Practice

Financial advisers do their clients a grave disservice when they focus too closely on market returns instead of engaging in true wealth management, according to David Loeper, author of a new white paper called "Measuring Temperature with a Ruler: Is Your 'Wealth Manager' Really a 'Return Manager' in Disguise?" and his colleague Perry Chesney.

The Securities and Exchange Commission has adopted rules that could reward individuals who blow the whistle on illegal activity in securities markets, with bounties on successful prosecutions.

The Los Angeles City Council two weeks ago passed a $6.9 billion budget. The council closed a $336-million revenue shortfall by cutting police overtime pay and some fire engine teams.

Patsystems said it added London to its network of trading and risk management hubs for futures.

Cinnober Financial Technology introduced a trading system that it said performs "door to door" matching of orders in under 10 millionths of a second.

Financial advisors can have a successful and personally fulfilling practice serving a less affluent clientele than many target.

On Friday, Fidelity Charitable Gift Fund announced an expanded consultation service and series of seminars on strategic giving of C- and S-Corp stock, restricted stock, limited partnership interests, real estate and other privately held assets.

The Department of Labor’s Employee Benefits Security Administration has extended the deadline for 401(k) plans to disclose fees and expenses to participants to 120 days after the Jan. 1, 2012 deadline. Originally, the deadline was 60 days after the effective date. As a result, plans now have until April 30, 2012 to provide the information.

Depending on which political party you talk to, the Consumer Financial Protection Bureau is either the most powerful federal agency ever created, or the most constrained.

The Securities and Exchange Commission has fined a former trader at Morgan Stanley $150,000 and barred him from the securities industry for two years after he fooled its risk management system with bogus equity swap deals.