The National Association of Independent Broker/Dealers (NAIBD) is working to prevent proposed legislation in Congress from increasing the auditing costs of small independent broker/dealers. These could rise to $100,000, the group says, and might...
If anyone was hoping to catch a break on the regulatory front now that the market environment has eased, they’re in for a surprise. Speaking at this morning in New York at SIFMA’s annual meeting, Securities and Exchange Commission...
Today Morgan Stanley Smith Barney announced the integration of Smith Barney’s Citi Family Office into its own ultra-high-net-worth division, which will now be called Morgan Stanley Private Wealth Management. Unlike the old family office, the...
The Financial Services Institute, a trade group for small independent b/ds, attacked current government proposals to make the fiduciary standard of care a universal one for all financial advisors—not just RIA investment advisors, but b/d...
Citigroup on Monday announced that it would convert its small North American bank brokerage business completely to a fee-on-assets-based fiduciary advice system, and would stop collecting commissions on stock and fund sales. Citi says it will also...
The Financial Industry Regulatory Authority (FINRA) issued an 80 page report on Friday that includes a review of its failings in the Madoff and Stanford scandals. A release about the report reads as follows:
