Bloomberg

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NEWS BROKER DEALERS APR 09, 2007
United Securities sticks former brokers with tail E&O bill

Brokers who left United Securities Alliance Inc. before its March 1 acquisition by Royal Alliance Associates Inc. received a letter from United’s lawyers last month that contained a surprise: They owe United $5,000.

RETIREMENT RETIREMENT PLANNING APR 09, 2007
Some VA-related costs in 401(k)s are exorbitant, according to critics

Many Americans are paying high fees in their 401(k) plans for insurance they don’t need, and their employers often are unaware, some observers say.

RETIREMENT LIFE INSURANCE AND ANNUITIES APR 09, 2007
Annuity, fund sales flat at banks, notes study

Fee income from variable and fixed annuities, and mutual funds, sold by banks declined by 0.6% last year to $19.33 billion, from $19.46 billion in 2005, according to a recent study.

NEWS INDUSTRY NEWS APR 09, 2007
Scaturro’s exit from U.S. Trust leaves B of A holding the bag

Peter Scaturro’s impending departure as chief executive of U.S. Trust has left Bank of America Corp., the venerable wealth manager’s prospective new owner, with a big mess on its hands.

YOUR PRACTICE FINTECH APR 09, 2007
Fundamental differences over Schwab funds

Charles R. Schwab last week called the fundamental indexes underlying his company’s three newest mutual funds “a better mousetrap,” but The Vanguard Group Inc. and Barclays Global Investors smell a rat.

INVESTING ETFS APR 09, 2007
Changes in 401(k) world may open the door for ETFs

NEW YORK — Although exchange traded funds are growing at a torrid rate, with a new offering almost daily, one area where ETF growth has been slow is in retirement accounts.

NEWS REGULATION AND LEGISLATION APR 09, 2007
Wall Street grapples with defeat of rule, uncertain of its effects

The securities industry is coming to grips with the defeat of the broker-dealer exemption rule.

NEWS OPINION APR 09, 2007
Ruling acknowledges emergence of an industry

As reported here last week, a federal appeals court has struck down the Securities and Exchange Commission’s broker-dealer exemption, stating that the commission lacks the authority to grant brokers broad exceptions to rules that apply to investment advisers.

RETIREMENT TAX APR 09, 2007
Health-benefits tax bill draws adviser interest

CHICAGO — A bill that would extend to domes- tic partners the preferred tax treatment enjoyed by married couples in employer-sponsored health-care plans is attracting attention from financial advisers.

RETIREMENT LIFE INSURANCE AND ANNUITIES APR 09, 2007
CPA touts 6.6% sustainable retirement withdrawal rate

NEW YORK — Financial advisers can safely increase their clients’ retirement income by 50% or more by structuring withdrawals differently, according to a certified public accountant who specializes in retirement income planning.