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Broker charged with swindling $750K from elderly investors
A Massachusetts-based registered rep for a MassMutual subsidiary was charged with wire fraud after allegedly swindling two elderly investors.
SEC to make sure investor/adviser accounts match
The Securities and Exchange Commission has announced that it will begin contacting investors to make sure they have the assets their investment advisers are reporting.
SIFMA: Replace ‘fiduciary duty’ with ‘universal standard of care’
Terms such as “fiduciary duty” and “suitability” contribute to investor confusion, and they should be replaced by a “universal standard of care” for brokers, says SIFMA.
IAA calls for segregation of duties at advisory firms
Investment advisory firms should be able to hold custody of client assets so long as advisory functions are separated from custodial functions, according to the Investment Adviser Association.
Get on Facebook, says Microsoft exec
Advisers need to familiarize themselves social networking websites, as younger individuals are poised to inherit a significant amount of wealth, said Microsoft exec Craig Saint Amour.
Adviser invented $1B clients to lure investors
Locke Capital Management Inc. and its chief executive, Leila Jenkins, lied repeatedly to customers by inventing clients who supposedly lived in Switzerland and had more than $1 billion in assets, the SEC charged today.
Captrust snags veteran adviser to open L.A. office
Captrust Financial Advisors of Raleigh, N.C., has lured Mark A. Davis, a 17-year-veteran of the retirement industry, to anchor the firm’s first West Coast office.
Fidelity says it posted record results in B-D lines
Fidelity Investments said its intermediary businesses — those that serve broker-dealers, banks, insurers, registered investment advisers and other institutional clients — set records last year.
Stanford advisers sue SEC over frozen accounts
Financial advisers who worked for Houston-based Stanford Group Co. stepped into the legal fray surrounding the $8 billion…
Wanted: Expert retirement advisers
Advisers soon may be able to pursue a new designation that would formally qualify them as experts in managing investment portfolios during their clients' retirement years.
Advisers see uptick in new assets: Survey
Though advisers’ outlook of the economy over the next six months may be bleak, there is indeed a silver lining, according to a survey from The Charles Schwab Corp. of San Francisco.
RIAs lash out at Schwab hedge fund decision
A consortium of RIAs is “actively looking elsewhere” for custodial partners after Charles Schwab said it would stop accepting custody of alternative investments.
Stanford accounts to remain frozen
A federal judge ruled Monday that investor accounts with Texas billionaire R. Allen Stanford's financial companies will remain frozen for another 10 days.
Source: Stanford borrowed $1.6 billion from firm
The chief investment officer of Stanford Financial Group appeared in federal court Friday as details emerged showing the head of the firm borrowed $1.6 billion from.
Two Montana firms accused of securities fraud
A state judge issued a temporary restraining order against two Montana firms accused of bilking seniors out of millions of dollars in a securities fraud scheme.
Advisory (and adult escort) exec accused of embezzlement
An executive at an investment advisory firm who allegedly ran an adult escort business has been accused of pilfering $400,000 from his company's 401(k) plan.
Adhesion Wealth Advisor Solutions, Stonefield Software
Adhesion Wealth Advisor Solutions has upgraded its WealthADV Unified Managed Account platform, while Fla. vendor unveils report creation software
Obama tax plan winner? Tax-managed funds
President Obama’s proposal to raise taxes on affluent households, detailed in his budget plan today, could be a boon for tax-managed mutual funds.
Phillies send relief for lefty pitcher
The World Series champion Phillies are relieving one of their pitchers, whose cash is frozen in the wake of the alleged $8 billion fraud committed by R. Allen Stanford.
FPA to help advisers choose best technology program
As market volatility persists, the Financial Planning Association has created a research program that is aimed to help advisers choose the best technology.
