BOSTON — Independent advisers are used by 22% of millionaire households, and those advisers on average hold 56% of the millionaires’ investible assets — the largest share among financial service providers, according to a survey released last Monday by Fidelity Investments.
NEW YORK — National Financial Partners Corp. will continue to pour money into acquisitions this year. At a recent conference for analysts and investors, company officials disclosed that they have earmarked $20 million to spend on acquisitions this year, a $5 million increase over 2006’s allocation.
Worried about giving clients a fair deal and keeping regulators at bay, some brokerage firms are tamping down the commissions on variable annuities that registered representatives and financial advisers sell.
One of the most pressing issues in the investment industry today is retirement plan fees and expenses. A lot of questions have been raised about them recently, all of which can be answered simply à la college basketball commentator Dick Vitale: “It’s about fiduciary responsibility, baby!”
Stock market volatility and worries that more bad news from the housing sector could threaten the U.S. economy’s prospects for a soft landing are likely to make 2007 “a dynamite year” for money fund inflows, a well-known money fund expert said last week.
NEW YORK — Clean energy is increasingly gaining the attention of institutional investors. Last Monday, dozens of top investors managing a total of $4 trillion in assets asked Congress, the Securities and Exchange Commission and the White House to approve stronger climate control policies.
Regulators are turning the spotlight on companies that specialize in using high-pressure marketing tactics to sell financial products and services to older Americans.
State securities regulators are worried that the recent emphasis on making U.S. capital markets more competitive could lead to the pre-emption of their power by federal regulators.
By OTTAWA — The minority Conservative government’s budget, released last Monday, drew immediate fire from two Canadian opposition parties, the Liberals and New Democrats.
WASHINGTON — The Department of Labor has put the issue of enhanced 401(k) fee disclosure on its agenda, a move that could take some of the wind out of the sails of a legislative threat.
