In the News

FINRA Pulls Plug on BrokerCheck Social Media Plan

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,

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

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,

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

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,