FINRA comes up with cost projections for its SRO and the CFP Board blasts them
FINRA is still angry that Boston Consulting Group did not consult them and says they created numbers "out of thin air"
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Biz Briefs: Vanguard's tax-loss harvest yields a caveat• Vermont green with envy ... of red states? • CFP Board spends $12 million on bungee metaphor • BlackRock isn't neutral on Credit Suisse • Women are the Goliath of 'David' in UK finance
Tax-loss harvest gains may have some home assembly required, says Jeff DeMaso • Adrian Johnstone is now in the driving seat at Practifi • CFP Board spending just topped $150 million • and Vermont shares some Texas thinking on ESG investing.
March 25, 2023 at 1:32 AM
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
The CFP Board's RIA faction sees the 100,000-member mark looming and hits back at brokerwashing; Dan Moisand is tasked with forming new division largely aimed at abusive brokers and other charlatans
Moisand, an RIA owner who has been named the new board chairman, will seek to quell an RIA uprising without losing a giant revenue source -- FINRA brokers who come with implicit 'suitability' issues
March 7, 2023 at 12:24 AM
Why FINRA's late appearance into smoothie-throwing broker James Iannazzo's life might be rough
It's been about 11 months since Merrill Lynch fired him, and the CFP Board stripped him of the CFP mark; attracting the SRO's attention means more woes.
December 29, 2022 at 1:05 AM
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James W. Byrd
Marilyn,
A properly structured SEC should continue to supervise independent investment advisors and I agree that it would be more economical than a FINRA based system. However, the far more important and documentable issue is that FINRA/formerly NASD has since its 1938 inception almost always acted solely for its own benefit at the expense of investors. For example, they paid two $1 billion fines – insignificant in relation to the associated profits – for price fixing and fraudulent research (these are generally criminal offenses in other industries and the same executives still systematically circumvent SEC and their own regulations when appropriate). Moreover, their controlling members also control Wall Street and indirectly many government regulators and elected officials, and have a great deal of responsibility for our ongoing financial crisis.
Enactment of the Bachus/McCarthy legislation will exacerbate the trend towards our deteriorating economic structure, national security, and civil liberties. It is my understanding that the House will hold hearings on this crucial legislation in June, and those who share our concerns should immediately contact their U.S. Representatives and Senators.
Sincerely,
James W. Byrd
