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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...

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...

Exec pay+bonuses down, but restricted stock is on rise

April 11, 2005

BOSTON - With regulators and investors looking over their shoulders, directors at financial services companies that manage assets are putting the clamps on salaries and bonuses. However, they are continuing to increase the use of restricted...

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...

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...

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...

Schwab doesn't buy 'TV' excuse

March 21, 2005

SAN FRANCISCO - A TD Waterhouse Group Inc. official has conceded that advertisements depicting Charles Schwab & Co. Inc. in a way his firm had agreed not to continued to run past the time it promised that they would stop. However, it was done...

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...

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...

Wachovia Securities works to increase reps' productivity

March 21, 2005

NEW YORK - Wachovia Securities LLC has overhauled its plan to continue its growth, shifting its emphasis to increasing the productivity of its registered representatives from outside acquisitions. Earlier this month, the Richmond, Va.-based...

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...

Refugees have less money, clear conscience

March 14, 2005

SAN FRANCISCO - When Dirk Anderson and Peter Fisher left Merrill Lynch & Co. Inc. last year, the brokers walked away from a big combined book of business and multimillion-dollar offers from competing firms. Despite these financial sacrifices,...

NASD examines anti-money-laundering programs

March 7, 2005

NEW YORK - NASD is taking a close look at its broker-dealer members' ability to comply with anti-money-laundering regulations. Broker-dealers, like banks, have been facing greater pressure since enactment of the USA Patriot Act of 2001 to enforce...

Small fund firms struggle with revenue sharing

March 7, 2005

NEW YORK - While the revenue-sharing debate has focused on the under-the-table agreements between the major brokerage firms and some of the biggest fund companies, smaller fund shops have largely stayed out of the fray, primarily because they...

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....

Russell casts wider net, reaps asset bonanza

March 7, 2005

SAN FRANCISCO - Russell Investment Group made its name by loyally serving a small, select group of financial advisers. Now the Tacoma, Wash.-based investment company is reaping an asset bonanza by embracing a more liberal approach. Russell's...

Anti-laundering fines common for brokers

March 7, 2005

NEW YORK - Along with Gunn- Allen Financial Inc. of Tampa, Fla., NASD has fined almost 20 broker-dealers over the past couple of years for violations of anti-money-laundering rules. According to NASD, it fined WR Hambrecht + Co. of San Francisco...

IRS clears up confusion over IRA account wrap fees

March 7, 2005

CHICAGO - The Internal Revenue Service may have given fee-based advisers the upper hand over their commissioned brethren when it handed down a private-letter ruling last month on the treatment of fees for individual retirement accounts. Advisers...

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...

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