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Fidelity rolls out investment program aimed at RIAs
Fidelity Investments, in a move to attract and retain registered investment advisers and independent-broker-dealer clients, has introduced a program it says offers advisers access to market analysis and industry insights.
Compliance searches up 20% this year, says headhunter
While most investment management companies are reluctant to start firmwide hiring, many are looking to bulk up their compliance departments, according to executive search firm Russell Reynolds Associates Inc.
Allegiant ordered to pay $157K to former broker in case of forged Finra letter
An arbitration panel has awarded a former broker at Allegiant Securities LLC $100,000 in a case that arbitrators said involved a forged letter purporting to be from the Financial Industry Regulatory Authority Inc.
Don’t weaken fiduciary standard, advisers tell Congress
A financial planners' group warned congressional leaders last week against enacting proposed standards for advisers that are being endorsed by the brokerage industry.
Morgan Stanley hit with $90K fine for muni-bond pricing
Morgan Stanley has agreed to pay a $90,000 fine to the Financial Industry Regulatory Authority Inc. to settle charges that it traded municipal bonds at unfair prices.
Bid to regulate planning industry will soon run into opposition, leaders predict
The industry effort to regulate financial planning as a profession has support from within, but it won't escape opposition from other sectors of the financial services community, several industry leaders said last week.
"Auction’ e-mails don’t rate with Finra
The Financial Industry Regulatory Authority Inc. is warning investors to be on the lookout for scam e-mails that promise refunds of $1.5 million to auction rate security investors.
Penson: naked-short video a "hoax’
Officials for Penson Financial Services Inc. said that a video circulating on the Internet of one of its traders engaging in an apparent naked short sale is a fraud that unfairly accuses the firm of violating Securities and Exchange Commission regulations.
Promises, promises: Finra probes B-Ds’ retail muni sales practices
The Financial Industry Regulatory Authority Inc. is investigating whether broker-dealers are meeting their obligations to municipal-bond issuers who seek distribution to retail investors.
Finra panel reviews policing procedures at regulator
An internal committee of the Financial Industry Regulatory Authority Inc. has submitted a draft report analyzing the regulator's processes for scrutinizing securities firms in the wake of the high-profile investment scandals involving Bernard L. Madoff and R. Allen Stanford.
Another flagrant foul
Morgan Keegan & Co. Inc. has lost another arbitration case stemming from losses suffered by a former professional athlete when its bond funds blew up: This time it is liable to a former NBA all-star for $1.45 million in damages.
Advisers at peace with NAIC proposal for more annuity rules
Although members of the insurance industry and some broker-dealer executives are butting heads with state regulators on tougher annuity regulation, financial advisers cheered the proposed use of Finra-esque suitability layers for all annuity sales.
Finra gives Michigan firm the boot
Finra has expelled an investment firm in Southfield, Mich., for inappropriate practices that occurred in its retail foreign-currency business and repeated violations of registration and related rules, according to a statement.
Apocalypse no more: Portfolio managers turn bullish on equities
Optimism among portfolio managers reached a six-year high this month, causing them to dip into cash reserves and buy more equities, according to the results of a survey released today.
Bush adviser helps open advisory firm
A former member of the National Economic Council under President George W. Bush has launched a boutique investment advisory firm, according to published reports.
Merrill Lynch confronts arbitration claim involving financials’ preferred stock
A retired Michigan couple has filed a securities arbitration claim against Merrill Lynch & Co. Inc. alleging that improper sales practices led to a loss of $650,000 — the latest example of what some securities lawyers see as a rising tide of claims involving the preferred stock of financial firms.
SIFMA: Surprise audits estimated to cost $200K
A proposal by the Securities and Exchange Commission that would require advisory firms holding custody of client assets to be audited by accountants inspected by the Public Company Accounting Oversight Board would cost each firm an average of $200,000, according to one new estimate.
Finra backs off executive’s comment
Finra is backing off controversial remarks made by one of its officials regarding the sale of Section 529 college savings plans — comments that caused confusion and consternation.
Finra’s ETF notice angers ICI, firms
The Investment Company Institute and ETF firms are taking on the Financial Industry Regulatory Authority Inc., following the…
The name of the game
The market value of “wealth” will be measured Thursday when a marketing firm auctions the Internet domain name, “Wealth.com.”
