Fiduciary Rule to Snag BDs on IRA Rollovers
The DOL is likely to hold broker-dealers who chase IRA rollovers to the same fiduciary standards retirement advisors must meet, ERISA attorney Fred Reish says.
Fed's Dudley: Bad Bank Behavior Might Mean Breaking Up Big Banks
Federal Reserve Bank of New York President William Dudley said the government will have to consider breaking up large financial institutions if Wall Street doesn't stop excessive risk-taking and breaking the law.
Perez: DOL Continues Fiduciary Redraft Outreach
DOL wants to ‘understand with granularity’ stakeholders’ problems and concerns regarding the revised rule, the Labor secretary says.
Former AXA Execs Launch Firm to Help Teachers, Nonprofits
The new group, ABMM Financial, aims to attract public-sector clients and their assets to 403(b) plans, which the founders say are underutilized.
Morgan Stanley Recruits 5 Advisors; Merrill Adds Team
The wirehouses each add registered reps from rival firms with more than $500 million in client assets.
Kitces, Brown Launch Recruiting Site for Indie Advisors
Advisors Michael Kitces and Caleb Brown have launched JobsFP, a recruiting website for independent financial planners.
10 States With Most Advisors Headquartered
Most investment advisory firms’ main offices are concentrated in relatively few states, with distribution likely driven by access to financial markets, population and net worth.
After DOMA, Financial Planning Still a Challenge for Same-Sex Couples
More and more states have struck down gay marriage bans, but uniformity in benefits is still a long way off.
Commonwealth Financial Hosts Yearly Event, Enhances Tech Tools
The indie broker-dealer draws some 900 of its 1,500 affiliated reps to the Orlando confab.
Morgan Stanley Q3 Profits Jump 87%; Wealth Unit Improves Margins to 22%
The wirehouse reps’ average fees and commissions top $930,000 but remain behind Merrill FAs’.