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Credit crisis sours securities industry outlook
IRVINE, Calif. — Credit market turmoil has soured the outlook for the securities industry through next year. The fallout from the subprime-mortgage mess continues to roil much of Wall Street’s product origination and trading side.
Workers want planning help from employers
NEW YORK — Workers know they need financial planning, and they are looking at their employers to guide them to sound decisions, according to a study from Ameriprise Financial Inc. in Minneapolis.
Ex-AXA rep indicted for fraud
Gordon Robert Moore was indicted by a Colorado grand jury on 45 counts of theft, securities fraud and forgery.
FINRA eyes MSC for VA oversight
MSC is the subject of a complaint by FINRA concerning the firm's allegedly shoddy VA bookkeeping.
NEXT may face cease-and-desist order
The SEC alleges that the firm violated Regulation S-P while it recruited registered representatives.
Albert Lee to head Merrill’s Taiwan office
In the newly created position, Mr. Lee will be responsible for expanding the investment bank's business in Taiwan.
Penson tagged with $15M arbitration claim
The claim centers on investments in Collateralized Mortgage Obligations, or CMOs.
New York Life unit recruits treasurer
New York Life Insurance Co. has named Steven Lash as senior vice president of the corporate finance department and Richard Witterschein as the company’s new first vice president and treasurer of the department.
Indie firms seek guidance on client information
Regulators continue to leave independent- contractor broker-dealers in the lurch over the tricky issue of how brokers can use clients’ private information when moving accounts to a new firm.
Bear Stearns Broker-Dealer Services focuses on hiring
NEW YORK — After completing an overhaul of its top management late last year, Bear Stearns’ clearing and custody unit continues to hire new executives — some of whom are being recruited from top rivals.
Use of income annuities in retirement gets a plug
CHICAGO — While income annuities are the most cost-effective way to provide income at retirement, investors are reluctant to purchase them, according to a new study.
TD-E*Trade merger chatter continues unabated
The jolts that TD Ameritrade Holding Corp. experienced during 18 months of integration following the 2006 merger of TD Waterhouse Group Inc. and Ameritrade Holding Corp. have not dulled its appetite for more deals, according to chairman and chief executive Joe Moglia.
Workers to bosses: chip in on planning
Workers know they have to save for retirement, but they’re lost without financial planning, a study found.
NGA urged to back Nat’l Insurance Act
Two insurance associations want the NGA to support legislation creating an optional federal charter for insurance regulation.
ING offers high-growth-rate VA
The variable annuity has a withdrawal base that will grow at least 7% annually during its first 10 years.
Raymond James Bank rakes in the profits
NEW YORK — With assets increasing, the Raymond James Bank is beginning to have an effect on the results of parent company Raymond James Financial Inc.
Senate probes SEC for stonewalling
After examining an aborted insider-trading investigation involving Pequot Capital Management Inc. and Morgan Stanley chief executive John Mack, Senate investigators have concluded that SEC enforcers are concerned about being undermined by their supervisors.
INDEPENDENT BROKER-DEALER ROUND TABLE: Recruitment a hot button issue
Independent-contractor broker-dealers and their registered representatives face pressure on all fronts, from recruiting and proper practice management to compliance and the best way to build up their businesses.
In asset allocation strategies, the ‘dividing line’ is home equity
As ripples from the imploding subprime-mortgage market spread across the broader home lending industry, financial advisers might have to start helping clients reposition their mortgage and home equity exposure.
Aon names risk management director
Michael S. Flanagan has been named managing director within the Aon Technology Group, which is part of Aon Risk Services.
