Lax standards among financial advisers who manage 401(k)s and IRAs are in the crosshairs of the White House, which has proposed rules that require advisors to either use independent computer models that spit out advice, or else avoid steering workers into funds to which they are tied or that pay them a fee based on their recommendation. ...
Wealth managers will find profits more elusive in 2010, and most are reconsidering their game plans accordingly, says a survey from the Corporate Executive Board, a Washington, D.C., management consultancy. High on the board’s list of recommendations: FAs should link what they charge a client to the effort spent on the account. ...
Charles Goldman, the president who oversaw Fidelity Investments’ services for financial advisors, will leave at the end of March, the second top manager in a week to depart from the mutual fund giant. Also exiting Fidelity is the company’s President Rodger Lawson, the number two executive under Chairman and CEO Edward “Ned,” Johnson. Lawson leaves at the end of March as well....
Affluent investors rated Charles Schwab the number one “distributor” or brokerage firm, bumping Fidelity into second place, according to Cogent Research’s recently released 2010 Investor Brandscape report. ...
More proof of the breakaway broker phenomenon, albeit anecdotal? Moneta Group has hired two veterans legacy A.G. Edwards advisors, the company said today, amid a nascent national trend of advisors leaving wirehouses for smaller independents....
In today’s Investor’s Business Daily, Paul Katzeff quotes a psychiatrist as saying, “Cheating with money is a form of infidelity. … It can be even more devastating than sexual infidelity.”...
Not Approved: The SEC charged Morgan Stanley and one of its investment advisor reps for misleading clients about the money managers being recommended...
JD Power & Associates finds that the strength of the advisor relationship with clients is the biggest factor influencing client opinions of the advisor’s firm and their own portfolios...
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