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Posts Tagged ‘Financial Advisers’

SEC to consider mutual fund fees, disclosure on securities

December 4th, 2009

Before You Invest

Next year, the Securities and Exchange Commission will look into banning some mutual fund fees, originally intended to cover distribution costs, and requiring point-of-sale disclosure on securities to investors who are in the process of evaluating investment. SEC Chairman Mary Schapiro said she has doubts about whether the fees, called 12(b)-1 in the mutual fund industry, are justified. Schapiro said she anticipates “significant push-back” from financial advisers on expanded disclosure because of the inconvenience and expense.

more at http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20091203/FREE/912039968

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Tags: Disclosure, Distribution Costs, Doubts, Financial Advisers, Inconvenience, Investment, Investors, Mary Schapiro, Mutual Fund Fees, Mutual Fund Industry, Point Of Sale, Sec Chairman, Securities And Exchange, Securities And Exchange Commission

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Citi Wealth Management shifts to fee-based model

October 6th, 2009

Before You Invest

Citigroup Inc. said Monday it is switching to a fee-based model in its retail investment business, eliminating commissions for its 600 in-house financial advisers by the end of next year.
The shift is an effort to provide clients with more transparency, Deborah McWhinney, head of Citi Personal Banking and Wealth Management, said in an interview.

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Posted in Finance Fraud

Tags: Citigroup, Citigroup Inc, Credit Crisis, Deborah Mcwhinney, Financial Advisers, Investment Business, Investor Center, Joint Venture, Management Unit, Morgan Stanley, National Investor, Personal Banking, Registered Investment Advisers, Retail Brokerage, Retail Investment, Services Clients, Smith Barney, Stanley Smith, Vikram Pandit, Wealth Management

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Barclays rolls out ETF-based charitable-giving program

October 6th, 2009

Before You Invest

Donors will be able to use 25 different iShares offerings to customize their investments

Barclays Global Investors has launched the iShares Charitable Giving Program, which offers clients access to donor-advised funds using pools of its exchange-traded funds.
It’s thought to be the first time that a major fund firm has offered a charitable-giving program using only ETFs, said Eileen Heisman, president and chief executive of the National Philanthropic Trust, a national donor-advised fund program and charity with $660 million in assets under management.

“To my knowledge, it’s very unique among [large financial] firms,” said Ms.

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Posted in Finance Fraud

Tags: Assets Under Management, Barclays Global Investors, Charitable Causes, Donor Advised Fund, Donor Advised Funds, Endowment Foundation, Exchange Traded Funds, Financial Advisers, Heisman, Industry Officials, Investment Account, Investment Firms, Investment Pools, John Tobin, Michael Latham, Minimum Investment, National Philanthropic Trust, Natural Fit, Philanthropic Legacy, Philanthropic Projects

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Complexity of IT merger hinders Morgan Stanley, Citi venture

June 16th, 2009

Before You Invest

Merging the information technology systems of Morgan Stanley and Citigroup is proving to be quite complex and is holding up full integration for their joint venture, Morgan Stanley Smith Barney. The situation is frustrating some of the venture’s thousands of financial advisers, who are anxious to have both companies’ full suite of financial products at their disposal, sources said. “People are working extremely hard to put all the components in place, but it is going to take some time,” Morgan Stanley Smith Barney said.

more at

http://www.ft.com/cms/s/0/6d0e1efe-590b-11de-80b3-00144feabdc0.html?nclick_check=1