Advisor News

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INDEPENDENT BROKER DEALERS DEC 18, 2015
Commonly overlooked nuances of forgivable notes

It may be more essential to negotiate how a note is forgiven than the amount of capital that is being offered.

By Jodie Papike
Cantor Fitzgerald ordered to pay $7.3M for allegedly selling unregistered stocks
REGULATION AND LEGISLATION DEC 18, 2015
Cantor Fitzgerald ordered to pay $7.3M for allegedly selling unregistered stocks

Finra orders the firm to pay $7.3 million for selling billions of unregistered microcap shares and having inadequate supervisory policies.

By Alessandra Malito
How retirees will benefit from historic rate hike
RETIREMENT PLANNING DEC 18, 2015
How retirees will benefit from historic rate hike

Higher yield on bonds and CDs, higher annuity payouts, will provide tailwind to retirees.

By Greg Iacurci
Fidelity targeted in another ERISA class-action suit
RETIREMENT PLANNING DEC 18, 2015
Fidelity targeted in another ERISA class-action suit

A unit of Fidelity has been targeted in a class-action suit for fiduciary breach under ERISA as a result of its alleged mismanagement of a stable value fund.

By Greg Iacurci
As DOL fiduciary clears latest hurdle, advisers expect changes will be made
REGULATION AND LEGISLATION DEC 18, 2015
As DOL fiduciary clears latest hurdle, advisers expect changes will be made

By Alessandra Malito
Elderly woman awarded more than $1M in churning case against ex-Morgan Stanley broker
PRACTICE MANAGEMENT DEC 18, 2015
Elderly woman awarded more than $1M in churning case against ex-Morgan Stanley broker

Claims against Justin Amaral include liquidating and acquiring annuities for victim by forging her signature.

By Mark Schoeff Jr.
Broker-dealer settles variable annuity allegations for $475,000
LIFE INSURANCE AND ANNUITIES DEC 18, 2015
Broker-dealer settles variable annuity allegations for $475,000

Finra alleges a New Jersey-based broker-dealer failed to reasonably supervise VA sales.

By Greg Iacurci
Rethinking retirement income replacement rules
RETIREMENT PLANNING DEC 18, 2015
Rethinking retirement income replacement rules

Current 80% savings target may be too high — unless you get sick.

By Mary Beth Franklin
Larry Roth takes over helm of RCS Capital Corp.
INDEPENDENT BROKER DEALERS DEC 18, 2015
Larry Roth takes over helm of RCS Capital Corp.

Industry vet replaces Michael Weil, longtime associate of Nicholas Schorsch.

By Bruce Kelly
6 ways the rate hike could be bad for markets
EQUITIES DEC 17, 2015
6 ways the rate hike could be bad for markets

<i>Breakfast with Benjamin</i>: This week's rate hike could hit the markets in a half dozen, mostly bad, ways.

By Jeff Benjamin
Massive spending bill fails to stop DOL fiduciary rule, clearing major hurdle
REGULATION AND LEGISLATION DEC 17, 2015
Massive spending bill fails to stop DOL fiduciary rule, clearing major hurdle

In a victory for proponents of the rule, legislators' policy riders that would have prevented or delayed the regulation did not make it into the massive must-pass spending bill.

By Mark Schoeff Jr.
Third Avenue fund's meltdown sheds new light on the value of prospectus reading
ALTERNATIVES DEC 17, 2015
Third Avenue fund's meltdown sheds new light on the value of prospectus reading

Some advisers swear by it, while others shun it as useless legalese.

By Jeff Benjamin
Don't shrug off health care conversations with clients
RETIREMENT PLANNING DEC 17, 2015
Don't shrug off health care conversations with clients

As health costs become top-of-mind for clients, savvy advisers will reap the benefits.

By Greg Iacurci
Allianz, Pimco targeted in class-action 401(k) suit
RETIREMENT PLANNING DEC 17, 2015
Allianz, Pimco targeted in class-action 401(k) suit

Firms are the latest targets in another class-action lawsuit alleging breach of fiduciary duty due to excessive 401(k) fees.

By Greg Iacurci
PRACTICE MANAGEMENT DEC 17, 2015
Finra releases revised broker compensation proposal

Brokerages would have to send an 'educational communication' to investors outlining questions they should ask their broker about compensation and other inducements for switching firms.

By Mark Schoeff Jr.
LPL cuts workforce, delaying raises for employees in 2016
INDEPENDENT BROKER DEALERS DEC 16, 2015
LPL cuts workforce, delaying raises for employees in 2016

In moves that indicate across the board belt-tightening at LPL Financial, the company has eliminated as many as 70 jobs and is delaying raises to employees next year by at least six months.

By Bruce Kelly
PRACTICE MANAGEMENT DEC 16, 2015
Legislators eye strategies that could derail DOL fiduciary rule

Fiduciary legislation could be a part of Congressional negotiations to avoid a government shutdown.

By Mark Schoeff Jr.
AIG Advisor Group on the block
INDEPENDENT BROKER DEALERS DEC 16, 2015
AIG Advisor Group on the block

One of the largest networks of independent broker-dealers in the country recently hired a law firm, which in turn will select an investment bank to begin discussions with interested buyers, according to two sources with knowledge of the company's moves.

By Bruce Kelly
Finra arbitration cases are down, but the rest of the year may tell another story
REGULATION AND LEGISLATION DEC 16, 2015
Finra arbitration cases are down, but the rest of the year may tell another story

A former Finra director says wild market gyrations over the summer will induce cases that could take months to fully reveal themselves.

By Laura Sanicola
FINTECH DEC 15, 2015
Former Cetera boss named new FolioDynamix president

Steve Dunlap takes the helm at the wealth management tech provider FolioDynamix.

By Alessandra Malito