In the News

Questions raised about broker-dealer’s financial health

15:35 31 May in In the News by rafferty

May 30, 2013 by Bruce Kelly, Investment News Rep, recruiters say firm informed advisers it is in violation of net-capital requirements Allied Beacon Partners Inc., a midsize independent broker-dealer with 200 registered reps, informed its advisers yesterday that the firm is in violation of industry rules requiring that sufficient capital be kept on hand to remain open for business, according to a rep at the firm, who spoke on the condition of anonymity. While the broker-dealer remains open — and brokers can make unsolicited sales of securities for clients looking to cash out of positions — reps no longer buy securities for their clients. Other industry participants echoed what the rep told InvestmentNews about the status of the B-D. “I've spoken to a number of producers and producer groups, and it's my understanding that the advisers were...

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,...