now that a lawsuit challenging the merger of the regulatory units of NASD and the New York Stock Exchange has been dismissed, attention has turned to the Securities and Exchange Commission, where NASD bylaw changes needed to seal the deal are pending approval.

By Bloomberg
OPINION MAY 14, 2007
Time is right for a shortened prospectus

By ewilliams
REGULATION AND LEGISLATION MAY 14, 2007
To appeal or not to appeal

With the deadline bearing down to initiate legal action to block a federal court’s decision on the legality of fee-based brokerage accounts, the brokerage industry is looking for guidance on how to proceed.

By Bloomberg
INDEPENDENT BROKER DEALERS MAY 14, 2007
Raymond James recruits recruiters

Raymond James Financial Services Inc. is adding major clout to its recruiting effort, bringing on board half a dozen recruiters, including two top executives from rival independent-contractor firms, investmentnews.com reported Friday.

By Bloomberg
RETIREMENT PLANNING MAY 14, 2007
Cox, Schapiro tackle disclosure at ICI meeting

The Securities and Exchange Commission is examining disclosures for 401(k) plans and is looking at ways to provide 401(k) information using interactive software, SEC Chairman Christopher Cox said last week.

By Bloomberg
RETIREMENT PLANNING MAY 11, 2007
Lincoln offers annuity rider on DC plans

Lincoln Employer Markets announced today that the Lincoln National Life Insurance Company now offers an annuity rider on its defined contribution plans.

By Bloomberg
RETIREMENT PLANNING MAY 10, 2007
SEC eyes interactive 401(k)s

The Securities and Exchange Commission is examining disclosures for 401(k) plans and is looking at ways to provide such information using interactive software, SEC Chairman Christopher Cox today told the mutual fund industry today.

By Bloomberg
RETIREMENT PLANNING MAY 09, 2007
401(k) fees aren't everything, says Flanagan

As they examine the 401(k) retirement plan system, policy makers would be wise not to focus all their attention on fees, Martin L. Flanagan, chairman of the Investment Company Institute of Washington said today at the ICI’s general membership meeting.

By Bloomberg
WIREHOUSES MAY 09, 2007
Morgan Stanley to pay $7.9 million

Morgan Stanley & Co. Inc. will pay $7.9 million for its failure to provide best execution to certain retail orders for over-the-counter securities, the Securities and Exchange Commission announced today.

By Bloomberg
RIA NEWS MAY 09, 2007
Fidelity unveils systems for RIAs

Fidelity Investments, in cooperation with Oracle Corp. and Emerging Information Systems Inc., has created two web-based customer relationship management and financial planning systems for registered investment advisers, the Boston-based firm announced today.

By Bloomberg
WIREHOUSES MAY 09, 2007
Legg Mason 4Q profits jump 15%

Legg Mason Inc. posted a 15% increase in net income as increased advisory fees drove assets under management to record levels.

By Bloomberg
INDEPENDENT BROKER DEALERS MAY 09, 2007
ING cuts fees for advisers

As part of effort to spiff up its fee business, the ING Advisors broker-dealers have cut fees that their advisers pay for two key advisory offerings.

By Bloomberg
WIREHOUSES MAY 08, 2007
Schwab looks beyond boomers

Charles Schwab Investment Management has lowered its minimum initial investment in mutual funds to $100 as part of a sweeping effort to capture younger investors.

By Bloomberg
INDEPENDENT BROKER DEALERS MAY 08, 2007
Fidelity B-Ds fined for misleading G.I.s

NASD announced today that it has fined two Fidelity Investments broker-dealers $400,000 for preparing and distributing misleading sales literature promoting plans that were sold primarily to U.S. military personnel.

By Bloomberg
WIREHOUSES MAY 08, 2007
Citigroup to pay $200,000 for unit's misdeeds

Citigroup Inc. has agreed to pay $200,000 to settle charges with the Securities and Exchange Commission regarding one of its brokerage units that manipulated auctions involving municipal and corporate bonds.

By Bloomberg
WIREHOUSES MAY 08, 2007
JPMorgan to stop payments to alum associations

JPMorgan Chase & Co. has agreed to stop making payments to more than 100 college alumni associations that allowed the company to market its consolidation loans directly to graduates, according to the Wall Street Journal.

By Bloomberg
WIREHOUSES MAY 08, 2007
Citigroup's all about the green

Citigroup Inc. today announced that it will spend $50 billion over the 10 years to address global climate change, the largest such move ever by Wall Street firm.

By Bloomberg
MUTUAL FUNDS MAY 07, 2007
Funds slow pace of hiring legal, compliance staff

Mutual fund companies are starting to slow the pace at which they hire legal and compliance officers, according to several industry experts. With the mutual fund scandals receding into the past, such a trend was inevitable, they said.

By Bloomberg