Practice

The day after Congress voted 60 to 39 to pass the historic overhaul of financial rules, Wall Street - the mutual fund and hedge fund industries included - is already bucking up for the corrections bill.

WASHINGTON — Although the Senate finally voted Thursday to send regulatory reform to the president's desk, policy circles are already abuzz about what changes to seek in a "corrections" bill to fix problems with the legislation.

The team of four advisors generated $3 million in fees and commissions in the last 12 months and managed $558 million in client assets.

The Senate voted 60 to 39 this afternoon to approve sweeping changes to the financial regulatory system designed to address the causes of the 2008 financial crisis.

The Department of Labor issued an interim final rule on fee disclosure in 401(k) plans Thursday morning. The final Rule 408(b)2 relieves plan sponsors and their fund providers and consultants from having to share and store written documentation on disclosure obligations.

Schwab Charitable reported Thursday it received record annual contributions to its donor-advised fund in fiscal year 2010, driven by the surge in the stock market last year and the conversion of private foundations to donor-advised funds that were less costly and time consuming.

If your clients are confused on the current process, it sounds like the communication between you and them could do with some improvement too.

Barclays Wealth plans to expand in the next five years. Wednesday, it announced it hired Stefanie Drews as managing director of ultra-high-net-worth for the United Kingdom and Europe, Middle East and Africa.

No one’s said anything yet about it, but a fiduciary standard will mean not just keeping an investor’s interests ahead of one’s own. It will also mean making sure that customer knows what that is costing.

Sens. Blanche Lincoln, D-Ark., and Jon Kyl, R-Ariz., have introduced a proposal to reform the federal estate tax, which temporarily expired this year but is slated to increase to up to 55 percent next year for estates over $1 million.