Department of Labor to Brokers: No Overtime Pay for YouDec 1, 2006,By Halah Touryalai Here is a new twist in the broker overtime pay lawsuits: The Department of Labor (DOL) says brokers are not entitled to overtime pay after all. Well, that is, unless the DOL is wrong, which it allowed could be the case. (No kidding.)... Merrill Lynch to Pay National Overtime SettlementNov 29, 2006,By Halah Touryalai Merrill Lynch has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. It is the third securities firm to do so—earlier this year, both UBS and Smith Barney settled nationally with brokers in similar overtime lawsuits.... It’s AMT TimeNov 29, 2006,By Halah Touryalai Along with holiday festivities, December offers you and your clients a couple of weeks to sort out tax-preparation plans. And for the average American that increasingly means planning for the alternative minimum tax (AMT).... Small Firms Move to Block NYSE/NASD SRO MergerNov 29, 2006,By Kevin Burke Not everybody is cheering the formation of a single self-regulatory organization. An insurgency of small brokerage firms is urging their peers to strike down yesterday's announced merger between the regulatory arms of NYSE and NASD. The Financial Industry Association, an upstart advocacy group of an estimated 1,000 small independent broker/dealers that seeks sweeping industry reforms, sent a letter to all NASD member firms asking them to vote “no” on the merger citing disingenuous motives and a lack of time to consider its terms. ... The Route to Profitability: Manage Your StaffNov 22, 2006,By Kristen French Financial-advisory businesses have been growing at a breakneck pace for the past five years. But suddenly, they’re having a much harder time managing that growth, according to a recent study released by Moss Adams. In 2005, the annual median revenue of firms surveyed by the Seattle-based research firm totaled $1.4 million, almost double median revenue of $780,000 in 2001. Meanwhile, the median number of clients has grown to 164 from 145 in that time, and median assets have jumped to $90 million from $60 million.... M&A Hot Stove: Putnam to Consider Three Major BidsNov 21, 2006,By Kevin Burke Three foreign firms plan to make their final bids for Putnam Investments ahead of the Thanksgiving holiday, The Wall Street Journal reports, citing people familiar with the bidding process. The trio includes U.K. asset manager Amvescap, parent of AIM Investments; Canadian financial holding company Power Corp.; and Italy’s UniCredito Italiano, The Journal says.... Schwab Unloads U.S. Trust: Cash for Another Deal?Nov 21, 2006,By Kristen French In a move that has long been speculated about, Charles Schwab announced Monday that it had agreed to sell its private banking arm, U.S. Trust, to Bank of America for $3.3 billion. In a research report, Wachovia analysts said the deal will give Schwab a mountain of much-needed cash to play with: around $3.1 billion (excluding free cash flow from earnings) to be exact. Wachovia and other analysts speculated that the firm will put that dough towards share repurchases, investments in the institutional and investor-services business and, potentially, a small-sized acquisition.... NYSE to Members: Don’t Fleece Your “Rollover” ClientsNov 20, 2006,By John Churchill The “risk-assessment unit” of New York Stock Exchange Regulation issued a memo today to remind member organizations of their duty not to screw clients out of hard-earned 401(k) money.... 401(k) Plan Fixes Key to Retirement ConundrumNov 15, 2006,By Kevin Burke If individual investors could manage money like Bill Miller, they could all sleep better knowing that their twilight years would be spent in hammocks beneath palm trees in tropical locales. Unfortunately, the famed fund skipper’s genius hasn’t rubbed off on the average Joe just yet. So, as the 25th anniversary of the 401(k) came and went last Friday with little fanfare, it’s worth repeating that saving for retirement hasn’t gotten any easier since its inception.... 401(k) Default: Calls for HelpNov 13, 2006,By Kristen French Businesses are going to need help from financial advisors as they choose default investments for their 401(k) or other defined-contribution plans, according to recent research from Putnam Investments. Under Pension Protection Act legislation passed in August, all 401(k) plan sponsors can now include an auto-enrollment feature for employees. More recently, the Department of Labor issued guidance indicating what kinds of investments are appropriate default options: age-based lifecycle funds, risk-based lifecycle funds or professionally managed accounts. Still, employers seem to be confused about how to choose the best default investment for their own employees, says Putnam’s head of retirement research Chris Thompson. “Plan sponsors may not have enough information to compare and contrast between those two,” he says.... Retirement Planning and the ElectionNov 13, 2006,By David A. Geracioti Now that Democrats have swept into Congress, what does this mean for your high-net-worth clients? It’s hard to say, but if the party’s six-point agenda is any indication (which called for everything from “better American jobs and better pay” to “affordable health care and life-saving science”), you had better brush up on your trust-creating skills. ... Mother Merrill Mulls a New Roost…Seven Years From NowNov 13, 2006,By Kevin Burke Merrill Lynch confirmed on Monday that it is considering relocating from its headquarters in New York’s World Financial Center when its lease runs out in 2013. The world’s largest brokerage firm is mulling the move because its current offices may not be sufficient to accommodate its expanding operations, according to a source familiar with the matter.... SIFMA Launch: Group Seeks Greater Clout in Washington, Single Regulatory FrameworkNov 9, 2006,By Kevin Burke BOCA RATON, FLA. – Purveyors of stocks and bonds officially joined forces this week to form one of the most powerful lobbying groups on Capitol Hill. The former Securities Industry Association (SIA) kicked off its newly consummated marriage to the Bond Market Association (BMA) today in Boca Raton, Fla. under the new moniker Securities Industry and Financial Markets Association (SIFMA). ... Fat Bonuses on Wall Street Don’t Extend to FAsNov 8, 2006,By Kevin Burke If you work on Wall Street, chances are you stand to make a killing in bonus pay this year….unless, that is, you’re a broker or a financial advisor. If you fall into the latter group, you might be justified in going green with envy: Annual bonuses are expected to climb 10 percent to 15 percent in 2006 for money managers, senior managers and other top executives at financial-services firms, while rewards for investment bankers are likely to jump 20 percent, according to a study released by Johnson Associates, a New York compensation consultancy.... Is an Annuity Tax-Break Just what Retirees (and the Annuity Market) Need?Nov 8, 2006,By John Churchill With the first wave of boomers starting to spend down that nest egg, one recent academic study suggests the government should create incentives for boomers to spend it as carefully as they saved it—by offering tax-breaks and/or credits on income from annuities. Besides helping retirees stretch their assets to last throughout retirement, it could improve competition and pricing in the annuity industry, and could even boost gross domestic product, the study contends.... NASD Whacks Two Firms with Fines Over Ill-Advised 529 SalesNov 7, 2006,By Kevin Burke The NASD said on Monday that it has fined two brokerage firms—Chase Investment Services and MetLife Securities—for failing to establish internal controls to supervise the sale of 529 college savings plans. The two firms were fined $500,000 apiece and ordered to reimburse customers who were affected by their supervisory failures. ... Schwab Postpones Biz Update, Sparks Merger ChatterNov 6, 2006,By Kevin Burke In a rare move, Charles Schwab said on Friday that it has postponed its fall business update with analysts, citing “scheduling difficulties.” A company official confirmed that the biannual meeting—originally set for Nov. 16—had been postponed and no new date set. This is only the second time that a meeting of this caliber has been postponed. Its June 2005 analyst confab was also postponed.... Morgan Tinkers with Grid; Wants FAs to Aim HighNov 3, 2006,By Kristen French In a broadcast Thursday afternoon to the firm’s U.S. financial advisors, retail head James Gorman announced the rollout of a new compensation program for 2007—one that will increase the firm’s spending on compensation by tens of millions of dollars. But, in an effort to get reps to think big, accounts below $50,000 will no longer generate any compensation for the rep (unless they are in certain favored accounts).... Money Managers Don’t Get RIA MarketNov 1, 2006,By Kevin Burke A large number of money managers still haven’t figured out how to tap the registered investment advisor (RIA) market to sell their funds, according to research published Monday by Kasina, a mutual fund consulting firm in New York.... Brokers Happy But EnviousNov 1, 2006,By Halah Touryalai Brokers generally like their jobs, but seem to have channel-envy. At least that’s what Fidelity unit National Financial found in its survey of brokers conducted this summer.... NASD Fines B/D for Account Transfer ChargesOct 26, 2006,By Kevin Burke On Thursday, the NASD slapped a small independent broker/dealer with a $50,000 fine and sanctions for overcharging more than 1,500 customers who decided to follow their brokers to another firm... Another One Bites the Dust: Broker Fined Record Amount for Market-Timing SchemeOct 25, 2006,By Halah Touryalai The NASD today made a statement: Brokers who try to game the system will be severely smote. Today the NASD fined Paul Saunders, a registered rep, CEO and majority owner of James River Capital Corporation (JRCC) in Richmond, Va., $2.25 million. That sum represents the largest fine against an individual for marketing timing, including disgorgement of about $750,000 in illegal profits.... Fiduciary Flap Trips Up CFP BoardOct 25, 2006,By John Churchill and Kristen French The rift in the investment-advisor industry came into sharp focus Tuesday, when the CFP Board announced that it has put off making proposed changes to its Code of Ethics until January 2007 in order to consider the heated reactions of industry members. The flap over the board’s Code of Ethics has been ongoing since the proposed changes were announced in late July. But, really, this is just the latest scuffle in an ongoing battle over the differing legal responsibilities that investment-advisor reps and registered reps have to clients—in other words, over the broker/dealer exemption (a.k.a. the Merrill Lynch rule) and the term fiduciary.... Opulence (and a Wee Bit of Strife) at FPA Confab in NashvilleOct 23, 2006,By John Churchill Education and networking were on order at the annual Financial Planning Association conference in Nashville, Tenn., this weekend. But inside the garish, biosphere-like Gaylord Opryland Resort and Convention Center outside Nashville, larger philosophical issues loomed.... Retail Brokerage Has Strong Third QuarterOct 17, 2006,By Kristen French The third quarter shaped up pretty well for the retail brokerage divisions of the big Wall Street firms. Despite a continued rough market environment in June through August—with gains of just 1 percent on the S&P 500 and the Dow Jones Industrial Average, and a 2 percent loss on the NASDAQ—the retail client didn’t take his money and run....
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