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Fate of estate tax worries planning lawyers
WASHINGTON — Estate planning lawyers are increasingly worried that Congress may not act on estate tax reform before the estate tax repeal expires at the end of 2010.
Coby Brooks challenges widows’ bid for elective share of Hooters fortune
Coby Brooks, the son of the late founder and owner of the Hooters restaurant chain, is in an estate battle with his father's widow, arguing that a commonly used estate law is unconstitutional.
FINRA sweep scrutinizing withdrawals
Intensifying its recent focus on protecting retirees, the Financial Industry Regulatory Authority began last month a sweep of broker-dealers focusing on the use of exemptions in the tax code to withdraw money from retirement accounts for clients before they reach 59½.
Midsize brokers take on big guns with new, creative pay packages
In order to take on the big boys of the independent broker-dealer market, some growing middle-tier firms are offering souped-up compensation packages in place of or along with big upfront checks.
Fidelity shake-up creates angst among advisers
Financial advisers are reeling from the abrupt resignation of Ellyn A. McColgan last week from Fidelity Investments.
RIA assets expected to soar by 2012
Assets under management for the average SEC-registered investment adviser are expected to leap 256% to $1.6 billion by the end of 2012, from $449.6 million at the end of 2006, according to a study that will be released tomorrow.
General American Life to pay $3.3 million
The SEC has settled with General American Life Insurance Company and a former executive for late trading.
Mortgage mess expanding, says AIG
Borrowers just above subprime are reporting more residential mortgage delinquencies, according to AIG.
FINRA eyes IRA withdrawal abuses
FINRA is sweeping B-Ds looking for improper early withdrawals from client retirement accounts.
LPL experiences systems failure
A massive snafu is stopping 10,000 advisers affiliated with Linsco/Private Ledger Corp. from doing business online.
M&M revenue rises 7% in 2Q
Marsh & McLennan Cos. Inc. announced that earnings per share remained unchanged at 31 cents compared to the year-ago period.
B-D firms get merger payout
Firms are receiving the $35,000 that was promised upon the completion of the NASD-NYSE Reg merger.
Annuity marketers invade video websites
NEW YORK — Middle-aged men in wigs performing a rap song, promises of a “Leadzilla” lead - generation system, and claims of millions of dollars in annual commissions — is this any way to market annuities?
Waddell planning to upgrade technology
NEW YORK — In a break with its past, Waddell & Reed Inc. will offer its advisers updated technology and next year will introduce a new outside platform for its top 300 or so registered representatives, company executives said last week.
Lifetime income offers advisers key sales opportunity
NEW YORK — Having enough income to last until age 90 and beyond is a future problem for baby boomers, but it can be solved now.
LPL to challenge custody biz
Armed with a series of fee cuts and reimbursements to its advisers, LPL Financial Services thinks that it can take on the giants of the custody business that provide platforms for fee-only registered investment advisers.
529 plans achieving ‘critical mass’
One year after the passage of the landmark Pension Protection Act, which made federal tax breaks for Section 529 college savings plans permanent, the programs are approaching “critical mass,” according to the head of the College Savings Plan Network.
Arbitration panel raps FSC in detailed decision
NEW YORK — FSC Securities Corp. last month was taken to task in an NASD arbitration panel decision.
Waddell promises platform for top reps
Waddell & Reed will offer its advisers updated technology and a new outside platform for its top 300 reps.
Star reps to divvy $28M in bonuses
For the second consecutive year, LPL Financial Services is giving a bump to its bigger-producing registered reps.
