Buying Up the Rich—and Their AdvisorsDec 7, 2004By John Churchill Gaining access to high-net-worth clients is priority No. 1 for many brokerage firms these days, but it takes years of hard work to grow an organization of qualified wealth managers. So firms—such as Wachovia (Tanager), Schwab (U.S. Trust), Lehman Bros. (Neuberger Berman)—are buying them instead.... SEC Overburdening Itself?Dec 2, 2004By John Churchill The SEC narrowly succeeded in passing a final rule requiring hedge fund advisors to register under the Investment Adviser Act of 1940. The commission says the measure will benefit all involved parties, including investors, but many observers say the SEC is biting off more than it can chew.... From Safe to StagnantDec 1, 2004By Mike Ruff If there’s one thing to be learned from “all weather” investment strategies such as muni laddering, it’s this: there is such a thing as too conservative.... You Forgot the ProspectusNov 16, 2004By John Churchill The New York Stock Exchange’s regulatory arm is flexing its muscle, hoping to squeeze confessions out of Wall Street firms that failed to deliver prospectuses to customers.... Schwab to Cut CostsNov 12, 2004By John Churchill The nation’s largest discount brokerage firm, Charles Schwab & Co., is cutting 19 retail branches in favor of smaller, one- or two-broker boutiques, a move the company says will cut costs and more effectively serve clients. Analysts think it will help the firm, which has been hurt by a slow year in retail-investor trading.... Mulholland Leaves as Co-Head of Merrill’s U.S. GroupNov 9, 2004By David A. Gaffen Bob Mulholland, a 25-year vet of the firm, is no longer co-head of the Americas division of global private client.... Serenity Reigns in Boca RatonNov 4, 2004By David A. Gaffen Perhaps it was the recent victory of President Bush that heartened this business friendly crowd, or the tranquil Boca Raton setting, but the annual SIA conference exudes an oddly serene tone.... Broker or Advisor—Who Knows the Difference?Nov 3, 2004By John Churchill It may come as no surprise to many brokers, but more than half of American investors look to them for more than just transactional assistance, according to new research.... Citi Fined by NASD for Hedge Fund MarketingOct 26, 2004By David A. Gaffen Citigroup has been hit with another fine, this time for improper marketing of hedge funds. The NASD fined Citigroup Global Markets $250,000 for sending out more than 100 pieces of sales literature between July 2002 and June 2003, which, among other things, improperly used hypothetical returns in charts, failed to include adequate risk disclosure and cited potential rates of return without underlying evidence for it.... Regulatory, Compliance Issues Hover Over MMI ConferenceOct 22, 2004By John Churchill Separately managed accounts (SMA) have been touted as the next big thing, the Holy Grail even, for the financial services industry for a few years now, but myriad inefficiencies still hamper the effective delivery of the best of these products to more than just the wealthy investor—and, even, broker/dealer. ... Merrill’s O’Neal Speaks: Some Regulatory Action Politically MotivatedOct 21, 2004By Will Leitch In a rare public appearance Thursday, Stan O’Neal, chairman and CEO of Merrill Lynch, took indirect aim at regulators and perhaps even New York State Attorney General Eliot Spitzer in particular.... Tough Talk at SIA Mutual Fund ConferenceOct 20, 2004By Will Leitch The SIA’s Mutual Fund Reform Conference, held in New York City’s Grand Hyatt Hotel on Tuesday, had an unexpected guest in the form of NASD Chairman and CEO Bob Glauber... Are Reps Advisors or Mere Brokers?Oct 8, 2004By John Churchill The latest move to influence the SEC’s much awaited decision on the fate of the proposed “broker-dealer exemption rule” came today from the Consumer Federation of America, a nonprofit association representing 50 million Americans in 300 different consumer groups. The CFA sent a comment letter to Chairman Donaldson, suggesting the nature of the services, not the compensation model, is what is important. And the current exemption misses this point. ... A ‘Bull Market’ in Regulation Lamented at the SIA Small Firms ConferenceOct 7, 2004By Will Leitch SAN FRANCISCO—There is plenty of worry on the minds of attendees of the Security Industry Association’s Small Firms Conference this week. ... Raymond James Fights the SEC’s Fraud ChargesOct 6, 2004By Will Leitch and David A. Gaffen But if RJFS loses and is found to have failed to supervise a rogue broker, will it be beset with class-action lawsuits that could severely weaken the franchise?... Prospects Grim for Wirehouse Brokers with Hybrid Books of BusinessOct 1, 2004By Mindy Diamond, of Diamond Consultants, (a regular contributor to Registered Rep.) Wirehouse brokers with hybrid books of business—those with both retail and midmarket institutional accounts—could soon be on the endangered species list, if the recent actions of Merrill and UBS are any guide.... The NASD Has Clients’ NumberSep 28, 2004By David A. Gaffen The NASD will be increasing its use of unsolicited phone calls to clients within the course of investigations into broker/dealer activities, an official from the agency said at a conference Tuesday. ... Wachovia Securities in Technological PurgatorySep 27, 2004By David A. Gaffen Glitches aside, former Prudential Securities advisors are concerned that the new technology doesn’t measure up to Pru’s old system.... SIA Reports Big Drop in Second-Quarter ProfitsSep 16, 2004By Will Leitch Is a 61 percent decrease in profits from one year to the next a “reversion to the mean” or an ominous sign of cloudy skies ahead? It depends on whom you’re talking to.... A Broker or An Advisor?Sep 13, 2004By John Churchill If you are like most registered reps, your card probably says you are a financial advisor—and not a stockbroker. Indeed, whether you work at a large Wall Street brokerage or a small broker/dealer, the odds are you are holding yourself out as a well-rounded financial advisor and not just, say, a stock jockey.... College Savings Boot Camp in New YorkSep 10, 2004By Anne Field Ask a roomful of advisors what they think about 529 college savings plans and you’ll get a roomful of answers. That’s why about 25 of them converged in New York for the first day of a one-and-a-half-day workshop, called 529 Boot Camp, held by 529 guru Joe Hurley, in New York.... Sharp Words for the NASD By Raymond James’ AverittAug 31, 2004By David A. Gaffen The CEO of RJFS doesn’t hold back at the firm’s conference in sunny Utah; meanwhile, RJFS’ growth has so far been strong in 2004.... SEC Fines Seven More Broker/DealersAug 26, 2004By Will Leitch The SEC has nailed some additional broker/dealers for failing to disclose payment relationships they had with companies their research departments covered.... Meting out Justice: NASD Issues 'Extraordinary Remedy' on Broker/Dealer for Market-Timing AbuseAug 20, 2004
The regulator also temporarily suspended the firm’s ability to open mutual fund accounts for new clients.... SEC Unanimously Votes to Ban Directed BrokerageAug 18, 2004
In a move that surprised few, the SEC voted 5-0 Wednesday to ban “directed brokerage,” in which mutual fund managers direct trades through brokerages’ trading desks as a reward for them selling their funds to retail clients. Perhaps more worrisome was the SEC’s call for comment on overhauling or banning outright 12b-1 fees, which it described as disguised commissions....
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