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NEWS WIREHOUSES JUN 25, 2007
Brookstreet scion joins Wedbush

In an attempt to save a semblance of his family’s broker-dealer, Scott Brooks, scion of the founder of Brookstreet Securities Corp., last Thursday jumped to Wedbush Morgan Securities Inc. and then immediately invited Brookstreet’s 500 affiliated representatives to join him.

RETIREMENT TAX JUN 25, 2007
IRA wrinkle in tax law a boon to charities

IRA investors have given at least $75 million to charitable organizations through June 4 as a result of a provision in the Pension Protection Act of 2006 that allows distributions from the qualified plans to be rolled over to a charity tax free.

NEWS WIREHOUSES JUN 25, 2007
Schwab, in about-face, is back with tech partner

In an about-face, Schwab Institutional has reconciled with a former technology partner in an effort to upgrade its customer relationship management tool for financial advisers.

NEWS INDUSTRY NEWS JUN 25, 2007
Think entertainment when picking summer stocks

WASHINGTON — Summer is about beaches, barbecues and long rounds of golf. But even sun lovers must come indoors eventually, and one fund manager is betting that many will be spending the hazy days of summer in front of their Nintendo Wiis and Sony PlayStation 3s.

NEWS BROKER DEALERS JUN 25, 2007
Banned brokers fly under radar screen

In a comfortable Colonial-era tavern in Rhode Island last Tuesday, David L. Ullom dished out generous portions of retirement advice — along with a free meal of chicken, mashed potatoes and summer squash.

INVESTING ALTERNATIVES JUN 25, 2007
Hedge funds embracing social mandate

The ever-increasing focus on social and environmental causes is attracting a segment of the hedge fund industry to a movement that is considered by some to be the ultimate test of socially conscious investing.

NEWS INDUSTRY NEWS JUN 25, 2007
Suit threatens tax incentives for 529 plans

The college savings plan industry is closely tracking a class action filed in Illinois last month that could help open the legal floodgates for states that use tax incentives to induce residents to invest in their own Section 529 programs.

YOUR PRACTICE FINTECH JUN 25, 2007
SROs issue electronic-communications guidance

IRVINE, Calif. — NASD and the New York Stock Exchange this month released long-awaited guidance to brokerage firms on how to supervise electronic communications.

NEWS BROKER DEALERS JUN 25, 2007
Advisers react to changes at Jackson National network

NEW YORK — Recent changes in management at independent-contractor broker-dealer National Planning Corp. and National Planning Holdings Inc., its broker-dealer network, have some of its affiliated advisers concerned, while others accept the changes as part of the business.

NEWS REGULATION AND LEGISLATION JUN 25, 2007
Bernanke gets high marks despite economy’s hiccups

SAN FRANCISCO — The U.S. economy has some shaky elements, but Federal Reserve Board Chairman Ben S. Bernanke’s track record still is rock solid, according to financial advisers, chief economists and other executives in the investments industry.