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Registered Rep. February 2, 2006 Kristen French	Brokers Learning to Play by New Rules It's no longer business as usual on Wall Street. Starting yesterday, broker/dealers must follow a new SEC rule that requires them to disclose at certain times that they may not be acting in their clients' best interest.
BusinessWeek April 11, 2005 Toddi Gutner	Broker Or Adviser? Be forewarned: If yours is employed by a brokerage, your interests come second
Financial Planning July 1, 2005 James A. Barnash	Why We're Suing The FPA president explains the lawsuit over the SEC's broker-dealer rule that exempted certain broker-dealers from disclosure standards that apply to investment advisers and most financial planners.
BusinessWeek March 3, 2011 Christopher Condon	The Rise of the Registered Investment Adviser Providing mainly fee-based guidance, they now help manage $1.7 trillion in assets
Investment Advisor June 2007 Melanie Waddell	SEC Won't Appeal Court Ruling The SEC has decided not to appeal the recent ruling which exempted brokers from being subject to regulation as investment advisors in fee-based brokerage accounts, on the basis that the SEC had exceeded its authority under the Investment Advisers Act of 1940.
Financial Planning July 1, 2006 Marshall Eckblad	Chalk One Up for RIAs According to a recent survey, a majority of investors believe stockbrokers and investment advisers owe the same fiduciary responsibilities to their clients.
Registered Rep. March 30, 2007 John Churchill	Surprise! FPA Wins Lawsuit Against SEC and the Broker-Dealer Exemption Three years after suing the SEC over the controversial "Broker Dealer Exemption" rule, a federal court has ruled that the SEC exceeded its authority in adopting the rule.
Registered Rep. April 8, 2005 John Churchill	`Merrill Rule' Debate Not Over The SEC unanimously voted to allow Series 7 holders, or registered reps, to position themselves as financial advisors -- with certain caveats. But once again the SEC seemed to hedge its bet. So the debate rages on.
Investment Advisor May 2007 Bob Clark	We Win, Sort Of How the FPA can make the most out of its upset victory over the SEC.
Investment Advisor March 2008 Bob Clark	The Empire Strikes Back Wall Street's crafty response to its whipping over the Merrill rule.
Registered Rep. April 29, 2005 Kristen French	Raymond James Fined, Drops Fee-Based Brokerage---Will Others Follow? Following the NASD fine of Raymond James for pushing fee-based accounts on the wrong clients, the next question is how the settlement will affect other firms that offer the same accounts, including wirehouse giants Morgan Stanley, Merrill and Smith Barney.
Registered Rep. May 14, 2007 John Churchill	"Merrill Lynch" Rule Dead, But SEC to Ask for Time The securities industry still hopes that the SEC will somehow come up with a new plan to keep the fee-based brokerage account from coverage by the Investment Advisers Act of 1940, which mandates that to offer financial advice, you have to be a fiduciary.
Registered Rep. October 1, 2002 David A. Geracioti	Outgrowing the Series 7? Registered investment advisors must take the Series 65 exam. As the line between brokers and financial advisors blurs, what responsibilities do brokers that dispense advice and collect a fee based on assets have?
Registered Rep. April 6, 2005 John Churchill	SEC Adopts Broker-Dealer Exemption Over the vociferous objections of fee-only financial planners, the SEC voted unanimously to permanently adopt the broker/dealer exemption rule, formerly known as the Merrill Lynch exemption.
Registered Rep. December 1, 2005 Andrew Osterland	Brokering Advice The essential difference between brokers and registered advisors, say financial planners, is fiduciary duty. The notion that b/ds have a lighter burden of regulation than registered advisors, however, is something the securities industry vigorously disputes.
Investment Advisor May 2007 Melanie Waddell	Victory for the FPA The U.S. Court of Appeals for the D.C. Circuit overturned the SEC's Merrill rule.
The Motley Fool November 24, 2010 Dan Caplinger	Get What You Want From Your Broker Rather than imposing a one-rule-fits-all approach to fiduciary duty, what the SEC should do is give customers the ultimate choice when it comes to deciding what relationship they want with their brokers.
Registered Rep. October 1, 2002 Rick Weinberg	Morgan Stanley Boosts Pay for Fee Business Morgan Stanley unveiled a new compensation plan for brokers that rewards fee-based business and penalizes transactional business.
Registered Rep. November 3, 2004	Broker or Advisor---Who Knows the Difference? More than half of American investors look to brokers for more than just transactional assistance, according to new research, which also finds that investors don't understand the differences between brokers and registered investment advisors.
The Motley Fool August 25, 2005 Selena Maranjian	Should Brokers Get Overtime Pay? Commissions. That's an important word to consider when you think about how your broker may be serving you. For most investors, a solid online brokerage with low fees and a broad range of services is all one needs.
The Motley Fool September 24, 2007 Saibal Saha	You Churn, They Earn Effective Oct. 1, a new SEC rule says that a broker-dealer can no longer charge fees for investment advice unless it agrees to act as a registered investment advisor with fiduciary responsibility for its clients.
Registered Rep. December 1, 2002 David A. Gaffen	Manning the Phones When wirehouses and other major brokerages introduced the notion of call centers a couple of years ago, brokers were suspicious. Although they understood the logic behind the move, it was a difficult adjustment. But call centers are here to stay and brokers are learning to live with them.
Financial Planning May 1, 2006 Bob Veres	False Fiduciaries The so-called resolution of the SEC's "Merrill Lynch rule" does nothing to keep brokers from providing financial advice without assuming legal responsibility.
Registered Rep. August 28, 2007 John Churchill	SEC Principal Trade Proposal: A Stalling Tactic? A 2-year "interim rule" would allow large brokerage firms that also have many other business lines to meet their fiduciary obligations to customers while still engaging in principal trading activity -- selling customers products from their own inventory.
Investment Advisor July 1, 2011 Melanie Waddell	Fiduciary D-Day Arrives As the SEC launches into rulemaking, lots of 'thorny issues' will surface.
Registered Rep. May 1, 2007	The Great Reckoning Whatever the specific business impact the Merrill Lynch ruling may have, many see the return to pre-1999 rules as a chance for the brokerage industry, which has long avoided fiduciary duty for business and regulatory reasons, to overcome those obstacles and embrace it.
Financial Advisor March 2006 Nancy Lininger	Letters to the Editor The New Advisory-World Order: Commissioned reps have lost clients over the years to discount brokers, day traders and now, the divine fee-only advisor. Firms embracing fees and commissions, and offering the most services and compensation options, will be reborn.
Registered Rep. March 16, 2012 Kristen French	Wire Houses Minting Fiduciary Advisors -- Or Are They? None of the firms will go on record as to whom specifically in the rank and file is adopting the standard, nor will they provide much detail on what that training looks like.
Registered Rep. October 5, 2009 Kristen French	Citi Bank Brokerage Converts To All Fees Citigroup announced that it would convert its small North American bank brokerage business completely to a fee-on-assets-based fiduciary advice system, and would stop collecting commissions on stock and fund sales.
Registered Rep. May 28, 2010 Jake Zamansky	Wall Street Will (Again) Kill The Passage of a Fiduciary Standard While the House financial reform bill includes a fiduciary standard for brokers in limited circumstances, I'm fairly certain history will repeat itself and the provision will mysteriously and entirely disappear when the House and Senate reconcile their respective bills.
Investment Advisor September 2005 Dan Danford	The IA Soapbox: Sorry, Bob. They Still Don't Get it There is no such thing as incidental financial advice. Either financial planning is being done properly and in the sole interests of the client (as in fee-only) or it's just being used as a ploy to sell investment products.
Registered Rep. December 1, 2006 John Churchill	Of Two Minds An internecine argument at the FPA gets to the heart of one of the industry's more vexing problems: Should brokers be able to position themselves as financial planners?
Registered Rep. June 27, 2007 John Churchill	Court Okays 120 Days to Move Fee-based Brokerage Accounts Broker-dealers got the breathing room they hoped with regards to complying with the recent court ruling that outlaws fee-based brokerage accounts.
BusinessWeek September 2, 2010 Moore & Mildenberg	In the Battle of the Big Brokers, Merrill Is Winning Merrill Lynch earns higher profits with fewer advisers, thanks to a smooth integration with Bank of America and more cross-selling.
Registered Rep. October 1, 2004 John Churchill	BrokerAdvisor BrokerAdvisor Let's Call the Whole Thing Off! The Financial Planning Association and some consumer groups are in court in an effort to block brokers from introducing themselves tp prospective clients as finanical advisors or financial consultants.
Registered Rep. March 30, 2005 John Churchill	House Urges SEC to Adopt Broker-Dealer Exemption Rule At issue, at least as far as financial planners are concerned, is that registered reps are presenting themselves as fiduciaries, when in fact they are brokers with a less-than-fiduciary responsibility to their clients.
Registered Rep. September 14, 2005 Kristen French	Overtime Pay, Chargebacks Under Fire; Morgan Stanley Latest Firm in Lawyers' Sights A $450 million class-action lawsuit filed in New York against Morgan Stanley on Friday could have major implications for brokerages' pay practices in the state.
BusinessWeek June 28, 2004 Emily Thornton	Mutual Funds: The Cost Of Full Disclosure With Securities & Exchange Commission Chairman William H. Donaldson pushing for new rules aimed at providing greater safeguards for mutual-fund investors, brokerages worry that implementing them will cost billions of dollars.
Financial Planning November 1, 2009 Robert Pozen	Think Twice Congress is seriously debating legislation that would significantly expand the coverage of the Investment Advisers Act, empower the SEC to make rules on advisor compensation and increase the likelihood of lawsuits against advisors.
Registered Rep. February 1, 2005 John Churchill	A Monster Issue Will the SEC withdraw the Broker-Dealer Exemption, causing reps to back away from adviser status? If so, the impact could cause substantial disruption in the markets.
Registered Rep. June 25, 2010 Kristen French	The Final Wall Street Reform Bill And You After a herculean 20-hours straight of negotiations, Congressional committee members agreed Friday morning to a Wall Street reform package that will be much tougher on the country's banks.
Registered Rep. February 1, 2006 Kristen French	Both Sides Now Brokers who hold dual licenses -- both the Series 7 and Series 65 licenses -- will have to take fiduciary responsibility on some accounts. But they can also sell investments, after they make it crystal clear that they're doing so.
Registered Rep. December 1, 2004 John Churchill	If You're a Broker and You Know It As the holiday season approaches, the SEC is getting daily entreaties from registered investment advisors seeking an end to the broker/dealer exemption rule.
Registered Rep. March 12, 2004 John Churchill	Huge Growth in Fee-Based Brokerage Fee-based brokerage showed faster growth than any other segment of managed accounts over the last four years, according to a new report from Cerulli Associates.
Registered Rep. June 1, 2010 John Aidan Byrne	Bank of America Ramps Up Online Brokerage Bank of America is making a push into electronic brokerage services, a menu that includes free online trading and a new platform called Merrill Edge, set to debut in late June. Some say the new services will steal business from Merrill advisors.
Registered Rep. March 3, 2006 Halah Tourylai	Third Wirehouse Coughs Up Millions In Overtime Cases Yesterday, Morgan Stanley became the third wirehouse, after Merrill Lynch and UBS, to settle class action suits with California brokers over overtime pay in the past seven months -- the second in three weeks.
Investment Advisor August 2010 Bob Clark	Can't Beat 'Em? Then Stall 'Em Despite the reform bill's ambiguity, a fiduciary standard for all seems likely.
Financial Planning June 1, 2007 Bob Veres	Victory, for Now Brokerage firms have little choice but to adapt to a world in which their traditional service -- clearing trades and executing transactions -- has become "solely incidental" to the increasingly valuable business of providing advice.
Registered Rep. October 8, 2004 John Churchill	Are Reps Advisors or Mere Brokers? The CFA sent a comment letter to SEC Chairman Donaldson, suggesting the nature of the services, not the compensation model, is what is important. And the current exemption misses this point.
The Motley Fool November 14, 2006 Selena Maranjian	How Steep Are Some Brokerage Fees? Investors, make sure you do your homework before you choose a broker.