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INDUSTRY NEWS MAR 05, 2007
Market slide may be blue chips’ green light

Expect a change in leadership within the stock market that will favor blue-chip stocks over riskier investments, several market experts say.

BROKER DEALERS MAR 05, 2007
Former Wachovia manager charged in Ponzi-type scam

A former Wachovia Securities LLC branch manager in Toledo, Ohio, has been charged with stealing between $17 million and $40 million from about 45 investors by using a Ponzi-type scheme, according to the Department of Justice.

REGULATION AND LEGISLATION MAR 05, 2007
U-5 defamation issue comes to a head in N.Y.

Industry lawyers are watching closely how New York’s highest court will settle a long - simmering battle over how much legal protection brokerage firms should have for statements made on so-called U-5 termination forms.

REGULATION AND LEGISLATION MAR 05, 2007
Bill to end federal antitrust immunity worries insurers

WASHINGTON — The life insurance industry is concerned that a bill which would eliminate federal antitrust immunity for insurance could lead to unfavorable attention from the Federal Trade Commission.

INDUSTRY NEWS MAR 05, 2007
Environmentalists may gain clout in buyouts

NEW YORK — The impending private-equity buyout of Texas’ largest electricity producer may give rise to more deals in which environmental lobbyists are invited to sit at the negotiation table.

LIFE INSURANCE AND ANNUITIES MAR 05, 2007
Innovative policy targets wealthy clients

NEW YORK — Advisers with clients who need life insurance for tax minimization and wealth transfer may want to consider a new policy geared to that market.

WIREHOUSES MAR 05, 2007
Smith Barney finalizes broker pay plan

IRVINE, Calif. — In response to complaints from brokers, Smith Barney has tweaked the final version of its new pay plan.

BROKER DEALERS MAR 05, 2007
Big indie deal finally comes off

After eight months of negotiations, LPL Financial Services Inc. last Thursday finalized the details of its acquisition of three broker-dealers owned by Pacific Life Insurance Co. of Newport Beach, Calif.

INDUSTRY NEWS MAR 05, 2007
Helping RIAs hand off to the next generation

A newfangled model for helping independent investment advisory firms transition ownership to the next generation of employees has attracted two of the industry’s more established financial planning businesses.

BROKER DEALERS MAR 02, 2007
LPL buys most B-Ds of Pacific Life

After eight months of negotiations, LPL Financial Services Inc. this morning finalized the details of its acquisition of the majority of the broker-dealers owned by Pacific Life Co. of Newport Beach, Calif.

BROKER DEALERS FEB 26, 2007
Yet another CEO parts ways with the Pacific Select Group

Yet another chief executive of a Pacific Select Group LLC broker-dealer is leaving his respective firm, making for a near-complete overhaul in top management of the four broker-dealers in the Pacific Select network.

LIFE INSURANCE AND ANNUITIES FEB 26, 2007
Class action litigation looms as new hurdle for EIA insurers

Add class action litigation to the regulatory controversies, bad press and other woes plaguing insurers that sell equity index annuities.

LIFE INSURANCE AND ANNUITIES FEB 26, 2007
Lifetime-guarantee annuities could end up biting insurers

Industry leaders are concerned that insurance companies are taking on too much risk from annuities that offer guaranteed-withdrawal benefits for the life of the client. Financial services leaders worry that if baby boomers live longer than projected or a downturn hits the market, the financial strength of insurance companies could be threatened.

INDUSTRY NEWS FEB 26, 2007
Bill to push auto IRA enrollment

At least seven members of Congress, including the chairman of the Senate Finance Committee, are planning to reintroduce legislation that would require many small businesses not offering retirement plans to enroll their employees in individual retirement accounts automatically.

INDUSTRY NEWS FEB 26, 2007
SEC cuts fees for trades and registration filings

WASHINGTON — As a result of rising securities trading volumes, the Securities and Exchange Commission is cutting the fees it charges for trades and registration filings by more than 50% for the remainder of the fiscal year that ends Sept. 30.

RIAS FEB 26, 2007
Thomson expands push into wealth management

SAN FRANCISCO — Thomson Financial’s recent acquisition of a Belgian software company is a clear indication of its desire to appeal to higher-end financial advisers, analysts say.

INDUSTRY NEWS FEB 26, 2007
Citigroup, Blackstone launch $5 billion fund to invest in India

NEW YORK — Citigroup Inc. and Blackstone Group Holdings LP have launched a $5 billion fund to invest in India’s infrastructure — a positive development for a country that lags behind China in attracting foreign investment, one observer says.

REGULATION AND LEGISLATION FEB 26, 2007
A hidden perk: Antitrust filing fee reimbursement

NEW YORK — In light of new regulations requiring greater disclosure on executive pay, directors are scrambling to justify every nickel spent on perks for the top ranks.

INDUSTRY NEWS FEB 26, 2007
DOL guidance may hurt independent providers

WASHINGTON — Department of Labor guidance allowing money managers to offer investment advice directly to 401(k) plan participants could squeeze the bottom lines of leading independent-advice providers Financial Engines Inc. and Morningstar Associates LLC, but it’s a big win for mutual fund companies.

INDUSTRY NEWS FEB 26, 2007
New Hartford marketing campaign aims to sell retirement plans

NEW YORK — The Hartford (Conn.) Financial Services Group Inc. wants more financial advisers to sell retirement plans.