Updated Thursday, May 23, 2013 as of 3:18 AM ET
More than half of the so-called millennial generation, 54%, reported that debt was their “biggest financial concern currently,” in a recent Wells Fargo Retirement Survey. Large student loans, which had a total outstanding balance of over $1 trillion at the end of 2012, had taken their toll. Debt was reported as “overwhelming” by 42% of respondents, which was twice the rate of boomers who were also surveyed.
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More in Practice
Rick Ketchum, CEO of FINRA, announced that the regulator will discuss a proposal at its board meeting in July that would require brokers to publicly disclose the compensation they receive when switching firms. more »
Umpqua CEO Raymond Davis expects banks to focus on customer service and building smaller branches in the years to come. more »
With markets at near historic highs, investor confidence still lags. Both regulators and financial firms share the responsibility to do something about it, said Richard Ketchum, CEO of FINRA on Tuesday. more »
Former three-term Republican U.S. Senator Judd Gregg, the Securities Industry and Financial Markets Association's new chief executive officer, said Monday that he wants to improve the image of the industry and make sure Dodd-Frank rules are focused and not overly burdensome. more »
Hackers backed by China's military appear to have resumed a campaign of cyberattacks on U.S. businesses. The targets, which in previous attacks included financial firms, are thought to remain the same. more »
Advisors have not done enough to prepare the majority of wealthy investors for long-term care costs and financial support for extended family, according to a study conducted by U.S. Trust, a unit of Bank of America. more »
FINRA has increasingly put more firms on notice that they should expect their branch office doorbells to ring more often. In the past two years, FINRA has changed its approach when conducting examinations, favoring branch office inspections in lieu of the home office visits that it used to emphasize, said Susan Axelrod, executive vice president of regulatory operations at FINRA, at the self-regulatory organization’s annual conference on Monday. more »
A great wealth transfer may indeed be looming, but advisory firm executives are still focusing their creative energy on their boomer (and older) clients. more »
SEC Commissioner Elisse Walter endorsed a uniform fiduciary standard for all investment pros … then invited her audience to fight industry fraud and abuse by becoming whistleblowers more »
Only about 2,100 SEC-registered investment advisors switched their registration to state oversight, according to the North American Securities Administrators Association -- roughly half the number that the SEC estimated would switch as a result of the Dodd-Frank Act. more »
The firm completed a round of financing and added two new directors to focus on recruitment. more »
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