Charles Schwab, Fidelity, TD Ameritrade and Pershing will soon have a new and powerful rival to worry about, while the hybrid broker/independent RIA model should get a major boost. The largest independent b/d in the U.S., LPL Financial, announced...
Bank of America Corp. just got about $10 million poorer. Its broker/dealer, Banc of America Investment Services Inc., settled charges today that it failed to disclose that it favored mutual funds affiliated with the firm.
Every rep loves American Funds: The fund family—the nation’s largest, with $1 trillion in assets—offers decent performance for relatively inexpensive fees.
While Smith Barney tries its darnedest to hold on to the money of wealthy clients that were invested in two of the firms’ failing hedge funds (subscription required), it’s also having a hard time keeping some of its best brokers. With...