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Former Wachovia manager charged in Ponzi-type scam
A former Wachovia Securities LLC branch manager in Toledo, Ohio, has been charged with stealing between $17 million and $40 million from about 45 investors by using a Ponzi-type scheme, according to the Department of Justice.
Innovative policy targets wealthy clients
NEW YORK — Advisers with clients who need life insurance for tax minimization and wealth transfer may want to consider a new policy geared to that market.
Smith Barney finalizes broker pay plan
IRVINE, Calif. — In response to complaints from brokers, Smith Barney has tweaked the final version of its new pay plan.
Big indie deal finally comes off
After eight months of negotiations, LPL Financial Services Inc. last Thursday finalized the details of its acquisition of three broker-dealers owned by Pacific Life Insurance Co. of Newport Beach, Calif.
LPL buys most B-Ds of Pacific Life
After eight months of negotiations, LPL Financial Services Inc. this morning finalized the details of its acquisition of the majority of the broker-dealers owned by Pacific Life Co. of Newport Beach, Calif.
Yet another CEO parts ways with the Pacific Select Group
Yet another chief executive of a Pacific Select Group LLC broker-dealer is leaving his respective firm, making for a near-complete overhaul in top management of the four broker-dealers in the Pacific Select network.
Class action litigation looms as new hurdle for EIA insurers
Add class action litigation to the regulatory controversies, bad press and other woes plaguing insurers that sell equity index annuities.
Lifetime-guarantee annuities could end up biting insurers
Industry leaders are concerned that insurance companies are taking on too much risk from annuities that offer guaranteed-withdrawal benefits for the life of the client. Financial services leaders worry that if baby boomers live longer than projected or a downturn hits the market, the financial strength of insurance companies could be threatened.
Thomson expands push into wealth management
SAN FRANCISCO — Thomson Financial’s recent acquisition of a Belgian software company is a clear indication of its desire to appeal to higher-end financial advisers, analysts say.
CEO role not for Schwab’s McWhinney?
The Charles Schwab Corp.’s decision last week to position Walter W. Bettinger II as the likely successor to its founder and chief executive caught some financial advisers by surprise.
Royal alums aim to build national firms
Two of the biggest names — and personalities — until recently associated with Royal Alliance Associates Inc. now are attempting to build national firms.
Investment choices in HSAs expanding
When banks and brokers first started offering health savings accounts, clients could choose any investment they wanted for their account funds — as long as it was a certificate of deposit.
State regulators on indies’ radar
After spending the past three years cozying up to securities regulators at NASD, independent-contractor broker-dealers are fearful that state regulators pose an increasing threat.
Referrals show Fidelity has more faith in RIAs
With the specter of millionare clients’ assets slipping through its fingers in a hot rollover market, Fidelity Investments is placing its high-net-worth strategy squarely on the shoulders of registered investment advisers.
Broker-dealers focus intently on transitions
Like their clients, advisers and registered representatives are getting older and often worry about their futures.
MetLife accused of coercing advisers to sell its products
NEW YORK — A securities law firm is seeking class action status for clients who may have been financially damaged by an insurer’s threats and commission incentives designed to skew adviser judgment in favor of proprietary products.
John Hancock ups the ante in cash value guarantees
NEW YORK — John Hancock Life Insurance Co. of Boston this month introduced a policy that guarantees cash values to a greater extent than other types of whole life insurance.
VA industry unveiling electronic processing
A trade group for the variable annuity industry today announced a technology initiative intended to save time and money for VA distributors through streamlining and standardization.
Co-founder of ING firm jumps to NFP
One of the founders of Financial Network Investment Corp., the largest independent-contractor broker-dealer in the ING Advisors Network Inc., walked out the door last month and joined NFP Securities Inc., leaving some observers to wonder how many registered representatives affiliated with FNIC eventually could follow.
Wirehouses warm to fiduciary status
In an effort to prevent top brokers from bolting, wirehouses quietly are backing down from their tough stance against allowing advisers to act as fiduciaries to employee retirement plans.
