Practice

SEC Chairman Mary Schapiro may have lost the first round in her push to reform the $2.6 billion money market mutual fund industry, but the fight has only just begun.

GoldenTree Asset Management LP, a money manager overseeing $15.9 billion in assets, hired Daniel Ornstein from Morgan Stanley to co-head its trading business.

Janney Montgomery Scott continues to flex its recruitment muscles, drawing another high producing team from wirehouse competitor UBS.

T. Rowe. Price has opened a newly relocated investor center in downtown Washington, D.C., the Washington Business Journal reports.

There's no evidence that indicates the breakaway advisor trend is slowing down. While that's great news, Financial Planning blogger Mindy Diamond says this means that these advisors have their work cut out for them in the way of due diligence.

Noelle Maloney, who was second in command of the U.S. Securities and Exchange Commission's troubled internal watchdog office, has left the agency.

Even as Merrill Lynch moved to a $40 million settlement in response to a class action lawsuit this week, some experts ask whether it will be enough to satisfy some several thousand advisors who left the firm following its acquisition by Bank of America.

Merrill Lynch formally agreed to a $40 million settlement to a class action lawsuit brought by two of its former advisors regarding their deferred compensation on Friday, a decision that will potentially impact more than a thousand advisors with production levels of $500,000 and less.

"We have many advisor who are choosing to build their practices around women," says Joan Khoury, LPL's chief marketing officer. "When they do this, we are empowering them to have all this turnkey info for their women investors."

Authenticity is a critical component of being a successful financial advisor. Unfortunately, not all advisors fit that description, according to Steve Sanduski, "The Prosperous Advisor."