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Altered 401(k) landscape seen for advisers
More wirehouses and B-Ds realize they need to allow advisers to take on fiduciary services.
529s need to raise profile, studies show
College savings plans may be receiving record amounts of money, but nearly half of American parents still don’t…
Plan sponsors warm to automatic features as rule changes await
Automatic features are gaining momentum in the 401(k) arena, according to financial advisers.
A.G. Edwards approves Wachovia takeover
The new brokerage, to be called Wachovia Securities LLC, will be based in St. Louis.
Insurer AIG to slash 600 jobs
AIG will trim 600 positions as one of its subsidiaries merges with 21st Century Insurance Group.
Firms have fighting chance with FINRA
B-Ds facing litigation from FINRA might be better off fighting rather than settling, according to a study.
B-Ds slammed for fraudulent auction practices
The SEC has filed settled enforcement actions against two B-D firms and their CEOs for fraudulent auction practices.
LIMRA and LOMA to join forces
Two of the world’s largest insurance-and-financial-services trade organizations have announced plans to merge.
Analyst sees calamitous quarter for Merrill
Goldman Sachs analyst William Tanona expects Merrill's third-quarter earnings to decline by 89% to $208.9 million.
New York Life taps chairman and CEO
New York Life International, the overseas arm of New York Life Insurance Co., has hired Richard L. Mucci as its chairman and chief executive.
Wachovia poaches three from Merrill
Merrill Lynch alumnus Kurt Peterson previously had assets under management of about $177.5 million.
Jackson National unveils annuity
Jackson National Life Insurance Co. today released Jackson AscenderPlus Select, a new fixed index annuity.
Variable annuities at $1.5 trillion
Combined net assets for variable annuities hit $1.5 trillion during the second quarter, according to a report from NAVA.
Planners hail Bernanke for rate cut
Financial planners applauded last week’s dramatic one-half-percentage-point cut in the federal funds rate by the Federal Reserve Board, saying the move provides an opportunity to calm nervous investors and help clear up their debt problems.
Firms brace for end of broker-dealer rule
With the deadline for ending fee-based brokerage accounts looming, big brokerage firms are scrambling to move their customers into advisory accounts.
TD secrecy on tech breach irks advisers
Financial advisers are questioning the decision of TD Ameritrade Holding Corp. to keep them in the dark after hackers gained access to their clients’ Social Security numbers, account numbers, phone numbers and e-mail addresses.
Broker-dealers on the clock to meet new VA requirements
Broker-dealers will need to beef up compliance and oversight of variable annuity sales by their representatives at the start of next year.
Insurers push to nationalize agent registration
The insurance industry wants Congress to do something about the Byzantine system of state-by-state agent licensing and oversight.
Indie brokers move toward allowing advisers to be fiduciaries
Despite initial resistance, a few independent-broker-dealer firms have begun to allow their financial advisers to serve as fiduciaries, following pressure from the advisers themselves.
Cambridge’s founder passes baton
Chief executive Eric Schwartz is handing the title of president to chief operations officer Amy Webber.
