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NYSE: Fee changes require ample notice

June 20, 2005

WASHINGTON - The New York Stock Exchange Inc. last week warned its member firms to give customers adequate notice of fee increases or new fees. The warning followed two consecutive years of more than 10,000 complaints from retail investors that...

Another GunnAllen broker under the gun

June 20, 2005

NEW YORK - NASD last Tuesday charged a broker affiliated with GunnAllen Financial Inc. with attempting to extort confidential information from a publicly traded small-cap company - and there is some question whether the firm itself may face...

Phoenix seeks to skirt arbitration provisions

June 13, 2005

NEW YORK - The Phoenix Cos. Inc. is seeking a declaratory judgment stating that it did nothing unlawful when it sold its broker-dealer subsidiary, WS Griffith Securities Inc., to Linsco/Private Ledger Corp. in May 2004 and that it does not have...

NASD eyeing brokers' short-term bonus deals

June 13, 2005

NEW YORK - NASD once again is looking under the hood of the brokerage business, this time scrutinizing the common industry practice of variable annuity companies' offering extra commissions to firms and reps for selling their products. Known...

New emphasis on how to deal with older clients

June 13, 2005

NEW YORK - Financial planning's newest growth area is training planners to relate to older clients. As the population continues to age rapidly and live longer, planners and advisers are finding a steadily increasing demand for their services...

Terry Lister leaving FSI to join Waddell as compliance chief

June 13, 2005

NEW YORK - Terry Lister is leaving the Financial Services Institute Inc. The fledgling independent-contractor-broker-dealer trade group's general counsel and director of government affairs is changing jobs for personal reasons and moving to...

Van Kampen delivers a blow to reps

June 6, 2005

NEW YORK - In a surprise move, Van Kampen Investments Inc. recently told broker-dealers that it is eliminating the sales load that registered representatives collect when selling mutual funds in retirement accounts designed for employees of...

White papers eye distribution, e-business trends

June 6, 2005

NEW YORK - A series of white papers to be released this summer and fall by kasina LLC will focus on distribution trends and e-business. "They're core areas of our business, and it's where we're seeing changes in some of the most significant...

NYLIM goal: MainStay with intermediaries

June 6, 2005

NEW YORK - New York Life Investment Management LLC in Parsippany, N.J., is on a mission to drum up interest from financial intermediaries in its $17 billion MainStay Funds group by adding people and coming out with new products. It's a mission...

Kansas toughens VA sale regs, beats NASD to the punch

May 30, 2005

NEW YORK - State insurance officials, rather than NASD regulators, have been the first to hit many independent-contractor broker-dealers where it hurts - how their affiliated registered representatives and advisers sell variable annuities. Last...

ETF pioneer Gus Fleites exits SSgA

May 30, 2005

NEW YORK - State Street Global Advisors Inc. and managing director Gus Fleites parted ways this month because of a disagreement over strategy concerning new exchange traded funds, according to sources close to the Boston firm. Industry experts...

Ex-SunAmerica rep indicted in scam

May 30, 2005

NEW YORK - The Department of Justice has charged a registered representative recently affiliated with SunAmerica Securities Inc. with mail and wire fraud connected with the sale of phony municipal bonds. Edwin J. Torres of Moraga, Calif., in...

NASD chief quits board of insurer tied to members

May 23, 2005

NEW YORK - NASD's chairman and chief executive has resigned from the board of directors of XL Capital Ltd., a Hamilton, Bermuda-based insurance and reinsurance company. Robert Glauber's resignation came amid conflict-of-interest concerns raised...

Broker-dealer CEOs' readiness for deadline

May 23, 2005

NEW YORK - By the beginning of December, securities regulators will be holding broker-dealer CEOs responsible for their firms' conduct and compliance. But some in the industry fear that some firms, already on the verge of being overwhelmed with...

Rydex making a play for mainstream advisers

May 23, 2005

ROCKVILLE, Md. - Rydex Investments is trying to appeal to mainstream advisers. Several recent hires, coupled with an internal marketing initiative aimed at big broker-dealers, reveal some of the firm's new ambitions, as well as a bid to stabilize...

Linsco to add to its managed-money platforms

May 23, 2005

NEW YORK - Linsco/Private Ledger Corp., the leading independent-contractor broker-dealer, is adding to its successful managed-money platforms for its affiliated registered representatives and advisers. Boston- and San Diego-based Linsco's advisers...

FBI criminal probe could affect viability of some insurers

May 23, 2005

NEW YORK - The FBI's announcement this month that it is "looking for patterns of fraudulent activity" to determine whether the insurance industry is the "next big one" in the corporate-criminal arena may call into question insurers' business...

Some states fight caps on securities law fines

May 23, 2005

WASHINGTON - State securities regulators are balking at capping penalties levied against financial services companies for securities law violations, even though the capping has been agreed to as part of model state securities legislation now...

Integrity to launch hedged mutual fund

May 16, 2005

DETROIT - Integrity Mutual Funds Inc. will soon take the wraps off its first hedged mutual fund. The Minot, N.D.-based company has recruited well-known market timer Sam Jones to subadvise its Integrity All Season Fund. Plans for the fund will...

First Montauk merger is uphill battle

May 16, 2005

NEW YORK - As it labors to complete a merger, First Montauk Financial Corp. is also holding back competitors on a variety of fronts. In a May 3 letter to shareholders, Victor Kurylak, chief executive of the Red Bank, N.J., firm, said a rival...

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