The Securities and Exchange Commission has closed a loophole that previously allowed individuals to artificially inflate net worth before investing in unregistered securities offerings. Advisors are generally supportive of the change.
Chase Investment Services Corp., a division of JPMorgan Chase, will have to reimburse brokerage customers $1.9 million over the sale of unit investment trusts and floating rate loan funds not deemed suitable for them, FINRA announced on Tuesday.
Opportunities are certain to be abundant for Sallie Krawcheck, the former president of global wealth and investment management at Bank of America Merrill Lynch who was shown the door in a management shake-up last week.
In agreeing to buy Securities America, Ladenburg Thalmann is hoping to leverage the target's large national network of advisors — 1,700 who manage about $50 billion of client assets — to help it sell its own products.
American workers lapsed into investing inertia after the market collapsed in 2008, but standing still actually benefited many and helped their workplace retirement plan balances rebound by 31% between 2007 and 2010, Vanguard said last week.