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Registered Rep.
March 24, 2005
Kristen French |
Mutual Fund Enforcement Picks Up Steam On March 23, the SEC and NASD handed out fines in mutual fund-related punishments totaling more than $80 million to five firms. And that is likely just the beginning of a coming avalanche of similar regulatory actions, legal experts say.   |
Registered Rep.
April 7, 2005
Kristen French |
NASD Advocates More Disclosure, Less Paper Broker/dealers and their reps may get a big break on point-of-sale disclosure if the Securities and Exchange Commission heeds recent NASD advice. |
Registered Rep.
May 1, 2005
Kristen French |
Scandal Scorecard: Mutual Funds on Top With the SEC and NASD recently levying more than $80 million in fines to five firms (for transgressions related to revenue sharing and B shares), mutual fund sales practices officially sit on the front burner. |
Registered Rep.
June 1, 2004
Will Leitch |
Accused A recent mutual fund scandal at Edward Jones causes a temporary hiccup in the firm's reputation. |
Registered Rep.
January 16, 2013
Stan Luxenberg |
The Rise and Fall of Load Funds All hail no loads and ETFs! Will the move away from loads and commissions continue? Yes, says Avi Nachmany, research director of Strategic Insight. "The old commission business is fast disappearing," says Nachmany. |
Financial Planning
March 1, 2005
Kristen French |
To B or Not to B Once-popular B shares have seen their sales dwindle since 2001--and may soon be extinct completely. |
Registered Rep.
March 1, 2006
Kristen French |
The Best of Both Worlds Advisors say the broker/dealer-RIA hybrid model gives them freedom to choose what products, services and fees are best for their clients. |
Registered Rep.
July 30, 2003
Will Leitch |
SIA Says "Me Too" on Sales Fee Investigations Amid the brewing investigations into mutual fund sales practices, the Securities Industry Association came out last week in support of the new Joint NASD/Industry Task Force. |
Registered Rep.
September 1, 2005
Karen Donovan |
Under Siege Executives of broker/dealer firms are not exaggerating when they say it seems like regulators are locked into a competitive battle to collect the most pelts on Wall Street. |
Registered Rep.
August 1, 2004
Will Leitch |
The Reformation When the scandal craze that has gripped the securities industry first began two years ago, few in the industry recognized how deep it might go. |
Registered Rep.
September 1, 2005
Jim Ambrosio |
The Rep Who Turned Into a Reformer Is former Smith Barney broker James Langston just a guy with a new kind of hustle or a legitimate advocate for the hapless retail investor? Maybe a bit of both. |
Registered Rep.
April 1, 2007 |
Turf Wars Over Advice The age-old debate between the b/d and investment advisor (RIA) industries over who should be able to provide advice and when, and whose regulatory regime offers better investor protections, is far from over. |
BusinessWeek
September 5, 2005
Anne Tergesen |
Slow To Reveal The Deals Sure, brokerage firms and fund companies are disclosing more about their financial dealings. Dig deep enough, though, and you may unearth more questions than answers. |
Financial Advisor
April 2004
Tracey Longo |
Wanted: Real Disclosure Rules on brokers compensation disclosure are changing---but slowly. |
Registered Rep.
February 1, 2006
Kristen French |
Both Sides Now Brokers who hold dual licenses -- both the Series 7 and Series 65 licenses -- will have to take fiduciary responsibility on some accounts. But they can also sell investments, after they make it crystal clear that they're doing so. |
Registered Rep.
February 1, 2005 |
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc. |
The Motley Fool
August 26, 2008
Dan Caplinger |
Is Your Broker Robbing You Blind? With many advisors charging fees based on assets under management, there's always a possibility that your advisor will recommend commission-generating investments that aren't the best for you. Although it looks innocent, that amounts to outright theft. |
Financial Advisor
October 2006
Thomas M. Kostigen |
Discrimination, Or Keeping It Simple? Schwab boots funds that have cheaper share classes elsewhere. |
Registered Rep.
May 1, 2005
Stan Luxenberg |
Will 12b-1 Fees No Longer Be? The mutual fund fees known as 12b-1s have morphed into something few envisioned when the SEC created them 25 years ago. With regulators now poised to address that transformation, many reps are sweating about the future of a reliable income stream. |
Registered Rep.
May 1, 2007 |
The Great Reckoning Whatever the specific business impact the Merrill Lynch ruling may have, many see the return to pre-1999 rules as a chance for the brokerage industry, which has long avoided fiduciary duty for business and regulatory reasons, to overcome those obstacles and embrace it. |
The Motley Fool
September 6, 2006
Dan Caplinger |
Fend Off Fund Fees Here are tips on how to avoid unnecessary mutual fund fees and keep the money for yourself. |
Investment Advisor
August 2007
Melanie Waddell |
Will 12b-1 Fees Survive? Will the securities and Exchange Commission repeal 12b-1 fees? It depends on whom you ask, but SEC Chairman Christopher Cox has vowed to either repeal or revamp the Commission's 12b-1 rule by year-end. |
Registered Rep.
December 21, 2004
Will Leitch |
Ed Jones Agrees to Pay $75 Million in Revenue-Sharing Case Edward Jones has agreed to a $75 million settlement with the SEC, the NASD and the New York Stock Exchange as punishment for failing to disclose to clients information about the firm's revenue-sharing arrangements with mutual funds. |
Registered Rep.
August 18, 2004
Will Leitch |
SEC Unanimously Votes to Ban Directed Brokerage The 5-0 vote surprised few. Perhaps more worrisome was the call for comment on overhauling or banning outright 12b-1 fees, which were described as disguised commissions. |
Investment Advisor
October 2010 |
The Future of 12b-1 Fees The Financial Services Institute offers up a good primer on proposed changes to 12b-1 rules. |
Registered Rep.
November 1, 2004
Anne Field |
Gunning for College As more investors put their faith in 529 plans, the stakes rise for those who are supposed to be protecting them, and agencies like the NASD and the SEC have jumped into the fray with gusto. |
Registered Rep.
December 1, 2004
Will Leitch |
SOS It is an ominous time for small broker/dealers, for everyone from the chairman to the local rep. As always, the best way through the uncertainty is ingenuity. |
Financial Planning
July 1, 2007
Marshall Eckblad |
Funds and Games Several regulatory issues are floating around the SEC. Will any of them get resolved? |
Registered Rep.
May 1, 2004
Anne Field |
Et tu, 529 Plans Both the NASD and the SEC have revealed they are separately investigating yet another area within the financial services sector: 529 college savings plans. |
Financial Advisor
May 2004
Alan Lavine |
Dramatic Changes Loom For Mutual Fund, Annuities Sales Proposed disclosure rules could hurt level-load sales. |
Registered Rep.
July 1, 2004
David A. Gaffen |
The Great Compliance Witch Hunt! Many clean brokers jump firms, only to discover their old broker/dealer besmirched their U4s. In a business where client realtionships are at stake, things can get ugly very quickly. |
The Motley Fool
January 4, 2010
Selena Maranjian |
Say Goodbye to Class-B Mutual Funds Class B never served you well. Now they don't serve Wall Street, either. |
Registered Rep.
February 1, 2005
Pam Black |
Why More Reps Are Getting Their Kicks on Route 66 What's driving top reps to Series 66 RIA designation is not regulatory rules. It's changes in the wirehouse environment that, newly minted RIAs say, made it harder for them to do their own thing. |
Registered Rep.
July 1, 2006
Stan Luxenberg |
B Is Not for Bad Class B mutual fund shares are under assault. Regulators have fined some advisors for recommending B shares when A shares, which offer so-called breakpoint discounts, would have been cheaper for clients. |
Registered Rep.
January 1, 2006
Halah Touryalai |
The Winner's Curse Many advisors independent b/ds recruit have now unrealistic expectations: They want full technical and marketing support, as well as help understanding products and asset managers. |
Registered Rep.
April 1, 2006
Kristen French |
Your Fees Under the Regulator Microscope Financial advisors had better be able to justify their fees, because regulators have been busy examining fees charged to retail clients. |
Registered Rep.
November 1, 2005
Christopher O'Leary |
A Crusade Against Indies? Regardless of whether going independent means a more regulatory scrutiny or not, advisors thinking of going out on their own need to understand just how much work such a move will entail in terms of keeping up with the ever-changing world of regulations. |
Registered Rep.
March 1, 2007 |
The Process How can an advisor be sure to find a new independent b/d that is the right fit? With so many firms to choose from, how can a rep begin to narrow down his search? |
Registered Rep.
July 1, 2004
Gregg Wirth |
It's the Advice, Stupid The NASD's probe definitely has many brokers and branch managers in the industry nervous. They are unsure exactly what regulators are looking for, what constitutes a violation and what, if any, penalties could be levied. |
Registered Rep.
April 6, 2004
Will Leitch |
SEC Investigates Edward Jones' Fund Sales Edward Jones--a firm that hasn't attracted much regulatory scrutiny over the years--has been under considerable fire of late, thanks mainly to previously undisclosed revenue-sharing arrangements. |
Registered Rep.
February 27, 2004
David A. Gaffen |
Regulators, Industry Still Divided On Mutual Funds David Brown, bureau chief of investment protection in the New York Attorney General's office, said insurance companies who sold mutual funds wrapped in variable annuities, along with banks and law firms, may end up becoming targets of Eliot Spitzer's ire in coming months. |
Registered Rep.
February 1, 2003
Will Leitch |
NASD Investigates Potential Breakpoint Violations The confusing slew of regulations that have followed on the heels of the Sarbanes-Oxley Act has tapped a strange feeling in brokers: the fear of violating securities rules unwittingly. A recent investigation by the NASD shows their worries are not unfounded. |
Registered Rep.
September 1, 2004
Will Leitch |
Directed Brokerage Goes Down for the Count The first target has been hit: Directed brokerage is no more, and 12b-1 fees might be in more danger than had been thought. |
Registered Rep.
May 26, 2005
Kristen French |
Under ERISA, No Padding Profits with Revenue Sharing Under a recent Department of Labor directive, revenue-sharing arrangements between mutual funds and advisors to employee benefit plans can no longer be used to pad profits. |
Financial Advisor
April 2004
Gregory Bresiger |
Fund Industry Dilemma: Who Pays The Bills? A new bill calls for the elimination of 12b-1 fees. |
Registered Rep.
June 2, 2004
Will Leitch |
SEC Passes Breakpoint Amendment---With an `Ethics' Twist The Securities and Exchange Commission has issued its long-awaited amendments on breakpoints (sales-charge discounts on mutual funds), and the end result of months of deliberations surprised no one. |
Investment Advisor
April 2008
Melanie Waddell |
12b-1 Headed for an Overhaul After nearly a year of silence, the SEC has decided to revamp 12b-1. |
Registered Rep.
December 1, 2006
John Churchill |
Of Two Minds An internecine argument at the FPA gets to the heart of one of the industry's more vexing problems: Should brokers be able to position themselves as financial planners? |
The Motley Fool
March 17, 2006
Selena Maranjian |
Beware of Revenue Sharing Have you ever heard of a practice called "revenue sharing" by mutual fund companies and brokers? It isn't as magnanimous as it sounds. You could lose $213,000. |
Registered Rep.
May 17, 2006
John Churchill |
Monster Arbitration Ruling Against Ameriprise Unit An NASD Arbitration panel awarded 32 retired Exxon employees a total of $22 million in damages for losses suffered when their broker put most of their savings in variable annuities and B-share mutual funds. |
