Justice tends to be far from swift when it comes to market-timing fraud. The Securities and Exchange Commission announced this week that it is returning ill-gotten gains to Pilgrim Baxter (investment advisor to the PBHG fund family) shareholders, three and half years after the fund company was engulfed in a trading scandal. Not only has it taken a long time, but investors are getting their money back in bits and pieces.
Robeco Investment Management, a unit of the largest independently owned money manager in Europe, snatched up four American asset managers and is now targeting U.S. retail financial advisors for the first time. Will advisors bite?
Wachovia just launched itself into the big leagues. In a blockbuster deal this morning, Wachovia Corp. announced that it will acquire A.G. Edwards for roughly $6.8 billion in cash and stock to create a firm with $1.1 trillion in client assets under management and nearly 15,000 financial advisors. That puts Wachovia among the top three competitors in retail brokerage--in terms of both assets and advisors--and retail banking.
Smith Barney’s top executive last week told the firm's army of more than 13,000 financial advisors that she will tweak the brokerage giant’s new compensation plan in an attempt to address their repeated complaints over its complexity and, in some cases, unfairness.
A good salesman doesn’t always make a good financial advisor. And some clients are finding that out the hard way. A survey published by The Paladin Registry, a for-profit company that offers consumers free access to a Web-based database of credentialed and ethical financial advisors, shows that the biggest mistake consumers make when choosing an advisor is gobbling up the sales pitch. In light of the recent court ruling striking down the broker exemption or “Merrill Lynch rule” on fiduciary status, the findings are particularly compelling.
WASHINGTON, D.C. – Speaking at the 49th annual Investment Company Institute general membership meeting, NASD Chairman Mary Shapiro told mutual fund executives she sees better regulation of investment products as a result of the expected merger of the NYSE and NASD regulatory bodies. While this potentially is better news for investors, purveyors of mutual funds may find themselves in the crosshairs when bringing more nuanced products to market.
WASHINGTON, D.C. – Speaking at the Investment Company Institute’s general membership meeting here today, Chairman Martin Flanagan told attendees that legislators’ concerns over mutual fund fees, particularly in 401(k) plans, may be misplaced. Such remarks left Jack Bogle, the industry’s scold and founder of Vanguard, who was in the audience, shaking his head.
Most financial advisors don’t switch firms for better compensation or a big signing bonus. They’re more interested in finding places that will give them good support for their practices. A new report shows the highest paid reps aren’t necessarily the happiest reps.
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