Results for "independent broker-dealers"

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Lincoln Financial losing reps in wake of restructuring

September 12, 2005

NEW YORK - The bleeding continues at Lincoln Financial Advisors Corp. Over the summer, two top veteran registered representatives affiliated with Lincoln left the Fort Wayne, Ind., firm for Securities America Inc. of Omaha, Neb. Lori Resnick...

Indie broker-dealers got healthier in 2004

August 29, 2005

NEW YORK - After a three-year slide, the independent-contractor-broker-dealer industry showed signs of improvement in 2004. Fewer firms lost money last year than in 2003, reversing an annual trend of broker-dealers' posting mounting losses,...

Fired GunnAllen exec fights back

August 29, 2005

NEW YORK - It's getting ugly at GunnAllen Financial Inc. as a recently fired executive instrumental in the broker-dealer's enormous growth - and the second-largest stakeholder in the privately held firm - squares off with his former associates....

GunnAllen axes 65 brokers, several with black marks

August 22, 2005

NEW YORK - GunnAllen Financial Inc., one of the fastest- growing independent-contractor broker-dealers over the past few years, has overhauled a significant part of its business strategy and is cutting ties with some brokers who have had compliance...

Conseco road show a bid to win back distributors

August 15, 2005

NEW YORK - Top sales executives of Conseco Insurance Group have embarked on a 30-city road show to win back the hearts and minds of insurance agents and advisers. Many insurance salespeople understandably are wary of the company, which emerged...

SIA draws fire for trying to delay the Merrill rule

August 15, 2005

SAN FRANCISCO - The Securities Industry Association's attempt at delaying the so-called Merrill Lynch rule drew caustic responses from various industry observers, including securities lawyers, industry consultants, registered investment advisers...

NASD offers guidance in sale of indexed annuities

August 15, 2005

NEW YORK - Continuing its push to regulate broker-dealer sales of insurance products, NASD last week issued guidance to its member firms for sales of equity-indexed annuities. In a notice to members last Monday, the Washington-based association...

States probe MetLife over payout practices

August 15, 2005

NEW YORK - MetLife Inc. has received subpoenas from the attorney general of Florida and the insurance commissioner of Oklahoma seeking documents detailing compensation for, respectively, "intermediaries" and "insurance producers." The New York-based...

529 plan community unhappy with proposal to boost scrutiny

August 8, 2005

NEW YORK - A regulatory proposal that would shed more light on the sale of 529 plans through brokers is drawing fire from state officials and financial services companies. Under a rule proposed by the Municipal Securities Rulemaking Board, brokers...

Raymond James to stop battling with regulators

August 8, 2005

NEW YORK - Raymond James Financial Inc. is through publicly jousting with securities regulators and is developing a new system for its affiliated registered representatives to ensure clients get a better deal on variable annuities. In a meeting...

Schwab makes separate accounts more portable

August 8, 2005

SAN FRANCISCO - The king of asset custodians is adding a key item to its fast-food menu in an effort to keep its current adviser clients happy as well as to entice wirehouse and regional brokers. Schwab Institutional is launching a platform...

Firms are moving away from fee-based accounts

August 8, 2005

IRVINE, Calif. - Brokerage firms are de-emphasizing fee-based brokerage accounts as a result of the regulatory spotlight aimed at the programs. In some cases, broker-dealers are developing advisory accounts to take the place of the fee-based...

Brokers, advisers edgy as spinoff of AEFA looms

July 25, 2005

NEW YORK - With its name change and spinoff looming, American Express Financial Advisors Inc. of Minneapolis is spooking some of its brokers and advisers, sources inside and outside the firm said. The sources of those advisers' discontent are...

Barclays sales at indie brokers gaining steam

July 25, 2005

SAN FRANCISCO - Independent broker-dealers have taken to exchange traded funds, judging by Barclays Global Investors' success in selling to this previously unsolicited market. The San Francisco-based indexing giant has seen sales of its iShares-branded...

Settlement gets attention of in-house-focused firms

July 18, 2005

NEW YORK - Broker-dealer executives whose reps do a high percentage of their business in proprietary products have more reason to worry, now that American Express Financial Advisors Inc. has with the New Hampshire Bureau of Securities Regulation....

Calif. gives firms free rein on rep exit forms

July 18, 2005

IRVINE, Calif. - Employment lawyers in California are attempting to counteract a recent state appeals court decision that gives broker-dealers total legal immunity for what they write on U-5 termination forms. The U-5 termination form is used...

NASD forges ahead in bid to regulate indexed annuities

July 11, 2005

NEW YORK - NASD has begun a significant push to regulate broker-dealers' sales of insurance-oriented financial services products though the Securities and Exchange Commission has not yet approved specific new or amended rules giving it the power...

Wirehouse-to-indie route taken by just 1% to 1.5%

June 27, 2005

NEW YORK - Executives from independent-contractor broker-dealers love to crow about the high-volume registered representatives they lure from wirehouses. But only 1% to 1.5% of wirehouse reps leave for independent broker-dealers in a given year,...

Fund civil suits seen likely to proceed

June 27, 2005

BALTIMORE - Civil lawsuits alleging wrongdoing in connection with market timing and late trading brought against mutual fund companies, broker-dealers and traders will likely go forward, but their success is anything but certain. That was the...

Banks, brokers slow to embrace indexed annuities

June 27, 2005

NEW YORK - Banks are reluctant to sell indexed annuities, because of their complexity and uncertain regulatory future, observers say, and the wirehouses and broker-dealers spurn them because they don't want competition for the variable annuities...

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