NASD Regulation has proposed a rule to bar broker/dealers from paying registered representatives more for selling proprietary mutual funds than for selling funds offered by outside fund companies. The practice of paying representatives more for selling house funds can create a conflict of interest between representatives and their clients, NASDR said in issuing the rule proposal Sept. 2. NASDR members have until Oct. 29 to comment on the proposal. In June, NASDR officials said they expected to issue such a proposal to ban extra pay for proprietary sales this summer. (MFMN, 7/12/99)
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An industry recruiter said the Bank of America subsidiary has become almost "unhinged" with the amount of money it's willing to offer advisors it's recruiting.
April 19 -
After a decade-long effort by holders of the personal financial specialist credential, aspiring candidates can be tested on investments, retirement plans and other areas.
April 19 -
During first-quarter earnings calls, top executives of mega firms like Goldman Sachs, Morgan Stanley and Citigroup talked about how they're testing AI and high-tech tools.
April 18 -
Experts from the Fed, Intuit and the Urban-Brookings Tax Policy Center explored ideas for more effective ways to advance the goals of the mortgage interest deduction.
April 18 -
Romantic partners usually agree on their broad retirement goals, a new Ameriprise study shows. But the consensus breaks down over smaller questions.
April 18 -
The Providence, Rhode Island, company is having discussions with private wealth management teams elsewhere as it seeks to expand its fledgling private bank. In just three months, private banking deposits doubled to $2.4 billion.
April 17