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Financial Planning
October 1, 2006
Lynn Hume |
The Bond Buyer A NASD hearing panel has censured and imposed a $5 million fine on American Fund Distributors for directing $98 million in brokerage commissions over three years to 50 broker-dealer firms in order to reward them for being top sellers of its funds.   |
Registered Rep.
February 17, 2005
John Churchill |
NASD Charges American Funds with Directed Brokerage Violation Saying it's just as impermissible to make directed brokerage payments as it is to receive them, the NASD charged American Funds---one of the country's most reputable asset managers---with paying kickbacks to brokerages for selling its funds. |
Registered Rep.
November 1, 2005 |
Blotter Cooked Books... Direct Violation... Busted Market Timers... |
Registered Rep.
April 30, 2008 |
FINRA Fines American Funds FINRA spanked the fund giant for "directed brokerage," a now-banned practice of directing trades to the trading desks of top-selling brokerages. |
Registered Rep.
August 18, 2004
Will Leitch |
SEC Unanimously Votes to Ban Directed Brokerage The 5-0 vote surprised few. Perhaps more worrisome was the call for comment on overhauling or banning outright 12b-1 fees, which were described as disguised commissions. |
Registered Rep.
September 1, 2004
Will Leitch |
Directed Brokerage Goes Down for the Count The first target has been hit: Directed brokerage is no more, and 12b-1 fees might be in more danger than had been thought. |
Registered Rep.
October 1, 2004
David A. Gaffen |
Sharp Words for the NASD From Raymond James' Averitt The CEO directed biting criticism towards NASD regulators currently investigating fee-based advisory practices. Advisors also pointed out that the asset allocation and investing processes are being left out of the equation. |
Registered Rep.
October 19, 2007
Karen Donovan |
Don't Settle With Regulators--Litigate, Says Sutherland Et Al. (That Figures, Regulators Retort: Lawyers Would Say That) You may lose in arbitration, but the punishment may be less than you would have received in a settlement. |
The Motley Fool
May 20, 2004
Tim Beyers |
American Express Unit in Scandal The broker could be a target of a regulatory inquiry into mutual funds revenue-sharing. How can you tell if your own broker or advisor has a conflict of interest? |
The Motley Fool
February 17, 2005
Tim Beyers |
Is American Funds Un-American? And you thought the fund scandal was over. But don't despair; there is something you can do. From now on, recognize that your broker and advisor are often salespeople first. Your portfolio will thank you for it. |
Registered Rep.
January 1, 2005
David A. Geracioti |
A Whole New Ball Game Financial advisors who grew accustomed to the little, and sometimes not so little, treats that mutual fund wholesalers lavish on them may have noticed a certain lack of swag lately. |
Registered Rep.
March 24, 2005
Kristen French |
Mutual Fund Enforcement Picks Up Steam On March 23, the SEC and NASD handed out fines in mutual fund-related punishments totaling more than $80 million to five firms. And that is likely just the beginning of a coming avalanche of similar regulatory actions, legal experts say. |
Registered Rep.
August 31, 2004
David A. Gaffen |
Sharp Words for the NASD By Raymond James' Averitt Dick Averitt of Raymond James Financial Services had some particularly harsh words for the National Association of Securities Dealers over fee-based accounts in a speech at RJFS' semiannual financial conference on Monday morning. |
Registered Rep.
February 1, 2005 |
By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc. |
Registered Rep.
August 2, 2005
Kristen French |
Morgan Stanley Fined $6.1 Million for Fee-Based Brokerage Slip-Ups NASD's investigation showed that from January 2001 through December 2003, Morgan Stanley failed to establish and maintain a supervisory system to review and monitor its fee-based brokerage business. |
Investment Advisor
June 2008 |
News & Products, June 2008 A $5 million fine imposed against American Fund Distributors for directed brokerage in 2006 stands... FINRA warns about event-linked securities, such as catastrophe, or "cat" bonds... FINRA launches two online resources about early retirement scams... etc. |
Registered Rep.
April 28, 2005
Kristen French |
Raymond James Fined, Plans to Drop Fee-Based Brokerage As part of the sanctions imposed by the NASD, if Raymond James doesn't discontinue its fee-based brokerage business, the firm will have to retain an independent consultant to oversee the creation of a supervisory system for the fee-based brokerage business. |
Registered Rep.
December 1, 2004
Will Leitch |
SOS It is an ominous time for small broker/dealers, for everyone from the chairman to the local rep. As always, the best way through the uncertainty is ingenuity. |
Registered Rep.
April 1, 2005
Richard A. Roth |
Keep It Dark Though one function of the NASD is to police its member firms and protect investors, another of its functions is to provide a fair and just arbitration forum for dispute resolution. The NASD should protect the sanctity of the process by ensuring that all parties are treated equally and fairly. |
Registered Rep.
August 1, 2004
Will Leitch |
The Reformation When the scandal craze that has gripped the securities industry first began two years ago, few in the industry recognized how deep it might go. |
Registered Rep.
July 1, 2004
Gregg Wirth |
It's the Advice, Stupid The NASD's probe definitely has many brokers and branch managers in the industry nervous. They are unsure exactly what regulators are looking for, what constitutes a violation and what, if any, penalties could be levied. |
Financial Advisor
April 2004
Tracey Longo |
Wanted: Real Disclosure Rules on brokers compensation disclosure are changing---but slowly. |
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.
October 1, 2004
David A. Gaffen |
Are Forgivable Loans Next? Amid other industry-wide investigations by regulators, forgivable loans, or signing bonuses used to entice successful reps to leave one brokerage house for another, are now being scrutinized. |
Registered Rep.
July 1, 2005
Christopher O' Leary |
The Fund Family That Said No While in the past few years many funds sued by regulators have been quick to settle, American, the second-largest fund family in the U.S. with $650 billion in assets is fighting back. |
Registered Rep.
May 1, 2005
Kristen French |
Scandal Scorecard: Mutual Funds on Top With the SEC and NASD recently levying more than $80 million in fines to five firms (for transgressions related to revenue sharing and B shares), mutual fund sales practices officially sit on the front burner. |
Registered Rep.
September 1, 2005
Karen Donovan |
Under Siege Executives of broker/dealer firms are not exaggerating when they say it seems like regulators are locked into a competitive battle to collect the most pelts on Wall Street. |
Registered Rep.
January 1, 2006
Halah Touryalai |
The Winner's Curse Many advisors independent b/ds recruit have now unrealistic expectations: They want full technical and marketing support, as well as help understanding products and asset managers. |
Registered Rep.
November 1, 2006
Halah Touryalai |
The Indie Man An interview with John Simmers, CEO of ING Advisors Network, about his multiple duties, including issues facing his firm and others like it, as well as recent attacks on the NASD's credibility as a voice for small firms. |
Registered Rep.
January 30, 2007
Halah Touryalai |
At Independent B/D Confab, Optimism and Skepticism The head of the Financial Services Industry Institute is feeling a little more comfortable with regulators. But, on the other hand, the chairman of the FSI also warns that the combining of the NYSE and NASD might create a power struggle among "second-level" regulatory staffers. |
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.
February 1, 2006
John Churchill |
Size-ism? Ten years after the formation of the Small Firms Advisory Board, many small firms say they are still getting pushed around by bigger firms -- and this time the NASD is taking the side of the bullies. |
Registered Rep.
April 1, 2005
Luxenberg & French |
A Pile of Reasons Regulators and broker/dealer management have gone overboard with mutual fund disclosure. Take the case of the B-share class of mutual funds. |
Registered Rep.
April 7, 2005
Kristen French |
NASD Advocates More Disclosure, Less Paper Broker/dealers and their reps may get a big break on point-of-sale disclosure if the Securities and Exchange Commission heeds recent NASD advice. |
Registered Rep.
August 1, 2005
Matt Barthel |
The Ten to Watch 2005: Learning to Live With the New Normal Lately, there is a palpable sense of acceptance in the brokerage industry that the new regulatory climate is likely to be a permanent one. Heralds of the new order: John Mack... Chris Cox... etc. |
Registered Rep.
October 25, 2006
Halah Touryalai |
Another One Bites the Dust: Broker Fined Record Amount for Market-Timing Scheme The NASD fined Paul Saunders, a registered rep, CEO and majority owner of James River Capital Corporation, $2.25 million. That sum represents the largest fine against an individual for marketing timing, including disgorgement of about $750,000 in illegal profits. |
Investment Advisor
June 2007
Kara P. Stapleton |
News & Products NASD has fined two Fidelity broker/dealers for preparing and distributing misleading sales literature... The broker/dealers of ING plan to lower fees that their advisors pay on two core advisory programs... etc. |
Registered Rep.
May 17, 2006
John Churchill |
Monster Arbitration Ruling Against Ameriprise Unit An NASD Arbitration panel awarded 32 retired Exxon employees a total of $22 million in damages for losses suffered when their broker put most of their savings in variable annuities and B-share mutual funds. |
The Motley Fool
March 24, 2005
Tim Beyers |
B Is for Broker More fines against fund industry bigwigs. What a shocker. |
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. |
Registered Rep.
June 1, 2008
Christina Mucciolo |
Let's Litigate Here's a little news that might interest you: Sometimes it pays to litigate against the Financial Industry Regulatory Authority (FINRA, formerly NASD) rather than settle. |
Registered Rep.
February 18, 2004
John Churchill |
SEC Puts Forth Mutual Fund Rules Proposals The SEC has put forth three proposals that could drastically change the way mutual funds are sold. |
Registered Rep.
April 1, 2007 |
Turf Wars Over Advice The age-old debate between the b/d and investment advisor (RIA) industries over who should be able to provide advice and when, and whose regulatory regime offers better investor protections, is far from over. |
Registered Rep.
July 1, 2004
David A. Gaffen |
The Great Compliance Witch Hunt! Many clean brokers jump firms, only to discover their old broker/dealer besmirched their U4s. In a business where client realtionships are at stake, things can get ugly very quickly. |
Registered Rep.
January 1, 2007
Karen Donovan |
Fix Arbitration Now Here are three problems that lawyers who struggle with the securities industry's arbitration system say they confront on a routine basis. For the most part, the lawyers for customers and those who represent the industry have radically different views on how to fix the system. |
Entrepreneur
January 2004
Scott Bernard Nelson |
Under Fire Is it still possible to invest without getting burned? |
Registered Rep.
April 1, 2006
Kristen French |
Your Fees Under the Regulator Microscope Financial advisors had better be able to justify their fees, because regulators have been busy examining fees charged to retail clients. |
Registered Rep.
January 1, 2005 |
Blotter John Van, head of Murphy Van Securities, was barred from the industry... The NASD fined 29 firms a total of $9.2 million for late reporting... The NASD's mutual fund task force released its initial report... |
Registered Rep.
December 15, 2005
John Churchill |
Court to NASD: You Don't Have a Leg to Stand On For the first time in its 68 years as a self-regulatory organization, the National Association of Securities Dealers sued the Securities and Exchange Commission over a right it was never granted. Guess what? It lost. |
Registered Rep.
June 24, 2004
John Churchill |
Morgan Stanley Sued by New Hampshire Regulators New Hampshire securities regulators are suing Morgan Stanley, charging that in 2002 the firm encouraged its brokers to sell proprietary mutual funds by using sales contests, a violation of NASD rules. |
