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.
Today's markets have been as uncertain as ever and several key themes seem to be at the forefront. The strength of the US dollar, the potential rise in US interest rates and mergers and acquisitions (M&A) activity are just a few of the main headlines we are keeping an eye on...More
These articles from the Investments & Wealth Monitor focus on tax-aware investing and include a look at the trinity of asset location (taxes, returns, and time horizon), tactics and strategies for tax-efficient investing, and an after-tax target few advisors have in their sights....More
More and more trusts are being drafted with a long, long time horizon. At the same time, there's a staggering increase in litigation. Is there a better way to design and administer trusts to emphasize the positive role that trusts can play in the lives of beneficiaries?...More
For the second year, the ADP Research Institute® examined the types of companies — by size and type of industry — that offer retirement benefits, as well as the retirement savings behaviors of approximately 10 million U.S. employees in 2014....More