Results for "independent broker-dealers"

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Advisers won't leave American Funds on shelf

February 28, 2005

BOSTON - NASD allegations that American Funds improperly directed $100 million in trading commissions to brokerage firms that were top sellers of its funds has done little to hurt the firm's squeaky-clean image among financial advisers - at...

AIG unit uses new bait on wirehouse reps

February 28, 2005

NEW YORK - The broker-dealer the AIG Advisor Group Inc. is consolidating in Phoenix is going all out for wirehouse brokers and, in a new effort, will pay recruits from wirehouses initially as employees rather than independent contractors. Firms...

AEFA aces get bonuses to stay

February 28, 2005

DETROIT - American Express Financial Advisors Inc. plans to reach out to some of its most productive financial representatives with a type of retention bonus package that could include ownership stakes in the enterprise, which is soon to be...

MetLife faces tough choice over Travelers unit

February 28, 2005

NEW YORK - Since MetLife Inc. pushed together two of its independent broker-dealers in 2003, consolidating Nathan & Lewis into Walnut Street Securities Inc., hundreds of affiliated brokers have cut their ties to the firm. The combined firm has...

NASD begins actions against 'shelf space' arrangements

February 28, 2005

NEW YORK - NASD has begun taking action against its broker-dealer members over "payment for shelf space" sales arrangements with mutual fund companies. But independent- contractor broker-dealers may avoid future NASD fines in similar instances,...

Firm with exec NASD found lax hires another

February 21, 2005

NEW YORK - Evidently it's becoming more difficult to find an executive these days who hasn't been touched by regulatory scrutiny. Case in point, J.P. Turner & Co. LLC, an Atlanta independent contractor broker-dealer, whose president was cited...

Variable comp for 401(k)s is illegal, experts warn

February 14, 2005

CHICAGO - Brokers who select for 401(k) plans mutual funds that pay them different levels of compensation are violating rules under the Employee Retirement Income Security Act and are running the risk of having to disgorge their commissions....

Cambridge snags another large accounting firm

February 14, 2005

NEW YORK - One of the fastest-growing independent-contractor broker-dealers continues to build its niche with certified public accountants. Following up on last year's success of recruiting one of the top 15 accounting firms in the country,...

John Hancock unit aims to double sales force by 2010

February 14, 2005

NEW YORK - John Hancock Financial Network is embarking on an aggressive growth campaign intended to double its sales force to 3,000 advisers by the end of the decade. While Boston-based John Hancock's parent, Manulife Financial Corp. of Toronto,...

Stock bonanza at First Montauk

February 14, 2005

NEW YORK - First Montauk Financial Corp., in the middle of a merger with another broker-dealer holding company, last Wednesday issued a deluge of new shares to its new chief executive and his predecessor. William J. Kurinsky, the former CEO,...

Questions abound about AEFA spinoff

February 7, 2005

DETROIT - American Express Co.'s announcement last week that it plans to spin off American Express Financial Advisors Inc. has sent ripples across the financial services industry regarding the future of the brokerage and money management unit....

FSI's goal: 20,000 reps in two years

February 7, 2005

ORLANDO, Fla. - The Financial Services Institute last week unveiled an ambitious plan to bring aboard as many as 20,000 registered representatives over the next two years. To some, the move puts the Atlanta-based trade group, an advocate for...

Pacific Select takes equity stake in newcomer Advanced Financial

January 31, 2005

NEW YORK - Pacific Select Distributors Inc. this month said it had made an equity investment in a new broker-dealer and registered investment adviser, Advanced Financial Solutions Inc. The deal gives Pacific Select, already a holding company...

Clean rap sheet rates high with reps

January 31, 2005

DETROIT - Brokers and advisers continue to punish those asset management firms that have been linked to major scandals involving mutual fund trading over the past few years, according to the results of an industry satisfaction survey slated...

New arbitration claims recede, but $ record set

January 31, 2005

NEW YORK - For the first time since the market began to drop in 2000, new securities arbitration cases declined last year. After the stock market retreat following the burst of the technology stock bubble, both Wall Street and independent-contractor...

SIA taking aim at NYSE proposal on asset-based fee programs

January 31, 2005

WASHINGTON - A proposal by the New York Stock Exchange that brokers monitor their asset-based-fee programs could discourage them from offering such accounts. The Securities Industry Association filed comments late last year with the Securities...

Un-American activity: Fees on rollovers to Class A shares

January 31, 2005

BOSTON - As a result of scrutiny from regulators, American Funds is taking a hard-line approach to IRA rollovers which will result in higher fees for some investors. Starting Feb. 1, the mutual fund arm of Capital Research and Management Co....

OppenheimerFunds to enter retirement income arena

January 31, 2005

CHICAGO - As part of the effort to attract and retain the assets of retiring baby boomers, OppenheimerFunds Inc. is poised to be the latest entrant into the retirement-income-planning arena. "We do anticipate that in late February, we will be...

Fund trading: From gray area to black mark

January 24, 2005

WASHINGTON - Securities lawyers, if asked by brokerage firm clients whether there was anything illegal about aggregating customer accounts or using different account names in order to avoid market-timing restrictions of mutual funds, would have...

Profiles of firms responding to InvestmentNews survey: S - W

January 17, 2005

Sammons Securities Co. LLC One Midland Plaza Sioux Falls, SD 57193 Phone: (866) 520-6869 Fax: (605) 373-8559 URL: sammonssecurities.com CEO: Steven C. Palmitier Head of recruiting: Lisa S. Hoyne Title: vice president, marketing E-mail: lhoyne@sammonsrep.com...

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