Results for "independent broker-dealers"

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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...

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...

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...

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...

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...

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...

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,...

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...

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...

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...

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....

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...

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...

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...

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...

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...

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