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BROKER DEALERS JUL 23, 2007
Bear Stearns debacle forces hedge fund index to restate

The recent fallout in the market for subprime mortgages caused one prominent hedge fund index to revise some of its performance returns last week. Last Monday, the Credit Suisse/Tremont Hedge Fund Index reported that its index for fixed-income arbitrage gained 0.21% in June and 3.7% year-to-date.

By Bloomberg
INDUSTRY NEWS JUL 23, 2007
Vanguard share class causes adviser jitters

The Vanguard Group Inc. is pushing advisers out of a popular class of shares, and some financial advisers and industry experts aren’t happy about the move.

By Bloomberg
LIFE INSURANCE AND ANNUITIES JUL 23, 2007
Suitability czar plan raises questions

Is the creation of a top-level suitability monitoring job by Allianz Life Insurance Company of North America a step forward in annuity marketing or a defensive position in response to a battery of lawsuits?

By Bloomberg
INDUSTRY NEWS JUL 23, 2007
NYSE Euronext’s Thain faces challenges

NEW YORK — Life isn’t fair. Just ask John Thain. Since becoming chief executive of the New York Stock Exchange in 2004, he has taken the former membership organization public, pushed it into bond and option trading, and merged it with Euronext NV of Amsterdam, Netherlands, Europe’s largest exchange group. Now he is being slammed by shareholders.

By Bloomberg
INDUSTRY NEWS JUL 23, 2007
Is it time to time the stock market?

With the Dow Jones Industrial Average closing above 14,000 for the first time last week, an increasing number of financial advisers are considering the merits of market timing.

By Bloomberg
WIREHOUSES JUL 23, 2007
Brokers fret over loss of fee-based choices

After building businesses through fee-based brokerage accounts and mutual fund trail fees, many brokers are anxious about looming changes to these sources of revenue.

By Bloomberg
INDUSTRY NEWS JUL 23, 2007
Russell moving managed accounts off its own platform

Russell Investment Group has begun to phase out the sale of managed accounts on its own platform.

By Bloomberg
REGULATION AND LEGISLATION JUL 23, 2007
DOL said to keep stable value off default option list

The Department of Labor has rejected a proposal by the insurance industry to include stable-value funds as a default option for 401(k) plans, according to industry sources.

By Bloomberg
OPINION JUL 23, 2007
Solving the SEC net-worth ‘puzzlement’

By ewilliams
BROKER DEALERS JUL 23, 2007
‘Duel’ clearing arrangements on the rise

NEW YORK — An increasing number of independent-contractor broker-dealers are doing business with more than one clearing partner, adding to the stiff competition among some clearing firms.

By Bloomberg
BROKER DEALERS JUL 23, 2007
Clearing firms jostle to win and retain indie BDs

NEW YORK — Despite continued consolidation, the clearing industry in some ways is becoming more crowded, with increased competition for the clearing business of top independent-contractor broker-dealers.

By Bloomberg
WIREHOUSES JUL 23, 2007
Fidelity brings new referral program to L.A., Manhattan

SAN FRANCISCO — After achieving success in pilot cities, Fidelity Investments is taking its revamped referral program to Los Angeles, Manhattan and the New York suburbs, but with changes.

By Bloomberg
RETIREMENT PLANNING JUL 23, 2007
Mickey Mouse collector bucks ‘luxury’ trend

NEW YORK — Most clients’ collections are a labor of love and not a quest for investment returns, according to financial advisers with collector clients.

By Bloomberg
OPINION JUL 23, 2007
Procedures for selecting and monitoring QDIAs

By Bloomberg
INDUSTRY NEWS JUL 23, 2007
SEC’s effort to track ties to terrorism ruffles feathers

NEW YORK — A new tool on the Securities and Exchange Commission’s website that provides investors with a list of companies involved in countries designated as “state sponsors of terrorism” is raising eyebrows among lawyers and politicians.

By Bloomberg
INDUSTRY NEWS JUL 23, 2007
Advisers want wholesaler tips, not trips

NEW YORK — Wholesalers seeking an adviser’s good graces should forget the freebies and concentrate on developing solution-oriented consultative relationships.

By Bloomberg
INDUSTRY NEWS JUL 23, 2007
Asset managers said to be overlooking Gen Y

NEW YORK — Asset managers are raking in plenty of business from baby boomers but are missing the boat when it comes to boomers’ children, according to a recent report from KPMG International.

By Bloomberg
RETIREMENT PLANNING JUL 23, 2007
Plan sponsors embrace default investment alternatives

CHICAGO — While the Department of Labor has yet to issue final regulations on default options for 401(k) plans, many companies are jumping ahead and incorporating a qualified default investment alternative into their retirement plans.

By Bloomberg
REGULATION AND LEGISLATION JUL 23, 2007
Washington state pushes for designation regs

WASHINGTON — Washington early this month became the third state to move toward regulating adviser designations when it issued two concept releases asking for public comments on the issue.

By Bloomberg
LIFE INSURANCE AND ANNUITIES JUL 20, 2007
Senate eyes insurer sales to seniors

The Senate opened an investigation into insurers that use suspect tactics when dealing with seniors.

By Bloomberg