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Financial Advisor May 2006 Andrew Gluck |
New Rule Causes Software Schizophrenia New financial software programs for advisors reflect the difference between fiduciary and suitability requirements.  |
Registered Rep. February 2, 2006 Kristen French |
Brokers Learning to Play by New Rules It's no longer business as usual on Wall Street. Starting yesterday, broker/dealers must follow a new SEC rule that requires them to disclose at certain times that they may not be acting in their clients' best interest.  |
Financial Planning July 1, 2006 Marshall Eckblad |
Chalk One Up for RIAs According to a recent survey, a majority of investors believe stockbrokers and investment advisers owe the same fiduciary responsibilities to their clients.  |
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. December 1, 2005 Andrew Osterland |
Brokering Advice The essential difference between brokers and registered advisors, say financial planners, is fiduciary duty. The notion that b/ds have a lighter burden of regulation than registered advisors, however, is something the securities industry vigorously disputes.  |
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.  |
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?  |
Financial Advisor December 2005 Harold Evensky |
Unintended Consequences Brokers must forego the bells and whistles accompanying much of the current planning software if they wish to avoid having to register as investment advisors; however, that should not prevent them from appropriately using these analytics in arriving at suitable recommendations for their clients.  |
BusinessWeek April 11, 2005 Toddi Gutner |
Broker Or Adviser? Be forewarned: If yours is employed by a brokerage, your interests come second  |
Registered Rep. March 16, 2012 Kristen French |
Wire Houses Minting Fiduciary Advisors -- Or Are They? None of the firms will go on record as to whom specifically in the rank and file is adopting the standard, nor will they provide much detail on what that training looks like.  |
Investment Advisor March 2006 Melanie Waddell |
Piling On Keeping up with compliance chores will continue to occupy a substantial portion of advisors' time, as industry officials and observers are steadfast in their belief that regulatory scrutiny by the SEC and NASD isn't going away.  |
BusinessWeek August 30, 2004 Amy Borrus |
Brokers Aren't Advisers The line between brokers and advisers was clear for decades. But in 1999, the Securities & Exchange Commission blurred that line. Now, to protect investors, the SEC must redraw a clear line.  |
Registered Rep. March 30, 2007 John Churchill |
Surprise! FPA Wins Lawsuit Against SEC and the Broker-Dealer Exemption Three years after suing the SEC over the controversial "Broker Dealer Exemption" rule, a federal court has ruled that the SEC exceeded its authority in adopting the rule.  |
Investment Advisor March 2008 Bob Clark |
The Empire Strikes Back Wall Street's crafty response to its whipping over the Merrill rule.  |
The Motley Fool September 24, 2007 Saibal Saha |
You Churn, They Earn Effective Oct. 1, a new SEC rule says that a broker-dealer can no longer charge fees for investment advice unless it agrees to act as a registered investment advisor with fiduciary responsibility for its clients.  |
Registered Rep. March 1, 2008 John Churchill |
Fix Advisor Laws! Laws should reflect the fact that the differences between registered reps and registered investment advisors have largely evaporated.  |
Financial Planning June 1, 2005 Harold Evensky |
The New 'F' Word A new group would irrefutably link the concept of "fiduciary" to financial advice.  |
Financial Planning March 1, 2011 Bob Veres |
Gold Into Straw In mid-January, the SEC released its "Study on Investment Advisers and Broker-Dealers" to Congress. Analyzing the study provides an insightful look into how the SEC views the "harmonization" of two different regulatory structures.  |
Entrepreneur September 2007 Scott Bernard Nelson |
Wrap It Up With a new rule that holds brokers to the same standards as financial planners, the wrap-account romance may be coming to an end.  |
Investment Advisor September 2005 Dan Danford |
The IA Soapbox: Sorry, Bob. They Still Don't Get it There is no such thing as incidental financial advice. Either financial planning is being done properly and in the sole interests of the client (as in fee-only) or it's just being used as a ploy to sell investment products.  |
Registered Rep. April 8, 2005 John Churchill |
`Merrill Rule' Debate Not Over The SEC unanimously voted to allow Series 7 holders, or registered reps, to position themselves as financial advisors -- with certain caveats. But once again the SEC seemed to hedge its bet. So the debate rages on.  |
Registered Rep. November 3, 2004 |
Broker or Advisor---Who Knows the Difference? More than half of American investors look to brokers for more than just transactional assistance, according to new research, which also finds that investors don't understand the differences between brokers and registered investment advisors.  |
Financial Advisor December 2007 Sydney LeBlanc |
More Options, More Business Independent advisors recently got the opportunity of a lifetime -- the marriage made between fee-based advisory accounts and fiduciary accountability finally made headlines in the SEC repeal of Rule 202.  |
Registered Rep. December 1, 2004 John Churchill |
If You're a Broker and You Know It As the holiday season approaches, the SEC is getting daily entreaties from registered investment advisors seeking an end to the broker/dealer exemption rule.  |
Financial Advisor March 2006 Nancy Lininger |
Letters to the Editor The New Advisory-World Order: Commissioned reps have lost clients over the years to discount brokers, day traders and now, the divine fee-only advisor. Firms embracing fees and commissions, and offering the most services and compensation options, will be reborn.  |
Financial Planning March 1, 2008 Bob Veres |
Deconstructing Rand A report written by the Rand Corp. will help the SEC's staff decide who should and should not be registered as an registered investment advisor, and to determine whether investors understand the differences between and relationships among broker-dealers and investment advisors.  |
Financial Planning July 1, 2005 James A. Barnash |
Why We're Suing The FPA president explains the lawsuit over the SEC's broker-dealer rule that exempted certain broker-dealers from disclosure standards that apply to investment advisers and most financial planners.  |
Financial Planning June 1, 2007 Bob Veres |
Victory, for Now Brokerage firms have little choice but to adapt to a world in which their traditional service -- clearing trades and executing transactions -- has become "solely incidental" to the increasingly valuable business of providing advice.  |
Financial Planning August 1, 2009 Bob Veres |
A Swiftly Tilting Planet How will brokers and financial advisors fare in the government's battle to regulate the securities industry?  |
Investment Advisor October 2010 Bob Clark |
The Empire Steps Up The Financial Planning Coalition's letter on the Securities and Exchange Commission's "Study Regarding Obligations of Brokers, Dealers and Investment Advisers" will knock your socks off.  |
Registered Rep. October 1, 2004 John Churchill |
BrokerAdvisor BrokerAdvisor Let's Call the Whole Thing Off! The Financial Planning Association and some consumer groups are in court in an effort to block brokers from introducing themselves tp prospective clients as finanical advisors or financial consultants.  |
Financial Planning November 1, 2006 Daniel B. Moisand |
Keep Standards High Financial planning is surprisingly under-regulated. The rules that do exist apply primarily to subset disciplines. As a result, all planners are regulated but no one really regulates planning.  |
Financial Advisor May 2007 |
Frontline News Don't Party Like It's 1999... CFP Board Moving Headquarters... Advisors Settle Multimillion Lawsuits... FPA's New Fiduciary Standard For All Planners... Mesirow Advisors Become RIAs...  |
Financial Planning September 1, 2007 Bob Veres |
The Dual Reality The FSI and independent broker-dealer community have become pivotal voices in the profession. What they see in the future might surprise you.  |
Registered Rep. April 29, 2005 Kristen French |
Raymond James Fined, Drops Fee-Based Brokerage---Will Others Follow? Following the NASD fine of Raymond James for pushing fee-based accounts on the wrong clients, the next question is how the settlement will affect other firms that offer the same accounts, including wirehouse giants Morgan Stanley, Merrill and Smith Barney.  |
Registered Rep. February 23, 2010 Halah Touryalai |
Clients, The New Breakaways First, there was the breakaway broker phenomenon; now, it seems, we have a growing vogue of breakaway clients -- former wirehouse investors who ditch their old advisors for new ones at independent RIAs or broker/dealers.  |
Financial Planning June 1, 2011 Bob Veres |
Things I Just Don't Understand Is there any profession, anywhere, that's raised its own standards voluntarily, identified and reduced its own conflicts of interest voluntarily and lobbied harder on behalf of consumer protections than the financial planning profession over the past 30 years?  |
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.  |
Registered Rep. April 6, 2005 John Churchill |
SEC Adopts Broker-Dealer Exemption Over the vociferous objections of fee-only financial planners, the SEC voted unanimously to permanently adopt the broker/dealer exemption rule, formerly known as the Merrill Lynch exemption.  |
Registered Rep. January 11, 2011 Kristen French |
Expect SRO For Advisers, Fiduciary Fix For Brokers Compliance consultants, securities lawyers and lobbyists overwhelmingly agree that the SEC will recommend both.  |
Investment Advisor July 1, 2011 Melanie Waddell |
Fiduciary D-Day Arrives As the SEC launches into rulemaking, lots of 'thorny issues' will surface.  |
Financial Planning September 1, 2006 David Spinar |
Even the Playing Field Congress needs to standardize the regulations for investment advisors and broker-dealers.  |
Registered Rep. July 26, 2011 John Aidan Byrne |
Online Brokerages Still Grabbing Market Share From Wirehouses Online brokerages continue to take market share from the wirehouses, according to a new report.  |
BusinessWeek June 28, 2004 Emily Thornton |
Mutual Funds: The Cost Of Full Disclosure With Securities & Exchange Commission Chairman William H. Donaldson pushing for new rules aimed at providing greater safeguards for mutual-fund investors, brokerages worry that implementing them will cost billions of dollars.  |
The Motley Fool December 8, 2006 |
Questions to Ask Your Broker Here is some good advice regarding questions you might want to ask your broker before handing over your hard-earned cash. Make sure you get the right answers before you start investing.  |
Investment Advisor May 2007 Melanie Waddell |
Victory for the FPA The U.S. Court of Appeals for the D.C. Circuit overturned the SEC's Merrill rule.  |
The Motley Fool November 14, 2006 Selena Maranjian |
How Steep Are Some Brokerage Fees? Investors, make sure you do your homework before you choose a broker.  |
Investment Advisor March 1, 2011 Bob Clark |
A Study in Flexibility SEC's Study on Investment Advisors and Broker-Dealers leaves too much wiggle room to declare victory yet.  |
Financial Planning November 1, 2006 Bob Veres |
Fiduciary Fire Index At the start of the new year, the Pension Protection Act will go into effect and expose all over again the fact that, although we all like to talk about fiduciary standards, there really isn't any consistent definition of the term.  |
Registered Rep. March 30, 2005 John Churchill |
House Urges SEC to Adopt Broker-Dealer Exemption Rule At issue, at least as far as financial planners are concerned, is that registered reps are presenting themselves as fiduciaries, when in fact they are brokers with a less-than-fiduciary responsibility to their clients.  |