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FINRA Floats Rule Changes on Gifts, Noncash Comp

19:31 10 August in In the News by rafferty

August 10, 2016

By Melanie Waddell, ThinkAdvisor

 

Among planned changes includes raising the gift limit from $100 to $175

The Financial Industry Regulatory Authority is seeking comments on its plan to amend its gifts, gratuities and noncash compensation rules.

The proposed new rules, issued in Regulatory Notice 16-29, would raise the gift limit from $100 to $175, mostly to account for inflation, notes Cipperman Compliance Services. The new rules would also impose the noncash compensation restrictions on all securities transactions rather than just mutual funds, variable annuities, direct participation programs (DPPs) and public offerings.

FINRA’s proposal would also replace previous guidance on business entertainment — allowing “ordinary and usual business entertainment” — with a requirement to implement policies and procedures ensuring no quid pro quos,

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Appointment of former LPL exec Robert Moore to Cetera’s board could help embattled B-D restore its brand

18:54 21 May in In the News by rafferty

May 20, 2016

By Bruce Kelly, Investment News

People inside and outside the company say word of the new chairman has already given a lift to morale of advisers

The pending appointment of Robert Moore, an experienced broker-dealer executive, to serve as chairman of Cetera Financial Group, could help the embattled B-D restore its brand and has already given a lift to the morale of its advisers, according to people both inside and outside the company.

A source familiar with Cetera’s plans told InvestmentNews this week that Mr. Moore, the former president of the nation’s largest independent broker-dealer, LPL Financial, would be named non-executive chairman in the coming weeks as the board is revamped.

Cetera moved one step closer to implementing those plans Thursday after its parent company,

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DOL Storm Watch

16:49 06 April in In the News by rafferty

April 4, 2016, Financial Advisor Magazine

Author Dan Jamieson’s article opens with, “It wouldn’t be an overstatement to say that independent broker-dealers spent the first two weeks of March in a state of paralysis, awaiting the final outcome of the Department of Labor’s fiduciary rule…”

“I’d have to say, [Cetera has] done a good job of keeping their reps intact,” says recruiter Henschen. He adds that the Advisor Group didn’t have the extended period of bad press Cetera did.

Read the full article from Financial Advisor Magazine.

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