Results for "wirehouses"

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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...

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...

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...

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...

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...

A wirehouse takes control of software

February 28, 2005

SAN FRANCISCO - Now the actions of computers are being regulated, too. Morgan Stanley sent an e-mail to all its stockbrokers in mid-February telling them they could no longer use financial planning software unless it is approved by headquarters...

Consultant explosion hits adviser industry

February 21, 2005

SAN FRANCISCO - With the stock market and economy on the mend, the demand for consultants that focus on financial advisers is skyrocketing. As a reflection of that demand, two financial services industry heavyweights, Charles Schwab & Co. Inc....

TD Waterhouse snatches up Merrill exec

February 14, 2005

SAN FRANCISCO - The Merrill Lynch & Co. Inc. executive hired away from Charles Schwab & Co. Inc. to build up its fledgling asset custody group for independent advisers has left. Derek Bruton vacated his position as head of the asset custody...

Funds' recouping of settlement $ for investors eyed

February 14, 2005

WASHINGTON - The Securities and Exchange Commission is investigating how mutual funds go after money owed to investors from settlements in class actions. The commission late last month began getting in touch with fund companies for information...

Reform efforts could mean boost for proprietary funds

February 14, 2005

NEW YORK - Proprietary funds offered by brokerage houses, banks and other distributors could see something of a resurgence if 12(b)-1 fees or mutual fund revenue-sharing agreements are compromised as a result of the fund reforms being debated....

Questions abound about AEFA spinoff

February 7, 2005

DETROIT - American Express Co.'s announcement last week that it plans to spin off American Express Financial Advisors Inc. has sent ripples across the financial services industry regarding the future of the brokerage and money management unit....

Heir-y situation for Schwab?

February 7, 2005

SAN FRANCISCO - Since reassuming the reins of the company he founded, Charles R. Schwab has begun turning things around. Price and staff cuts have helped boost the San Francisco-based broker's stock more than 30% since mid-October. The things...

Clean rap sheet rates high with reps

January 31, 2005

DETROIT - Brokers and advisers continue to punish those asset management firms that have been linked to major scandals involving mutual fund trading over the past few years, according to the results of an industry satisfaction survey slated...

OppenheimerFunds to enter retirement income arena

January 31, 2005

CHICAGO - As part of the effort to attract and retain the assets of retiring baby boomers, OppenheimerFunds Inc. is poised to be the latest entrant into the retirement-income-planning arena. "We do anticipate that in late February, we will be...

Un-American activity: Fees on rollovers to Class A shares

January 31, 2005

BOSTON - As a result of scrutiny from regulators, American Funds is taking a hard-line approach to IRA rollovers which will result in higher fees for some investors. Starting Feb. 1, the mutual fund arm of Capital Research and Management Co....

New arbitration claims recede, but $ record set

January 31, 2005

NEW YORK - For the first time since the market began to drop in 2000, new securities arbitration cases declined last year. After the stock market retreat following the burst of the technology stock bubble, both Wall Street and independent-contractor...

SIA taking aim at NYSE proposal on asset-based fee programs

January 31, 2005

WASHINGTON - A proposal by the New York Stock Exchange that brokers monitor their asset-based-fee programs could discourage them from offering such accounts. The Securities Industry Association filed comments late last year with the Securities...

Fund trading: From gray area to black mark

January 24, 2005

WASHINGTON - Securities lawyers, if asked by brokerage firm clients whether there was anything illegal about aggregating customer accounts or using different account names in order to avoid market-timing restrictions of mutual funds, would have...

Lanigan's exit gives Fidelity an opportunity

January 17, 2005

SAN FRANCISCO - The void left by S. Joseph "Jay" Lanigan's departure gives Fidelity Investments of Boston a great chance to consolidate its considerable gains in the business of asset custody for financial advisers. Some consultants and financial...

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