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Nobel prize winners shine light on best compensation practices

October 11, 2016

Two American professors known partly for showing the value of performance-based compensation practices won the Nobel Prize for Economic Sciences on Monday. Bengt Holmstrom, a Harvard University professor, and Oliver Hart, a professor at the...

Merrill Lynch owes stiffed brokers $800,000 in damages after termination dispute, Finra says

October 10, 2016

Bank of America Merrill Lynch has to pay $800,000 in compensatory damages to two brokers who claimed the firm stiffed them in compensation after they were fired without cause, according to the Financial Industry Regulatory Authority Inc. Merrill...

Morgan Stanley: DOL fiduciary rule turns brokerage business into a buy

September 28, 2016

Morgan Stanley believes the DOL rule is making the brokerage business a more interesting investment category. Something about a $22 trillion opportunity. “This opens up a larger addressable market than was possible in the past.” Would a...

Do retainers beat AUM-based fees under fiduciary rule?

September 7, 2016

The Labor Department's best-interests rule for retirement advice is poised to move more financial advisers toward providing counsel for a fee as opposed to accruing commissions. But the best method for how to charge fees is now under debate....

Firms lose $2 million every time an adviser departs: study

August 29, 2016

Every time a financial adviser defects, firms stand to lose about $2 million in revenue — and that amount does not include the professional taking clients or assets with them to their new employer. An adviser hired as a replacement generates...

Finra wants to up annual gift limit to $175

August 10, 2016

Finra proposed increasing to $175 from $100 the amount that a registered representative can spend on an individual per year, and is seeking other updates to its gifts, gratuities and non-cash compensation rules. "The gift rule is meant to prohibit...

Why aren't there more women fund managers?

July 24, 2016

If you're looking for comforting news about the great strides women have made breaking into investment management, you won't find it here. Men still overwhelmingly dominate the field. But the inroads that women have made in money market funds...

SEC Investor Advocate Fleming targets fees charged by advisers

July 1, 2016

To SEC investor advocate Rick A. Fleming, improved disclosure of fees and expenses charged by financial advisers is a top priority in the new fiscal year, which begins in October. Mr. Fleming will push the Securities and Exchange Commission...

Layoffs hit Pimco, GMO as assets shrink amid flight from active management

June 17, 2016

Layoffs have been scarce in the mutual fund industry, but they have hit two complexes recently: GMO and Pimco, which are suffering from declining assets as investors flee active management in favor of passive strategies. Boston-based Grantham,...

With anti-DOL fiduciary rule lawsuits, industry organizations' actions speak louder than words

June 12, 2016

Just before explaining why they filed a lawsuit to kill the DOL fiduciary rule, every industry trade group is careful to assert that they, in fact, support its premise. Yes, they want to do away with the Labor Department measure that would require...

RIAs are losing their competitive advantage

June 5, 2016

Registered investment advisers need a new card up their sleeve. For years, RIAs have marketed themselves as being a cut above their counterparts in the brokerage industry. While they followed a fiduciary standard, requiring them to act in their...

Small-cap stocks gaining momentum while rates stay low

June 1, 2016

Small-cap stocks and funds that track them have started to outperform, and it might be connected to the Fed's downward revision on 2016 rate hikes. Prolonged periods of low interest rates tend to benefit smaller companies with cheap debt on...

Independent broker-dealer business model is an endangered species

May 29, 2016

The current business model of many independent broker-dealers, which depends on selling high-commission products, such as variable annuities and nontraded real estate investment trusts, is an endangered species. That's the blunt assessment of...

The time is now for young financial advisers

May 29, 2016

After graduating from college, Eric Roberge worked at two investment banks and then four different advisory firms within five years, unable to find a company where he felt comfortable. After he decided to start his own firm, he was forced to...

The DOL fiduciary rule will forever change financial advice, and the industry has to adapt

May 9, 2016

Americans won hard-fought protections regarding the purity of their retirement advice last month. Now it's up to the nation's financial advisers to decide whether they'll meet the letter — and spirit — of the historic investor protection...

Still plenty of headaches for independent broker-dealers in the DOL fiduciary rule

April 24, 2016

Even though the Labor Department's recent changes to how financial advisers can counsel clients on retirement assets isn't the industry killer some had feared, independent broker-dealers will find plenty of unpleasant realities among the details...

51% of advisers see DOL fiduciary rule benefiting business

April 21, 2016

Just over half of the financial advisers polled a week after the Labor Department released its fiduciary rule think it will be good for business as it will level the playing field for retirement account advice. Asset manager Pioneer Investments...

Vanguard, Fidelity bank on robos, low-cost strategies to ride DOL fiduciary rule wave

April 7, 2016

In the shakeout over the Department of Labor's fiduciary rules for retirement accounts, mutual fund giant Vanguard is a clear winner — but archrival Fidelity won't be hurting, either. The rules, announced Wednesday, require that brokers act...

Lesson from Bank of America settlement with Merrill Lynch trainees: Long hours required to make it

March 29, 2016

Bank of America recently settled a lawsuit originally filed in March 2015 that alleged Merrill Lynch had violated federal overtime compensation laws. Each aggrieved ex-Merrill Lynch trainee would be entitled to about $1,000 after legal fees...

SEC approves Finra broker-compensation rule

March 24, 2016

The Securities and Exchange Commission has approved a Finra rule designed to encourage investors to ask their brokers about incentives they received to change firms. The compensation rule requires transferring brokers to send an “educational...

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