Results for "independent broker-dealers"

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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...

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...

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...

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: CEO: Steven C. Palmitier Head of recruiting: Lisa S. Hoyne Title: vice president, marketing E-mail:

Profiles of firms responding to InvestmentNews survey: A - H

January 17, 2005

Choosing a broker-dealer is one of the biggest decisions facing independent investment advisers. A host of factors come into play, from back-office support to payout ratios. The following profiles, listed in alphabetical order, provide snapshots...

Upstart aims to join indie-brokerage elite

January 17, 2005

NEW YORK - Veteran executives from a handful of independent- contractor broker-dealer firms have quietly pulled together a company that could soon be ranked among the top 20 in the industry. But an upcoming acquisition by the firm, Advanced...

'Incidental advice' flap rages on

January 10, 2005

WASHINGTON - All brokers who have discretion over client assets would have to register as advisers under a new proposal from the Securities and Exchange Commission. The SEC also stipulated that anyone doing financial planning would fall under...

Lost an arbitration case? You can always sue the client

December 20, 2004

NEW YORK - A Chicago retail broker-dealer/midmarket investment bank has taken the unusual step of suing a client in federal court after losing an arbitration case. The firm, Advanced Equities Inc., said three NASD arbitrators "exceeded their...

Brokers, eyeing Monte Carlo, are warned that it can be dicey

December 13, 2004

CHICAGO - Two months away from being allowed to use Monte Carlo forecasting tools for the first time with clients, some broker-dealers are expressing a dose of skepticism. "The average adviser with the average customer doesn't use a tool quite...

SEC's SRO reform proposals figure to give NASD a new look

December 13, 2004

NEW YORK - The structure of NASD's board of governors could face an overhaul if the Securities and Exchange Commission's proposals for changing corporate governance of self-regulatory organizations are passed. Other potential changes at NASD...

Two indie brokers set the standard in technology

December 6, 2004

NEW YORK - Two independent broker-dealers with completely different business models are industry standouts because of how they have developed technology and delivered it to their registered representatives, according to a new report by TowerGroup,...

SEC rethinks point-of-sale stance

December 6, 2004

WASHINGTON - The Securities and Exchange Commission is considering making its "point-of-sale" disclosure proposal less costly to brokers. At the same time, the SEC staff wants to push forward the time at which cost information would have to...

Smith Barney's hard line costs it some veterans

November 29, 2004

SAN FRANCISCO - Smith Barney has once again refused to spin off an elite corps of its financial advisers who beseeched the firm to put them into a separate division - but this time, the New York-based wirehouse is paying a price. Some of the...

Citigroup plans to ramp up its clearing presence

November 22, 2004

NEW YORK - Citigroup Inc., the world's largest financial services company, is looking to jump further into the clearing business. The company will be competing with the three industry leaders, Pershing LLC/ BNY Clearing Services of Jersey City,...

High fund fees may hurt small rollover IRAs

November 22, 2004

CHICAGO - Because of excessive management and administration fees, some pension plan consultants are sounding an alarm about the possible erosion of small individual retirement accounts rolled out of 401(k) plans. They argue that financial advisers...

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