Results for "independent broker-dealers"

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Tower Square's future a big question mark

April 25, 2005

NEW YORK - Two divergent points of view are emerging over the future of Tower Square Securities Inc., whose parent company, Travelers Life and Annuity Co., is in the middle of acquisition talks with MetLife Inc. of New York. Registered representatives...

Value-added programs of questionable value

April 25, 2005

NEW YORK - Value-added programs for broker-dealers and financial advisers, sponsored by mutual fund companies, require some serious rethinking, according to a new study. "There's a disconnect between what distributors are looking for and what...

New financial planning guide for disasters released

April 18, 2005

NEW YORK - Following a year that saw Florida battered by hurricanes, California devastated by mudslides and wildfires, and the Midwest damaged by tornadoes, financial planners have a new tool to help clients protect themselves fiscally and physically...

NASD: 12(b)-1 fees should be retained

April 18, 2005

WASHINGTON - NASD's mutual fund task force, in its second and final report to the Securities and Exchange Commission, said that 12(b)-1 fees should continue to be allowed, but with improved disclosure. However, in the report, which was sent...

Suitability screens for VAs are undergoing an overhaul

April 18, 2005

NEW YORK - Determining which clients should be offered variable annuities is gradually changing from art to science. This stems from concern over countering negative publicity and avoiding the costs of disclosure to prospects who may later turn...

Critics weigh in on SEC's point-of-sale proposal

April 11, 2005

WASHINGTON - NASD and the brokerage industry last week recommended that the Securities and Exchange Commission require that point-of-sale disclosures be made to mutual fund investors over the Internet. Washington-based NASD's recommendation...

FPA unlikely to get courts to overturn rule

April 11, 2005

WASHINGTON - Following a historic decision by the Securities and Exchange Commission to exempt brokers who manage $268 billion in fee-based accounts from regulation as investment advisers, it appears unlikely that the Financial Planning Association...

Head of small broker criticizes NASD

April 11, 2005

NEW YORK - David Smith, the president of a small broker-dealer and registered investment adviser, said he is in a legal dilemma, and he blames a Florida attorney and NASD's securities arbitration process for his predicament. The attorney, Joel...

U.S. Bancorp banking on advisers for fund sales

April 4, 2005

BOSTON - Faced with declining market share and significant outflows from its mutual funds, U.S. Bancorp Asset Management Inc. is dramatically stepping up its efforts to court financial advisers. This year, the unit of Minneapolis-based U.S....

SEC, Raymond James square off over hiring

April 4, 2005

NEW YORK - In a dispute that could undercut Raymond James Financial Services Inc.'s efforts to continue recruiting top brokers, the Securities and Exchange Commission last week made an initial move to prevent the firm from recruiting new registered...

Schwab sells commission-based 401(k)s

March 28, 2005

SAN FRANCISCO - Charles Schwab Corp. is for the first time selling retirement plans through stockbrokers and others who receive commissions. Schwab Corporate Services quietly reported two weeks ago that it was going to pump out commission-based...

SEC appeals B shares case it lost to indie broker-dealer

March 28, 2005

NEW YORK - The Securities and Exchange Commission has partially appealed a case it lost to an independent-contractor broker-dealer last month over the sale of mutual fund B shares. The SEC's lost case stands in stark juxtaposition to securities...

Former Griffith staffers charge firm with deceit

March 28, 2005

NEW YORK - Thirty-six independent-contractor registered representatives formerly affiliated with W.S. Griffith Securities Inc. are seeking $46 million in damages from their old broker-dealer and its former owner, Phoenix Cos. Inc. of Hartford,...

Kovack Securities works to build up number of reps

March 28, 2005

NEW YORK - Kovack Securities Inc. has been working diligently over the past few years to build its group of affiliated brokers and advisers, adding almost 200 over that time. At the end of last year, the Fort Lauderdale, Fla.-based firm had...

Point-of-sale plan is still a hard sell

March 21, 2005

WASHINGTON - Brokers at first thought the Securities and Exchange Commission was granting them some relief from the cumbersome "point of sale" disclosure requirements first proposed in January 2004. Now they're having second thoughts. The new...

Are 401(k) advisers plan fiduciaries?

March 21, 2005

CHICAGO - A soon-to-be-released survey of individual advisers to 401 (k) plans shows that while a majority view themselves as fiduciaries, many doubt their broker-dealers see it that way. Industry experts say there is a gap between the opinions...

NASD fines broker for market timing in variable-life policy

March 21, 2005

NEW YORK - In a first, NASD on Wednesday fined a broker-dealer for market timing in subaccounts of variable universal life insurance policies. The broker-dealer, Jefferson Pilot Variable Corp. of Concord, N.H., was fined $325,000 for failure...

Ameritrade to offer ETF program for advisers

March 21, 2005

SAN FRANCISCO - Ameritrade Holding Corp. will soon offer financial advisers a new way to deal with the big weakness of exchange traded funds: the high cost of buying and selling them. The Omaha, Neb.-based discount broker plans to extend its...

NFP steadily adds planning firms, reps

March 14, 2005

NEW YORK - National Financial Partners Corp. of New York is continuing to build its independent-contractor broker-dealer and financial planning groups. Last year, it made 18 acquisitions of financial planning firms, and got off to a fast start...

FSI seeks study on broker data

March 7, 2005

NEW YORK - Looking to show that independent broker-dealers - and their affiliated representatives - are among the cleanest in the industry, the Financial Services Institute has petitioned NASD to comb through its reams of data that track violations....

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