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Author: rafferty

Is Your Broker-Dealer a Screaming Eagle or a Box Wine?

14:58 31 May in Articles Written by Jon Henschen by rafferty

May 22, 2013 by Jon Henschen, as published on AdvisorOne In the wine industry, few captivate a cult following quite like Screaming Eagle Cabernet. If you’re not familiar with Screaming Eagle Cabernet, it’s a legendary cult wine produced by Screaming Eagle Winery in the Oakville region of Napa Valley in California. Screaming Eagle Wines are sold by subscription only, with no tasting rooms or ability to visit the winery. The label’s extreme popularity has caused a waiting list just to get on the subscription list, and each vintage is pre-sold. A bottle of Screaming Eagle will set you back $750, with subscribers often times flipping their purchase for $1,500 or higher. (The winery has been known to drop subscribers if they get wind that you’re immediately reselling their wine.) In 2001, a six liter...

FINRA Pulls Plug on BrokerCheck Social Media Plan

15:27 25 April in In the News by rafferty

April 24, 2013 by Melanie Waddell, AdvisorOne Linking to BrokerCheck on sites like Twitter would be ‘unworkable,’ FSI says After complaints, the Financial Industry Regulatory Authority on Wednesday withdrew its proposed rule that would have required advisory firms to include a reference and a link to BrokerCheck on their websites. FINRA had asked the Securities and Exchange Commission last September to approve further amendments to BrokerCheck that would have required advisors to include a BrokerCheck website link. A FINRA spokesperson told AdvisorOne that FINRA withdrew the filing “in order to give further consideration to the comments received in response to the SEC’s publication of the proposed rule change,” and that FINRA plans to refile its proposal. David Bellaire, executive vice president and general counsel for the Financial Services Institute, told AdvisorOne on Wednesday that FINRA’s proposal, in its...

State Securities Regulators to Hike Exam Fees for Series 63, 65 and 66

15:11 19 April in In the News by rafferty

April 17, 2013 by Melanie Waddell, Advisor One Despite increased costs of maintaining the exams, NASAA says the exam fees have not increased for the past four years The North American Securities Administrators Association announced Wednesday that it will hike enrollment fees for its state Series 63, 65 and 66 exams on June 1. Despite increased costs of maintaining the exams, NASAA says the exam fees have not increased for the past four years. The state tests are administered for NASAA by the Financial Industry Regulatory Authority (FINRA), and “passing an exam is normally a prerequisite for being licensed by a state before a broker-dealer or investment advisor can work with investors,” says NASAA spokesman Bob Webster. Candidates enrolling for these exams on or after June 1 will be charged the following: --Series 63, $115, currently $96; --Series 65,...