Leaders of Fidelity Investments' adviser and broker-dealer clearing businesses pointed fingers at themselves and at clients last week for retreating from customer contact during the most chaotic periods of their business careers and hinted at changes to come in several key services.
Thomas Ruggie, a Florida-based investment adviser, thinks that he has identified a new target for his investment management and planning services: people who win personal-injury-lawsuit settlements, and their lawyers.
With regulation of the financial planning industry all but a certainty, a coalition of industry groups is cobbling together a proposal to make the Certified Financial Planner Board of Standards Inc. the rule setter and enforcer for the nation's hundreds of thousands of unregulated planners.
The effort is an attempt by the financial planning industry both to legitimize itself as a regulated profession and reverse the growing impetus of the Financial Industry Regulatory Authority Inc., which oversees securities brokers, to expand its domain to planners and advisers.
The Charles Schwab Corp. has scheduled a webcast Thursday to brief registered investment advisers on its revised plans to wind down custody of alternative investments.
The Charles Schwab Corp. reported better-than-expected first-quarter earnings last week, but buried in the numbers were signs that the headlong growth of the independent-adviser community may be waning, according to some analysts.
Fidelity Investments may lift the free ride it has been giving to registered investment advisers who participate in its client referral program.
Units of State Street Corp. and Bank of America Corp.'s Broadcort clearing division are working to capture alternative assets from registered investment advisers who are being forced to remove them from The Charles Schwab Corp.'s custody platform.
In his new role atop Fidelity Investments' custodian business, Charles Goldman is trying to revamp its service culture while keeping up troop morale amid constrained budgets.
