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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,...

5 ‘Important’ IBDs

15:55 28 March in Articles Written by Jon Henschen by rafferty

March 26, 2013 by Jonathan Henschen and featured on AdvisorOne These five firms break new ground with foresight and mastery In April of 2011, 60 Minutes did a segment on Eli Broad. If you’re not familiar with Broad, he built KB Home (formerly Kaufman and Broad Home Corp.) and SunAmerica (which was sold to AIG). These days, Eli and his wife Edythe are solely devoted to philanthropic efforts that advance entrepreneurship for the public good in education, science and the arts. It’s their activity in the arts that 60 Minutes reported on. Broad has collected art for four decades. With numerous museums named after Eli and Edythe in the Los Angeles area, the couple has amassed a personal modern art collection of about 2,000 works by more than 200 artists. Valued at more than $1 billion, the collection...

LPL’s Latest Shot in Tech ‘Arms Race’: Naming Ex-IT Exec to Board

16:33 21 March in In the News by rafferty

March 18, 2013 by Janet Levaux, AdvisorOne Former Xerox CEO Anne Mulcahy should join the IBD as a board member in May LPL Financial (LPLA) said Monday that Anne Mulcahy (left), a former chairwoman and CEO of Xerox (XRX), will join its board of directors, pending stockholder approval, in May. Mulcahy will also serve on the board’s audit committee. "We're delighted to welcome Anne to our board of directors, and we look forward to having an independent director with her stature and experience strengthen our board and broaden our perspective on management and leadership," said LPL Financial Chairman and CEO Mark Casady, in a press release. Several experts are wowed by Mulcahy’s new role at LPL, which comes three months after the independent broker-dealer hired ex-Dell executive Victor Fetter as its chief information officer and made Fetter...

Regulatory Scope Creep: a Look at the Five-Year Trend

18:46 14 March in Articles Written by Jon Henschen by rafferty

March 2013 by Jon Henschen At the recent OneVoice 2013 FSI Broker Dealer Conference held in San Diego, California, a broker dealer president was quoted as saying,  “Regulation, like the Obama tax, is here to stay, just deal with it. It’s a cost of doing business.”  It surprised me to hear this from the head of a broker dealer, let alone that it was said at the FSI Conference, which is one of the few forums our industry has to advocate against increasing Washington intrusion. For many of us in an already over-regulated industry, we are growing numb to the daily onslaught of regulatory proposals. In our world of recruiting, we can look back just five years and see a drastic change in the regulatory landscape. However, when you see the changes in...