Practice

The proposed rule change might lower litigation and forum expenses, but it could also result in more claims and awards against reps and (eventually) RIAs.

An analysis by Spectrem Group found that 41% of wealthy investors surveyed said they relied primarily on their own research and analysis, while another 40% said they relied primarily on a trusted financial advisor.

Bankers are "bastardizing" the process of terms of the Dodd-Frank Wall Street Reform Act, by threatening to file lawsuits over whether costs and benefits of new rules have been adequately studied, according to Commodity Futures Trading Commission member Bart Chilton.

The heart – and brains – of a Wall Street firm used to be the great sales trader, said Matthew Andresen, co-CEO of Headland Technologies. Now, that value increasingly is moving into machines.

San Francisco, Calif,-based Callan Associates, an investment consultant, has hired Benjamin Taylor as vice president, responsible for investment structure reviews, fee analyses and record keeping searches.

In addition to the emotional issues surrounding clients’ financial decision-making, most advisors’ skill sets are not aligned with the task ahead.

“Before allowing our reps to use social media, we needed a technology solution to handle our complex regulatory needs,” says Chad Oppedal, assistant director of compliance for the Principal Financial Group.

Matrix Financial Solutions has expanded the functionality of TrueOpen, its core mutual fund trading platform, to address growing demands from retirement plan providers and advisors.

Morningstar, Inc. has launched a new alternative investments center as part of several enhancements to MorningstarAdvisor.com, a free website that provides advisors with practice management information, investment trends, and industry insights.

SEC Chairman Mary L. Schapiro told a financial services subcommittee of the House of Representatives that the federal regulator intends to spend $100 million of its $1.6 billion requested budget for fiscal 2013 on information systems and another $50 million on modernizing the EDGAR stock information database and www.sec.gov, its public website.