Investment News articles from April 2005

Investment News archives from April 2005

Fidelity defines wealth managers' success; Must understand clients' values, priorities, finances.(News)
April 4, 2005... Byline: Charles Paikert NEW YORK - Wealth managers are arriving at a better understanding of what makes their practices successful, according to a study sponsored by Fidelity Investments that was released late last month. Nearly...

Schiavo case drives up demand for living wills; Advisers who suggest them find clients receptive.(News)
April 4, 2005... Byline: Rick Miller CHICAGO - Financial planners are seeing a surge of interest in living wills from clients. Planners say making the case for a living will has become as simple as saying: "Terri Schiavo.'' "I mention Terri, and...

Federa pre-emption examined; State `cops' guard authority over agents' sales of securities.(News)
April 4, 2005... Byline: Sara Hansard WASHINGTON - Two little-noticed lawsuits that State Farm Bank filed in federal courts are causing state securities regulators and consumer advocates to worry about the possibility of federal pre-emption of state "cops...

Mutual fund experts debate who should address ethics issues; Explore relative merits of ethics officers and compliance officers.(News)
April 4, 2005... Byline: David Hoffman NEW YORK - Ethics may soon be added to the list of responsibilities carried out by chief compliance officers at mutual fund companies. But some industry experts debate whether CCOs are in the best position to...

Banks' fees from funds, annuities stagnated; One reports finds a dip, another a 7% gain.(News)
April 4, 2005... Byline: Gary S. Mogel NEW YORK - Bank mutual fund and annuity fee income for 2004 either increased by 1.6% or decreased by 7%, depending on which report you read. The discrepancy is based mainly on differences regarding the number and...

People.
April 4, 2005... Russell Investment Group in Tacoma, Wash., has appointed Russell Romberger, 38, Matthew Day, 36, and Timothy Highland, 40, regional directors. Mr. Romberger works with more than 250 financial intermediaries in the United States, including...

BISYS offers retirement suite for financial advisers.(Product Watch)
April 4, 2005... The BISYS Group Inc. in New York has launched the PrudentAdvisor program, a comprehensive suite of services designed to support investment advisers' retirement plan businesses. PrudentAdvisor has been designed to help advisers attract and...

MMI goes outside box to focus on retirement planning.(Conference Call)
April 4, 2005... Byline: Jeff Benjamin PHILADELPHIA - The Money Management Institute is zeroing in on the business of retirement planning as a segment of the financial services industry which is ripe with both opportunities and obligations. The...

AFL-CIO: Schwab leader in private-account push; Union holds rallies to protest what it views as the company's stance on Social Security.(News)
April 4, 2005... Byline: Brooke Southall SAN FRANCISCO - The AFL-CIO laughed off the efforts of Charles Schwab & Co. Inc. to portray itself as a corporation unfairly singled out as a supporter of Social Security private accounts after the union's protest...

It is time to upgrade IRS computers.(Editorials)
April 4, 2005... It appears that the Internal Revenue Service needs funding to upgrade its computer system. The federal government every year misses the chance to collect hundreds of millions of dollars owed because IRS computers can't record the interest...

Many Social Security accounts would fall short, S&P finds; Study cites likely shortfalls in investment returns.(News)
April 4, 2005... Byline: Sara Hansard WASHINGTON - A large number of workers would likely end up not having enough money to retire on comfortably under a personal-account type of Social Security system, according to a Standard & Poor's research report...

Vanguard has quickly become a big man[ager] on campus; 529-plan partnership with Upromise creates a formidable team.(News)
April 4, 2005... Byline: Charles Paikert NEW YORK - The Vanguard Group Inc. continues to gain traction in the Section 529 college savings plan industry. In a dramatic development last month, the Malvern, Pa.-based mutual fund giant teamed with Needham,...

Calendar.(Calendar/Datebook)
April 4, 2005... APRIL 6-8 - Alternative Investing Summit East, Opal Financial Group. Ritz-Carlton, Amelia Island, Fla. (212)532-9898 or opalgroup.net. 7 - 403(b) Plan Specialty Workshop, SunGard Corbel Inc. Hilton Boston Back Bay. (617)236-1100 or...

Are 401(k)s headed for a fiduciary meltdown?(Fiduciary Corner)
April 4, 2005... Byline: Ian Lohr and John Lohr Employee-benefit-plan sponsors, especially those in the 401(k) area, have had some problems in fulfilling their fiduciary responsibility, given all the regulatory attention of the past two years. Leading...

Optional federal charter for life insurers: It's only fair.(Other Views)
April 4, 2005... Byline: Jon A. Boscia "Play fair.'' Those words have served as guideposts for balanced interactions among people from the playground to the boardroom. We all have rules and regulations that guide our daily activities. Their intent is...

Pension pros' chief is wary of Bush tax reform; Fears disincentive to company plans.(News)
April 4, 2005... Byline: Rick Miller SAN DIEGO - With tax reform looming as the next major initiative of the Bush presidency, Brian Graff, executive director and chief executive of the American Society of Pension Professionals and Actuaries in Arlington,...

Fidelity enters adviser M&A fray; Unlike Schwab, it outsources task of matching buyers and sellers.(News)
April 4, 2005... Byline: Brooke Southall SAN FRANCISCO - In a shot across the bow of Charles Schwab & Co. Inc., Fidelity Investments claims to have built a better mousetrap for matching buyers with sellers of financial planning practices. Last week,...

Former Morgan Stanley execs spit nails.(Reverse Spin)
April 4, 2005... Byline: Frederick P. Gabriel Jr. Apparently, Morgan Stanley CEO Phillip Purcell isn't winning any popularity contests. A group of eight former executives at the New York-based securities firm on Thursday took out a full-page ad in The...

Some micro-caps make more financial information available; Post monthly data on website of Utah-based company.(News)
April 4, 2005... Byline: Liz Skinner WASHINGTON - Dale Jarrett Racing Adventure Inc. (DJRT.OB) is one of two dozen small companies betting that if they disclose more financial information than even large corporations, investors will blow by a few...

Bush administration favors consumption-based tax.(Tax Watch)
April 4, 2005... Byline: Mark Battersby While trying not to compromise the tax reform panel's deliberations, White House economic adviser Kristin J. Forbes disclosed the Bush administration's interest in moving to a more consumption-based tax system. ...

One on One With Bill Lowe of ING Financial Horizons.(One on One)
April 4, 2005... Byline: Rick Miller The multibillion-dollar question 401(k) plan providers face is, how do they hold on to their defined-contribution assets? Insurance companies are apparently having the hardest time of all. A study last year by...

His REITs gone wrong, Zell's bent for new horizons; Vulture investor eyes consumer products.(News)
April 4, 2005... Byline: Alby Gallun CNS CHICAGO - Sam Zell would rather talk about ironing boards than office buildings these days. The billionaire investor, who championed real estate investment trusts in the 1990s, has seen shares in his three...

Those burning up their financial future ought to pack it in.(Other Views)
April 4, 2005... Byline: David R. Clogg The other day I stopped in at a local convenience store to pick up a carton of cigarettes for a friend of mine. Since I do not smoke, I had no idea what a carton of cigarettes costs nowadays. So for you...

Insurance probes cause more work, stress; But some agents and brokers flourish.(News)
April 4, 2005... Byline: Gary S. Mogel NEW YORK - Now that a round of investigations has made selling insurance a potentially risky job, many agents and brokers are finding their days filled with more paperwork and stress, according to a recent survey. ...

The sky's the (speed) limit for many businessmen.(Monday Morning)
April 4, 2005... Byline: Mike Clowes The day before Easter, I left home early to drive to Belleayre Mountain in the Catskills for a final snowboarding outing of the season, and on my journey, I developed the Clowes highway test of business ethics. The...

Rydex out to alter views about asset allocation; Company says uncorrelated products can help in sideways markets.(News)
April 4, 2005... Byline: David Hoffman NEW YORK - Financial advisers need to change the way they think about asset allocation, according to Rydex Funds, which is rolling out a new product campaign for investment professionals. The Rockville, Md.-based...

SEC, Raymond James square off over hiring; Move to halt firm's recruiting efforts called unheard of by observers.(News)
April 4, 2005... Byline: Bruce Kelly NEW YORK - In a dispute that could undercut Raymond James Financial Services Inc.'s efforts to continue recruiting top brokers, the Securities and Exchange Commission last week made an initial move to prevent the firm...

Fund bets on a slowdown in consumer spending.(Street Wise)
April 4, 2005... Byline: Jeff Benjamin If there was ever a time to expect a slowdown in consumer spending, the time is now. At least that is how John C. Thompson, manager of the $1.3 billion Thompson Plumb Growth Fund (THPGX), sees it. He said all...

Closing Quote.(Quotes)
April 4, 2005... "Suddenly, it's become very practical to be principled.'' Dov Seidman, founder, chairman and chief executive of LRN, a Los Angeles-based firm that helps companies create ethical corporate cultures, on how the fund industry is becoming...

At the Bell; SEC to finalize broker proposal.(Late News)
April 4, 2005... The Securities and Exchange Commission is expected this Wednesday to finalize its controversial proposal to exempt most brokers who charge fees on assets from having to register as advisers. The commission is likely to approve the rule that...

Eggers returns to Dreyfus with improvement plans; He aims to upgrade the sales force, deliver new products.(News)
April 4, 2005... Byline: David Hoffman NEW YORK - Although The Dreyfus Corp. tapped Thomas F. Eggers last month to be its president again, the company isn't moving backward, he said. In fact, Mr. Eggers, who left Dreyfus in 2002 to become president...

The IRS needs to get tougher on tax cheats.(Editorials)
April 4, 2005... The old saying goes that there are only two things in life that you can count on: death and taxes. However, an Internal Revenue Service study has revealed that there is a third: tax cheating. Tax cheating is on the rise along with...

U.S. Bancorp banking on advisers for fund sales; Award-winning unit hurting in flows and market share.(News)
April 4, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - Faced with declining market share and significant outflows from its mutual funds, U.S. Bancorp Asset Management Inc. is dramatically stepping up its efforts to court financial advisers. This...

Clued in on charity.(Short Interests)
April 4, 2005... Byline: Richard Miller CHICAGO - If the kids are tired of figuring out who did in Mr. Boddy in the game Clue, how about a game that shows how one might divvy up his fortune? Foundation Source, a Fairfield, Conn.-based company that...

Financial, workplace woes linked.(Short Interests)
April 4, 2005... Byline: Aaron Siegel NEW YORK - Personal financial troubles and problems in the workplace are closely linked, according to a report by E. Thomas Garman, a retired professor of personal finance at Virginia Polytechnic Institute and State...

The big squeeze.(Short Interests)
April 4, 2005... Byline: Charles Paikert NEW YORK - Potential financial planners considering online courses to help prepare for the certified financial planner certification examination are increasingly being squeezed by the demands of work and family...

SEC issues guidelines on options.(Short Interests)
April 4, 2005... Byline: Sara Hansard WASHINGTON - The Securities and Exchange Commission has issued guidelines giving companies flexibility in how they value the stock options they grant their employees. The SEC said companies can choose from a number of...

Alzheimer's disease is key LTC issue.(Short Interests)
April 4, 2005... Byline: Gary S. Mogel NEW YORK - The cost of caring for people with Alzheimer's disease and other forms of dementia accounts for 40% of claims paid to long-term-care providers, according to a report released last month by Genworth...

Housing fund to launch.(Short Interests)
April 4, 2005... Byline: David Hoffman NEW YORK - Redbrick Partners LP plans to launch its third real estate fund, Redbrick III, April 15. The fund, a private limited partnership, is unusual in that it and the company's two other funds are the only...

NYSE names jarhead to chairman post.(Reverse Spin)
April 11, 2005... Byline: Frederick P. Gabriel Jr. The Big Board has called in the Marines. The New York Stock Exchange on Thursday said it has named Marshall Carter, a decorated marine officer and the former chief executive of Boston-based State Street...

Insurers rev up coverage for critical illness; But financial advisers aren't convinced that such policies are necessary.(News)
April 11, 2005... Byline: Gary S. Mogel NEW YORK - Insurers are introducing and enhancing critical-illness insurance products in light of the Terri Schiavo case. The purpose of the coverage is to add a layer of financial protection for people who fear...

Fund investors hit with small-balance fees, FRC reports; $10 to $12 fees help offset costs, fund companies say.(News)
April 11, 2005... Byline: David Hoffman NEW YORK - It could soon become more common for investors to be hit with a small-balance fee when they let their account balances fall below the minimum investment required for a particular mutual fund, according to...

Inmates admit to filing 49 fraudulent tax returns.(Tax Watch)
April 11, 2005... Byline: Mark Battersby Two Louisiana men reportedly sought tax refunds of more than $266,000, using 49 fraudulent federal income tax returns. Those returns were prepared while the men were in prison. Instead of refunds, the two will...

Advisers urge caution on 2 closed-end funds.(Short Interests)
April 11, 2005... Byline: David Hoffman NEW YORK - Two closed-end funds came to market on the same day late last month with similar covered-call-writing strategies. Despite the apparent success of the funds' launches, investors would probably do well to...

Russell poll shows managers are bullish on large-cap growth.(Short Interests)
April 11, 2005... Byline: Aaron Siegel NEW YORK - The Russell Investment Group's investment manager outlook poll found that 71% of managers were bullish on large-cap-growth stocks at the end of the first quarter, an increase of 8 percentage points from the...

At the Bell; Financial services firms audited less.(Late News)
April 11, 2005... Syracuse (N.Y.) University's Transactional Records Access Clearinghouse is to release data today showing that large corporations providing investment advice, insurance, banking and credit services are audited by the Internal Revenue Service...

Head of small broker criticizes NASD; Wants reform of securities arbitration process.(News)
April 11, 2005... Byline: Bruce Kelly NEW YORK - David Smith, the president of a small broker-dealer and registered investment adviser, said he is in a legal dilemma, and he blames a Florida attorney and NASD's securities arbitration process for his...

FPA unlikely to get courts to overturn rule; Lawyers say it stands little chance of prevailing on SEC `Merrill' decision.(News)
April 11, 2005... Byline: Sara Hansard WASHINGTON - Following a historic decision by the Securities and Exchange Commission to exempt brokers who manage $268 billion in fee-based accounts from regulation as investment advisers, it appears unlikely that the...

Exec pay+bonuses down, but restricted stock is on rise; Firms use those rewards to tie pay to performance.(News)
April 11, 2005... Byline: Frederick P. Gabriel Jr. BOSTON - With regulators and investors looking over their shoulders, directors at financial services companies that manage assets are putting the clamps on salaries and bonuses. However, they are...

Calendar.(Calendar/Datebook)
April 11, 2005... APRIL 12-13 - Standard Documents and Market Practices for the Syndicated and Loan Trading Market, Loan Syndications and Trading Association. Marriott New York Financial Center. lsta.org. 13 - Global Value Investing: A Conversation with...

Departure of executives from SSgA may indicate culture clash with parent; Tumult follows appointment of Hunt as president and CEO of State Street unit.(News)
April 11, 2005... Byline: Jeff Benjamin DETROIT - Turmoil is the only constant at investment giant State Street Global Advisors Inc. While officials at parent State Street Corp. are casting the recent departure of several top executives as coincidence,...

Ave Maria Fund relies on values as well as value.(Street Wise)
April 11, 2005... Byline: Jeff Benjamin George P. Schwartz, like most portfolio managers, will take investors any way he can get them. But when it comes to the $250 million Ave Maria Catholic Values Fund (AVEMX), which he has managed since its launch in...

Closing Quote.(Quotes)
April 11, 2005... "What makes you think adding one more form will make the client more inclined to sit down and read everything we are forced to put in front of them?'' Bryan Rex, CFP, in a comment letter to the Securities Exchange Commission on its...

Banks try to build 'mass affluent' market; They aim to cross-sell products, services to existing clients.(News)
April 11, 2005... Byline: Gary S. Mogel NEW YORK - Banks will shift their growth focus for the "mass affluent'' market segment to cross-selling products and services to existing clients, from new-client acquisition, according to the "World Retail Banking...

529 'tax parity' duel pits states against industry; Authorities fear revenue loss; firms cry foul.(News)
April 11, 2005... Byline: Charles Paikert NEW YORK - Call it a family feud. Program and investment managers for states' Section 529 college savings plans want them to begin offering what they call tax parity: They want states to give upfront state tax...

DOL probes AFL-CIO pressure.(Short Interests)
April 11, 2005... Byline: Sara Hansard WASHINGTON - A Department of Labor spokeswoman said the agency "is looking into'' allegations that labor union pressure on financial firms to withdraw their support of Social Security private accounts violates labor...

Practice, practice, practice.(Short Interests)
April 11, 2005... Byline: Charles Paikert NEW YORK - Practice management does pay off, according to a new study from Commonwealth Financial Network. The Waltham, Mass.-based broker-dealer conducted a yearlong study of 16 representatives who generated...

Schwab gives McWhinney room to roam.(Short Interests)
April 11, 2005... Byline: Brooke Southall SAN FRANCISCO - Charles R. "Chuck'' Schwab is putting Deborah D. McWhinney on a longer leash. The chairman and chief executive of Charles Schwab Corp. did so by allowing her to name Charles G. Goldman, 44, as...

Signs of progress as Block redoubles efforts in advice biz; Unit boasts rise in referrals, assets and number of advisers.(News)
April 11, 2005... Byline: Brooke Southall SAN FRANCISCO - Despite four straight years of red ink from its advisory unit, H&R Block Inc. is redoubling its efforts to succeed in the advice business, and some early signs are good. The Kansas City,...

Companies shouldn't reward executive felons.(Monday Morning)
April 11, 2005... Byline: Jim Pavia Sometimes you have to wonder what is going through the minds of a company's board of directors. I am all for giving felons a chance to come back to society with a new chance and a reason not to re-offend. However, in...

Critics weigh in on SEC's point-of-sale proposal; Organizations recommend disclosure of costs via Internet.(News)
April 11, 2005... Byline: Sara Hansard WASHINGTON - NASD and the brokerage industry last week recommended that the Securities and Exchange Commission require that point-of-sale disclosures be made to mutual fund investors over the Internet. ...

Online tool available to meet compliance obligations.(Product Watch)
April 11, 2005... Company Records Online Inc. in Draper, Utah, has launched the My Company Minutes automated online corporate-records system. It is designed to help small and closely held corporations and limited liability corporations meet their mandatory...

People.
April 11, 2005... TIAA-CREF in New York has named Susan Kempler, 45, a director and portfolio manager for institutional and retail growth and income funds. Based in the San Francisco office, she will manage more than $1 billion in assets. Ms. Kempler comes...

The Principal outlines ERISA obligations; White paper aims to educate not-for-profits.(News)
April 11, 2005... Byline: Rick Miller CHICAGO - Tax-exempt employer sponsors of 403(b) plans often mistakenly think they aren't subject to requirements under the Employee Retirement Income Security Act, an assumption that puts them at risk for significant...

Social Security reality check is sorely needed.(Other Views)
April 11, 2005... Byline: Dan Calabria It's been said that everyone is entitled to their own opinion but not their own facts. That's why it's always astonishing to read an article such as "Bush's best bet on Social Security: Strategic retreat,'' which ran...

Asset allocation is as much an art as a science.(Fiduciary Corner)
April 11, 2005... Byline: Donald B. Trone Whether asset allocation is of overwhelming importance or only the most important decision managed by a fiduciary is a minor distinction. It's the fiduciary's duty to diversify a client's portfolio prudently to a...

Canadian bill on IRA-like investments clears hurdle; But U.S. fund firms aren't showing much interest yet.(News)
April 11, 2005... Byline: David Clarke OTTAWA - A proposal that could open up a billion-dollar market for U.S. advisers and mutual funds dodged a bullet last week when Canada's minority Liberal government offered to remove a controversial environmental...

Reg FD eases effects of earnings sticker shock; Stock prices now affected less by surprise results.(News)
April 11, 2005... Byline: Vince Calio NEW YORK - Earnings surprises have had less impact on stock prices since the Securities and Exchange Commission passed the fair-disclosure regulation in 2000, according to The Goldman Sachs Group Inc. of New York. ...

Brokers, NASD finally find an issue on which they agree; FSI supports report of SRO task force on funds `in principle'.(News)
April 11, 2005... Byline: Bruce Kelly NEW YORK - Officials at the Financial Services Institute are in accordance with an NASD task force's recommendations for a web-based point-of-sale mutual fund disclosure. Called Profile Plus, the Internet disclosure...

Protection better for IRAs, but not perfect; Supreme Court ruling may spark more rollovers, some say.(News)
April 11, 2005... Byline: Rick Miller CHICAGO - Some financial advisers are predicting a surge in retirement plan rollovers because of a U.S. Supreme Court decision last week extending creditor protection to individual retirement accounts in bankruptcy...

RFPs go out for 529 program manager contracts; States' demands, asset base seen shaping the industry's future.(News)
April 11, 2005... Byline: Charles Paikert NEW YORK - As the Section 529 college savings plan industry continues its rapid growth, a new round of state program manager contracts coming up for renewal promises to offer a preview of the industry's future. ...

One on One With M. Shawn Dreffein of National Planning Holdings Inc.(One on One)
April 11, 2005... Byline: Bruce Kelly M. Shawn Dreffein likes to talk about the technology registered representatives and advisers find when they join one of the four broker-dealers in the National Planning Holdings Inc. network. "We were able to...

CHART: Equity fund expenses; Taking stock of bargains around the world.(The Markets)
April 11, 2005... See printed publication for the following: Emerging markets Global U.S. growth International Science & Technology U.S. small-cap

Social Security reform needs honest debate.(Editorial)
April 11, 2005... The securities industry shouldn't allow itself to be intimidated by union officials and others who oppose President Bush's proposal to allow individuals to set up private accounts within Social Security. All parties should be encouraging...

Variable-life-insurance providers ranked by total new premiums as of Dec. 31, dollars in millions.(Variable Life)
April 11, 2005... Company Total new premiums 1 Hartford Financial Services Group Inc. $305.1 Hartford Plaza 690 Asylum Ave. Hartford, CT 06115 (860) 547-5000 2 IDS Life Insurance Co. 288.6 70100 AXP Financial Center ...

Do-gooder investors fear disclosure shift; SEC may take look at proxy rule as part of an overall review.(News)
April 18, 2005... Byline: David Hoffman NEW YORK - Some in the socially conscious investing community are worried that the Securities and Exchange Commission may soon modify, or even repeal, a rule that forces mutual funds to disclose their proxy votes. ...

Marsh unit moves to shore up employee incentives; Seeks to hold staff as stock plunges.(News)
April 18, 2005... Byline: Douglas Appell NEW YORK - The plunge in Marsh & McLennan Cos. Inc.'s share price since New York Attorney General Eliot L. Spitzer named the company in a lawsuit last October has hit hard among executives of the firm's Mercer...

At the Bell: Court of Appeals questions SEC rule.(Late News)
April 18, 2005... Douglas Ginsburg, chief judge of the U.S. Court of Appeals for the District of Columbia Circuit, on Friday expressed concern that the Securities and Exchange Commission chairman, William H. Donaldson, disregarded studies showing that an SEC...

Wealthy taxpayers' group works for fairer taxes.(News)
April 18, 2005... Byline: Mark Battersby A group of wealthy taxpayers is calling for a tax revolt - not against higher taxes but against the tax cuts of recent years. Responsible Wealth, which is affiliated with United for a Fair Economy, a non-profit...

More defined contribution plans loosen rules on company stock diversification; Sponsors take action following scandals at mutual funds.(News)
April 18, 2005... Byline: Phyllis Feinberg NEW YORK - Reacting to corporate scandals of recent years, 16% of sponsors of defined-contribution plans made their company stock diversification rules less restrictive in 2004, up from only 1% the year before,...

Traditional ways for valuing stocks are 'useless,' duo argues; Hedge fund execs suggest investors look at price to trailing 10-year earnings.(News)
April 18, 2005... Byline: Vince Calio NEW YORK - The traditional stock valuation methods used by institutional investors are useless, prominent hedge fund executives Cliff Asness and Anne Cascells contend. In a new research paper, they argue that...

Money managers' role in setting stock prices examined; Goal of beating benchmark seen as negative influence.(News)
April 18, 2005... Byline: Joel Chernoff SAN FRANCISCO - The capital-asset-pricing model is broken. A new group of academics is trying to fix it, looking at the role of professional money managers in setting stock prices. The biggest problem the...

Institutional investors wrestle with executive compensation; Need to balance interests of board and shareholders.(News)
April 18, 2005... Byline: Cecily O'Connor SAN FRANCISCO - Executive-compensation policies and how to create them are among the major corporate-governance issues with which institutional investors wrestle, according to a new survey from InvestmentNews sister...

Teaching prostitutes new tricks; Planner's pro bono work involves counseling hookers about finances.(News)
April 18, 2005... Byline: Charles Paikert NEW YORK - Clare Stenstrom has been strongly advising her clients, who include New York prostitutes, to start paying income tax - advice they welcomed. It is part of her pro bono work for the Financial Planning...