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WASHINGTON-The U.S. debt, $9.5 trillion in 2010, could reach $25.9 trillion by 2021 if not kept in check. This was the warning of Erskine B. Bowles, former White House chief of staff, and Alan K. Simpson, former Senator from Wyoming, who are co-chairs of the National Commission on Fiscal Responsibility and Reform, speaking at the Investment Company Institute's General Membership Meeting here.

FINRA has hit Wells Fargo Advisors with $1 million in fines for delayed delivery of prospectuses to its mutual fund customers and required regulatory disclosure information about its representatives.

WASHINGTON-Asset management firms must have a presence on social media if they want to remain relevant to financial advisers and investors, according to speakers on the Investment Company Institute's "Using Social Media in Fund Communications" panel during its 2011 General Membership Meeting here.

Financial advisors looking for new high ultra net worth investors should set their sights on Asian countries like China, India and Taiwan that are home to a groundswell of super-rich entrepreneurs in need of sound financial advice.

In a recent filing, State Street, the Boston, Mass.-based institutional investor services firm, revealed that the Securities and Exchange Commission (SEC) and other federal authorities have inquired about its past foreign exchange practices.

Based on the research, three keys to that are improved technology and training as well as a new way of measuring success, she says. Effron’s report, the fourth in a series stretching back several years, measures differences in perceptions between financial institutions and insurers.

Barclays sees inflation ahead for consumers in China, India and the United States; Legend Financial says the U.S. economy could suffer if the government cuts spending; GMO is betting against the U.S. stock market, but Ron Baron is bullish.

Hess said he expects to close the transaction by the end of the second quarter. Colley said the idea of joining Advent is not about the deal itself, but what will happen in the subsequent days and months.

New rules targeting broker-dealers could mean new exams for certain management professionals and new standards for SEC inquiries.

Wells bought H.D. Vest for about $128 million about 10 years ago. The San Francisco-based financial services company is hoping to attract a bid of more than $200 million for the businesses.