From the August 2010 issue of Investment Advisor • Subscribe!

Broker/Dealer Briefing News and Products

Dale Brown, CEO of the Financial Services Institute (FSI), testified on June 17 before the U.S. Senate Committee on Health, Education, Labor, and Pensions (HELP), expressing FSI's "significant concerns" with legislation proposed on April 22 (S. 3254) intended to "address the misclassification of workers," that is, independent contractors. Brown testified that the bill would have "serious unintended consequences" for independent B/Ds and their representatives, charging that the bill would introduce a "significant degree of uncertainty that would result in an unlevel playing field for independent broker/dealers who offer an important alternative to financial advice and services from Wall Street firms."

Separately, the FSI also announced its endorsement of Mari Buechner, president & CEO of Coordinated Capital Securities in Madison, Wisconsin, and current chair of FSI's Board, for a second term on the FINRA Board. Buechner has served on the FSI board since 2007, and in 2008 was elected to one of three small-firm seats on the 23-member FINRA board.

American Portfolios, the Long Island-based independent B/D, has hired Joseph "Joby" Gruber, the former head of FSC Securities, as president of national sales and marketing; he also has joined American Portfolios' executive committee.

AFAM, the company formerly known as Al Frank Asset Management, has named its CEO, Jeff Montgomery, to the additional post of chairman. Montgomery, who formerly served as CEO of two independent broker/dealers, Washington Square Securities and NFP Securities, joined Al Frank Asset Management as CEO in 2008.

Envestnet PMC announced July 6 that it will begin to offer Singer Partners' Dynamic Portfolio Series of global asset allocation portfolios on the Envestnet platform, including PMC Select Portfolios, a family of asset allocation wrap funds, and PMC/Singer Partners Dynamic ETF Portfolios.

Broadridge Financial Solutions recently launched Tax Forms Plus, a new application providing automated tax form processing for securities broker/dealers throughout Canada. With the Tax Forms Plus system, Broadridge says "the creation, amendment, duplication and cancellation of a client's tax forms has been dramatically streamlined, simultaneously offering enhanced scalability, security and flexibility." In addition, the Tax Forms Plus system is fully integrated with Broadridge's Investor Communications platform for printing and fulfillment of client tax slips.

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