RIA News

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RIA NEWS JUN 13, 2007
NYSE firms lose ground in Q1

NYSE firms that do business with the public reported a dip in profits and increased revenues in the first quarter.

By Bloomberg
RIA NEWS JUN 12, 2007
Lehman profits, revenues spike in 2Q

Lehman Brothers Holdings today announced record profit levels during the second quarter.

By Bloomberg
WIREHOUSES JUN 12, 2007
Fidelity unloads Dow shares

Fidelity Investments has sold nearly all of its shares in Dow Jones & Co., the target of a $5 billion takeover bid by Rupert Murdoch’s News Corp.

By Bloomberg
INDEPENDENT BROKER DEALERS JUN 12, 2007
NPH chief named to follow Dreffein

James Livingston has been tapped as CEO of National Planning Holdings, replacing Shawn Dreffein.

By Bloomberg
LIFE INSURANCE AND ANNUITIES JUN 11, 2007
The Hartford names president and COO

The Hartford Financial Services Group Inc. has tapped Thomas M. Marra to take on the combined position of president and chief operating officer.

By Bloomberg
WIREHOUSES JUN 11, 2007
Suit alleges misuse of sweep programs

Merrill Lynch, Morgan Stanley, Smith Barney and Charles Schwab are being sued for allegedly illegally forcing clients into lower paying deposit accounts, enabling the firms to reap “billions” in extra profits.

By Bloomberg
LIFE INSURANCE AND ANNUITIES JUN 11, 2007
Insurers meld LTC into life insurance

More insurers are offering riders that include long-term-care coverage in life insurance policies.

By Bloomberg
INDEPENDENT BROKER DEALERS JUN 11, 2007
A.G. Edwards reps await retention package

Wachovia Corp. last week put the finishing touches on its retention package for brokers with A.G. Edwards Inc., and the company plans to announce details as early as today or as late as Wednesday.

By Bloomberg
WIREHOUSES JUN 11, 2007
Wachovia deal likely to heat competition

Wachovia Corp.’s planned $6.8 billion purchase of A.G. Edwards Inc. could make an already competitive sales game even tougher for U.S. mutual fund firms, some analysts said.

By Bloomberg
WIREHOUSES JUN 11, 2007
Settlement pay coming, Smith Barney reps told

IRVINE, Calif. — Smith Barney reps are wondering when they’ll get their payments from the wage-and-hour lawsuit the firm agreed to settle in May 2006 for $98 million.

By Bloomberg
RIA NEWS JUN 11, 2007
Bull’s-eye stamped on Rydex

Rydex Investments has been in discussions with some suitors about being acquired, according to industry sources.

By Bloomberg
RIA NEWS JUN 11, 2007
IRS ices tactic used by holders of fee accounts

The IRS has put a damper on a tax saving strategy that has been used by some investors with fee-based accounts.

By Bloomberg
RIA NEWS JUN 11, 2007
Rollbacks on financial advice?

Wal-Mart Stores Inc. is taking another crack at expanding its financial services business by partnering with a discount- brokerage platform that potentially could move the world’s largest retailer closer to the financial advice business.

By Bloomberg
RIA NEWS JUN 11, 2007
Elderly more open to selling life policies

CHICAGO — To add reserves to their retirement nest egg, more elderly people are considering the sale of existing life insurance policies, financial advisers say.

By Bloomberg
RIA NEWS JUN 11, 2007
Tax on income trusts is likely here to stay

OTTAWA — The House of Commons Finance Committee has voted down a measure that would have provided for a 10-year delay in taxing companies with an income trust structure.

By Bloomberg
RIA NEWS JUN 11, 2007
Affluent feel secure, but many lack an adviser

NEW YORK — Although most millionaires feel that their wealth is “extremely secure,” many still have not found the kind of financial advice that suits their needs. According to the annual wealth survey by The Phoenix Cos. Inc. of Hartford, Conn., 34% of millionaires young and old lacked a primary financial adviser.

By Bloomberg
INDEPENDENT BROKER DEALERS JUN 08, 2007
A.G. Edwards reps await retention package

Wachovia Corp. is putting the finishing touches on its retention package for brokers with A.G. Edwards.

By Bloomberg
ALTERNATIVES JUN 08, 2007
TD challenged again by hedge funds

Two hedge funds have sent a second letter to TD Ameritrade, challenging the company’s refusal to merge.

By Bloomberg
LIFE INSURANCE AND ANNUITIES JUN 08, 2007
AIG's Wilmington settles with OTS

One of AIG's subprime units settled with the Office of Thrift Supervision over inappropriate loans to some borrowers and excessive fees.

By Bloomberg
WIREHOUSES JUN 07, 2007
Citigroup settles with NASD for $15.2M

Citigroup Inc. agreed to pay $15.2 million to settle claims with NASD that its brokers misled employees of BellSouth Corp.

By Bloomberg