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NASD tries to head off problems for brokers

October 25, 2004

PALM SPRINGS, Calif. - NASD is working to nip problems in the bud for its broker-dealer members. Speaking at the NASD fall securities conference here in mid- October, NASD vice chairman Mary L. Schapiro called the recent intensity of regulation...

Fiduciary center's designation questioned as more brokers get it

October 25, 2004

CHICAGO - Donald Trone, co-founder and director of the Center for Fiduciary Studies in Sewickley, Pa., is roundly praised for his work spreading the gospel of fiduciary practices. But concerns have surfaced that by marketing the center's training...

Broker execs mull creating SRO

October 25, 2004

NEW YORK - Saying they are fed up with NASD's aggressive regulatory stance, some broker-dealer executives are discussing breaking away from their present self-regulatory organization and creating a new industry group. And the executives are...

NASD probing sales of realty investments

October 25, 2004

NEW YORK - At a time when regulators are conducting wide-ranging investigations into the sales practices of broker-dealers, NASD is turning its attention to real estate, the hottest market since stocks started their descent in 2000. According...

Clients must OK block transfers

October 18, 2004

NEW YORK - In a move likely to slow the recruitment of independent-contractor registered representatives, NASD announced last week that registered reps and firms must get clients to sign off on all block transfers of mutual funds and variable...

Genworth Financial seeks CEO for its broker-dealer subsidiary

October 11, 2004

NEW YORK - On the heels of the year's largest initial public offering, Genworth Financial Corp. is looking to raise the profile of its broker-dealer, Terra Securities Corp. Genworth Financial, the Richmond, Va.-based insurance business that...

529s a hot topic in Washingon

October 11, 2004

WASHINGTON - Regulators investigating Section 529 plans for unsuitable sales, and one of the financial services industry's severest critics, agree with brokers' contention that they are put between a rock and a hard place with sales of the popular...

Hundreds of planners write off Merrill rule

October 4, 2004

WASHINGTON - Hundreds of financial planners have written to the Securities and Exchange Commission urging the withdrawal of the so-called Merrill Lynch rule, or demanding at least better disclosure by brokers. The financial planners appear to...

Brokers set sights on booming 403(b) market

October 4, 2004

SAN FRANCISCO - A teacher hiring boom is attracting attention from broker-dealers and financial advisers. The Spectrem Group Inc. of Chicago last year said U.S. schools are expected to hire 2 million teachers over the next 10 years. Jon Ziehl,...

Litman's test: Get high rollers to aim lower

October 4, 2004

SAN FRANCISCO - An investment advice service for high-end fee-only financial advisers is trying to lure its big fish downstream. The bait: turnkey mutual fund wraps with a $50,000 minimum. Litman/Gregory Asset Management LLC of Larkspur, Calif.,...

Rush to comply leaves some reps caught in middle

October 4, 2004

NEW YORK - Some registered representatives are feeling increasingly punch-drunk from the un-precedented rush to regulate the securities industry, according to brokers, executives with broker-dealers, attorneys and recruiters. On one side, there...

A rush to head off 529 regs

September 27, 2004

NEW YORK - As the mutual fund scandals continue to gallop across newspaper headlines, state officials who run the fast-growing but increasingly scrutinized Section 529 college savings plans are in the middle of a high-stakes battle to prove...

SEI's restructuring is a boon to AssetMark

September 27, 2004

SAN FRANCISCO - The or-phaning of scores of financial advisers by SEI Investments Co. is in full swing. But at least one company is welcoming these advisers with open arms and emerging as a new force. AssetMark Investment Services Inc. of Pleasant...

Most big brokers find ways to continue extra loss protection

September 27, 2004

WASHINGTON - About a year ago, many insurance carriers stopp-ed selling certain policies that brokerage houses buy to provide extra protection for their customers in case investment firms fail. Insurers such as Travelers Property Casualty Corp....

Fidelity adds compliance layer for reps

September 20, 2004

NEW YORK - Preliminary moves by two leading mutual fund companies to reduce potential late trading and market timing have forced some registered representatives and financial advisers to face hard questions over their clients' retirement accounts....

Lincoln's new pay package both gives and takes

September 20, 2004

NEW YORK - Lincoln Financial Advisors Corp. of Fort Wayne, Ind., is giving to its affiliated advisers with one hand and taking away with the other. In a move that observers said is finally pushing the firm closer in line with the industry, the...

M Financial teams up to create money management platform

September 13, 2004

NEW YORK - One of the fastest-growing independent broker-dealers in the industry is teaming up with a top Wall Street firm to create a proprietary money management platform. In a move that mimics its relationships with top insurance companies,...

NASD draws the ire of brokers

September 6, 2004

NEW YORK - NASD, in its effort to discover information about fee-based accounts, has taken a highly uncommon and aggressive step against a number of broker-dealers, according to some brokerage executives. Last month, regulators began cold-calling...

Proposed rule changes on VA sales win few fans

August 30, 2004

NEW YORK - As independent broker-dealers continue to generate more revenue from variable annuities, the brokerage industry is in a heated discussion over how best to sell the hybrid investment product. Last week, NASD of Washington made public...

SEC reopens Merrill rule debate

August 30, 2004

SAN FRANCISCO - The Financial Planning Association last week aimed a second legal barrage at the Securities and Exchange Commission over the so-called Merrill Lynch rule but then held its fire. In a follow-up to its July 27 lawsuit against the...

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