Practice

Following the extended failure wave and deficit in federal reserves, the Federal Deposit Insurance Corp. sounded decidedly more hopeful Tuesday about its future.

Until the Investment Adviser Registration Depository is adapted to handle the influx of advisors converting to state registration, not much will get done.

The Port Jefferson, NY team previously had $1.8 million in annual production and $277 million in assets under management.

FINRA has fined UBS Financial Services $2.5 million and ordered to pay $8.25 million in restitution for conduct related to the sale of Lehman Brothers Holdings principal protection notes.The fine and restitution is tied to alleged misleading of investors that took place in the sale of the principal protection notes, or PPNs, prior to Lehman Brothers’ Sept. 2008 bankruptcy filing. The PPNs promised a minimum return equal to an investor’s investment, according to FINRA, and were structured as fixed-income security structured products including bonds and options.

Thirty-three percent of Boomers are worried they won’t have enough money saved for retirement, 34% do not know the age at which they will retire, and 57% plan to continue working, according to the findings of a survey by the Insured Retirement Institute.

Generation X and Y are warming up to investing more than any other age group, according to a survey by MFS Investments. But they remain largely reticent investors.

FINRA ordered Santander Securities of Puerto Rico to pay $2 million in fines and review its procedures that resulted in customer losses.

A new study published by Aite Group found that financial advisors can better leverage customer relationship management systems.

Washington Wealth Management, a Middleburg, Va., based registered investment advisory firm, announced it hired Jordan Ball as a regional vice president for its newly opened Richmond, Va., office.

There’s no doubt that starting an advisory business can be harrowing, but finding good people to eventually take over your business may be even harder, says John Brackett, a regional director with Financial Network Investment Corp.