Industry News

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B-D that sold assets to LPL played role in $150M scam: Lawsuit
NEWS INDUSTRY NEWS JAN 25, 2012
B-D that sold assets to LPL played role in $150M scam: Lawsuit

Court receiver claims NRP failed to oversee accused adviser; 'one of the largest Ponzi schemes in Minnesota's history'

By Bruce Kelly
Munch on this: 'The Scream' could fetch $80M
NEWS RETIREMENT PLANNING JAN 24, 2012
Munch on this: 'The Scream' could fetch $80M

Masterpiece to go on sale this May; three other versions all in museums

By Scott Reyburn
Most advisers overstating their expertise: Cerulli study
NEWS RIAS JAN 24, 2012
Most advisers overstating their expertise: Cerulli study

A survey of more than 1,500 financial intermediaries over the past year found "pattern of misrepresentation"

By Jeff Benjamin
Romney's tax revelation draws plenty of fire
NEWS RIAS JAN 24, 2012
Romney's tax revelation draws plenty of fire

Ex-govenor's 15% effective rate criticized by opponents; Gingrich paid twice that

By John Goff
NEWS INDUSTRY NEWS JAN 24, 2012
Packers tackle stadium tab with "stock' sale

By Bloomberg
What's wrong with this picture? Nothing, as art prices skyrocket
NEWS INDUSTRY NEWS JAN 24, 2012
What's wrong with this picture? Nothing, as art prices skyrocket

Fear of paper money lifts Christie's latest auction to record levels; Lichtenstein fetches $43M

By John Goff
NEWS RIAS JAN 24, 2012
HighTower scores $1B adviser

HighTower Advisors has landed Margaret Towle, a high-end investment adviser with Greycourt & Co. Inc. doing business in Seattle and Minneapolis, despite market volatility that tends to keep advisers put.

By Andrew Osterland
HighTower stakes its claim to Palm Desert wealthy
NEWS RIAS JAN 24, 2012
HighTower stakes its claim to Palm Desert wealthy

With its second lift-out this year of a team of high-end financial advisers in Palm Desert, Calif., HighTower Advisors has staked a claim to one of the wealthier retirement areas in the country

By Andrew Osterland
Wirehouse market share thinning
NEWS WIREHOUSES JAN 23, 2012
Wirehouse market share thinning

Researcher says slice could dip to 35% by 2013, down from 50% in 2007; some self-pruning

By Andrew Osterland
Merrill Lynch raises the bar for its brokers
NEWS INDUSTRY NEWS JAN 23, 2012
Merrill Lynch raises the bar for its brokers

The annual tweaking of the compensation grids for financial advisers at Bank of America Merrill Lynch could have a substantial impact on broker trainees, small-market advisers and low-end producers at the firm.

By Andrew Osterland
NEWS INDUSTRY NEWS JAN 22, 2012
Third-quarter weak for wealth division at Wells Fargo

By Bloomberg
NEWS RIAS JAN 22, 2012
Massachusetts lays out social media do's, don'ts

By Liz Skinner
Rally ho? Biggs big on U.S. stocks
NEWS INDUSTRY NEWS JAN 20, 2012
Rally ho? Biggs big on U.S. stocks

Famed investor sees potential for substantial run-up in equities; 'terrified I'm not long enough'

By John Goff
NEWS RETIREMENT PLANNING JAN 20, 2012
Buzz: Sandy Weill sells his NYC apartment for jaw-dropping sum

Central Park West penthouse listed at nearly $90M; Russian billionaire seen as buyer

By John Goff
INsider: At current rates, money fund investors will double their money — in 2,000 years
NEWS RETIREMENT PLANNING JAN 20, 2012
INsider: At current rates, money fund investors will double their money — in 2,000 years

The question: Are such puny yields worth it when money isn't FDIC-insured?

By Bloomberg
Nouriel Roubini issues 'perfect storm' warning for stocks
NEWS INDUSTRY NEWS JAN 20, 2012
Nouriel Roubini issues 'perfect storm' warning for stocks

Nouriel Roubini has once again issued a chilling forecast, saying a 'perfect storm' coming together in the next two years could zap the global economy -- and with it, global stock markets. Has he got it right?

By John Goff
Safety first, as advisers piled into fixed-income ETFs in '11
NEWS RIAS JAN 19, 2012
Safety first, as advisers piled into fixed-income ETFs in '11

Slowly but surely, advisers are becoming more comfortable with exchange-traded funds. Not surprisingly, Charles Schwab says fixed-income ETFs were the clear favorites of RIAs in 2011.

By Jason Kephart
NEWS INDUSTRY NEWS JAN 19, 2012
Buffett no match for S&P 500 in 2011

Warren E. Buffett, the billionaire investor known for his record of beating the market when stocks languish, oversaw a decline in his company's value last year as the S&P 500 ended unchanged.

By Mark Bruno
IRS audits of millionaires at all-time high of 12.5%
NEWS RIAS JAN 19, 2012
IRS audits of millionaires at all-time high of 12.5%

The U.S. Internal Revenue Service said it audited 12.48% of individual tax returns with income exceeding $1 million during 2011, an all-time high.

By Doug Cubberley
NEWS INDUSTRY NEWS JAN 19, 2012
CapWest is shutting doors

CapWest Securities Inc. last week filed its broker-dealer withdrawal papers with the Financial Industry Regulatory Authority Inc.

By Bruce Kelly