Industry

CFP Board Campaigns Against Advisor Rip-Offs Even As Its Rules Largely Exempt CFPs From Acting As Fiduciaries

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CFP Board of Standards has been on a campaign to warn consumers about bogus advisors who get certifications that are largely marketing ploys. Yet the CFP Board’s own rules about when CFPs are required to act as fiduciaries—and only offer advice in the best interest of clients—exempt CFPs from a duty to act as fiduciaries in most client engagements.

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NFP To Be Acquired By Madison Dearborn Partners For $1.3 Billion

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National Financial Partners Corp. (NYSE: NFP), an ambitious independent broker-dealer, today announced that it has entered into a definitive agreement with Madison Dearborn Partners, LLC, a private equity investment firm, to sell NFP for $1.3 billion in cash.

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Schwab Says Net New Enrollments In Retail Advisory Offers Are Up More Than 70% Year-Over-Year; Assets In A Low Cost Actively Managed ETF Solution Soared By 51%

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Charles Schwab’s gathered $43.4 billion in net new assets in the first quarter of 2013, a 9% annualized organic growth rate, and it opened 244,000 new brokerage accounts, up 2% year-over-year. But the growth rate in its advisory programs for retail investors, which compete with advisors, is much stronger.

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What Do Charles Schwab, Personal Finance, And Rap Music All Have In Common?

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What do Charles Schwab, personal finance, and rap music all have in common? Not much. Still, their convergence resulted in the production of an infectious music video created by an Indianapolis teen who won the grand prize winner in a financial literacy hip hop contest sponsored by Charles Schwab Foundation.

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From A Key Vantage Point For Observing Financial Advice Professionals, IMCA CEO Analyzes The Difficult Issues Facing Advisors

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The financial advice business is comprised of fragmented professional groups that don’t know each other very well, which is making for an awkward coming together being foisted on them by market forces. For example, the large body of knowledge from the American College, which has its roots in the insurance business, is largely unexploited by Certified Public Accountants who hold the Personal Financial Specialist (CPA/PFS) designation, yet CPA/PFSs, CLUs, and ChFCs all advise on estate planning strategies. Certified Financial Planners have a body of professional knowledge distinct from Char

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