Ahead of the Curve

According to an article in Financial Advisor magazine, while many advisers say they would love to make greater use of social media, they claim they are barred thanks to the regulatory climate.  According to the article, advisers point to the SEC and FINRA alerts and guidelines on social media compliance over the last few years.  [...]

According to an article in RIA Biz, control of fi360 has been acquired by private equity firm Bluff Point Associates Corp. for $11.5 million.  Bluff Point acquired control from the purchase of ownership interests held by a family of outside investors (who declined to be identified).  Certain fi360 managers still have ownership within the company, [...]

According to InvestmentNews, FINRA plans to increase a number of user fees it charges broker-dealers by up to 50% to help cover a significant loss from last year.  In reference to the new fees, FINRA CEO, Richard Ketchum, stated “the broader economic downturn continues to affect trading volumes and industry revenues, which in turn has [...]

House Financial Services Committee Chairman Spencer Bachus, R-Ala., has formally introduced a bill that would shift the oversight of investment advisers from the Securities and Exchange Commission to a self-regulatory organization (SRO).  The bill is entitled the Investment Adviser Oversight Act of 2012, and would require advisers to become members of a national investment adviser [...]

On April 5, 2012, President Obama signed the Jumpstart Our Business Startups Act (the “JOBS Act”) into law.  The law is meant to provide small businesses and start-ups with easier access to capital, with the result being an increase in jobs.  The JOBS Act loosens regulations for private placements, which has many fans, but an [...]

linkedFA, the social networking site that markets itself is a compliant option for financial advisors, probably could have used some advice from its users.  In an sent on April 12, linkedFA offered its users an opportunity to own a piece of the company in a $3.5 million private offering.  The email said this was being [...]

Wells Fargo Advisors Financial Network LLC (“FiNet”) has introduced a new annual cash bonus for its registered representatives and advisers that rewards them for landing new clients.  InvestmentNews is reporting that the new bonus program, which was introduced to a limited number of advisers at the end of last year, will be called the voluntary [...]

Based on an article on April 13, 2012 in InvestmentNews, a prominent 401(k) fiduciary advocate has been indicted on federal charges that he used assets he was advising on in retirement plans for home renovations and to purchase interests in a ski and golf resort. According to the article, Michael Hutcheson was charged in Idaho [...]