Investment News articles from February 2009

Investment News archives from February 2009

Former Sen. Gramm blames mortgage crisis on government; Housing policy pushed banks to lower their standards.(News)
February 2, 2009... Byline: Sara Hansard Government-mandated mortgage lending to low-income homeowners, combined with low-interest monetary policies, created the credit crisis, according to former Senate Banking Committee chairman Phil Gramm. He gave his...

Money on their minds.(Short Interests)
February 2, 2009... Byline: Lisa Shidler This year, tightening their personal finances is more important to Americans than tightening their abs, according to a new survey. Almost two-thirds of the survey's respondents, 59%, said that their top New Year's...

Many get defensive on stocks, favoring consumer staples, health care and energy; Many get defensive on stocks, favoring consumer staples, health care and energy.(News)
February 2, 2009... Byline: David Hoffman Given the market downturn, it may appear to investors that there are screaming buys, but investment managers are largely staying defensive, with many favoring the consumer staples category. "It's not the end of...

Investors are seeking refuge in non-traded REITs; But they should check the fine print first.(News)
February 2, 2009... Byline: Janet Morrissey As shellshocked investors and financial advisers fret over portfolio losses, some are seeking refuge in non-traded real estate investment trusts - entities that offer stable, attractive dividend yields and aren't...

The Week Ahead.(Short Interests)(Calendar)
February 2, 2009... Feb. 2 Data on personal income and outlays for December will be released at 8:30 a.m. ET. The ISM manufacturing composite index for January is scheduled for release at 10 a.m. ET. Feb. 3 The National Association of Realtors...

AT THE BELL: Names surface for next Finra CEO.(Late News)
February 2, 2009... Who will replace Mary Schapiro, the new head of the Securities and Exchange Commission, as the next chief executive of the Financial Industry Regulatory Authority Inc. of New York and Washington? Among the possibilities are Richard G....

Women's economic woes stall long term care planning; In crisis, women call funding LTC costs an expensive luxury.(News)
February 2, 2009... Byline: Darla Mercado The flailing economy has taken a toll on yet another facet of clients' financial planning: preparing women for long term care costs. Planning for long term care, particularly for women, has gone by the wayside...

Experts mull whether advice from agents can be unbiased; Experts mull whether advice from agents can be unbiased.(News)
February 2, 2009... Byline: Darla Mercado Experts are divided over whether insurance agents will be able to provide unbiased advice to retirement plan participants under a Department of Labor rule change that allows workers to receive advice from...

Multifamily offices seize marketing opportunities; Falling markets, shaken confidence are catalysts for initiatives.(News)
February 2, 2009... Byline: Charles Paikert Multifamily offices are pitching wealth advisory services through a variety of business initiatives aimed at wealthy families and their financial advisers in the wake of crashing markets and shaken investor...

To avoid being swindled, take heed; CFA Institute outlines strategies to avoid fraud.(News)
February 2, 2009... Byline: Charles Paikert In the wake of the Bernard Madoff scandal, the CFA Institute is urging financial advisers and investors to consider a wide range of strategies to avoid investment fraud. "What we're seeing is that everyone needs...

Schapiro cool to 'mutual recognition' efforts; SEC head will step back on efforts to ease access by foreign firms.(News)
February 2, 2009... Byline: Dan Jamieson Bold efforts by the Bush administration Securities and Exchange Commission to open the doors to foreign brokerage firms are likely to be put on hold by new Chairman Mary Schapiro. With industry support, the SEC in...

Prime Numbers.
February 2, 2009... Go figure 79% The percentage of Wall Street professionals who received a year-end 2008 bonus, 46% of whom were dissatisfied with it. Source: eFinancialCareers 19 The number of companies listed on the New York Stock Exchange...

Hand-wringing over bankruptcy bill; Advisers laud, lenders slam proposal that would allow judges to stop foreclosures.(News)
February 2, 2009... Byline: Janet Morrissey A battle is heating up over proposed federal legislation that, if passed, would give bankruptcy judges unfettered power to modify mortgage loans in an effort to stop the surge in foreclosures sweeping the nation....

Infrastructure funds gamble on increase in projects; But be wary of emerging-markets and overlapping funds.(News)
February 2, 2009... Byline: Sue Asci Infrastructure projects are increasing globally as a way for countries to dig out of an economic slump, and the fund industry is responding, but investors need to look closely before they jump in. Since November, three...

Taxes and new RMD waiver may not mix; Advisers say deferring required minimum distributions not always right.(News)
February 2, 2009... Byline: Lisa Shidler A new law that gives retirees greater latitude in taking required minimum distributions could have negative tax implications, according to advisers. The Worker, Retiree and Employer Recovery Act of 2008, signed...

Life settlement update: Synthetic transactions; Offered as structured notes, swaps or an index.(News)
February 2, 2009... Byline: Darla Mercado Investors scrambling for an alternative to the equity and bond markets might be interested in checking out the world of new investments linked to life settlements, according to industry experts. Going beyond the...

Obese pay heavy health costs.(Short Interests)
February 2, 2009... Byline: Darla Mercado Sometimes the battle of the bulge is the biggest obstacle for people who want an enjoyable retirement, according to Greg Boyko, senior vice president at The Hartford (Conn.) Financial Services Group Inc. In a...

FPA feels the economic sting; Association will cut 12% of staff today; faces drop in renewals.(News)
February 2, 2009... Byline: Jeff Benjamin Economic reality is sinking in at the Financial Planning Association, where the trade group today will eliminate 12% of its work force, including 10 full-time staff positions. The FPA employs eight people in...

Affluent are more worried than advisers over economy; More expect to wait a considerable time for sustainable growth.(News)
February 2, 2009... Byline: Lisa Shidler Advisers are more optimistic about the financial crisis than high-net-worth investors, according to a recent study. The Phoenix Cos. Inc. of Hartford, Conn., conducted an online survey of 200 high-net-worth...

New approach to social investing finds favor; Do-good investors now search for policies that are exceptional.(News)
February 2, 2009... Byline: Andrew Coen Investing according to strict environmental, social and governance principles is fast gaining acceptance among U.S. investors. Traditionally, socially conscious investing meant shunning stocks of companies that...

'Mortgage' no longer a dirty word for REIT investors; Trusts holding loans backed by Fannie, Freddie gaining favor.(News)
February 2, 2009... Byline: Janet Morrissey Investors are no longer recoiling in horror when the words "mortgage'' and "investment'' are mentioned in the same sentence. Despite turmoil in the housing and credit markets and the implosion of several...

NAIC vetoes reserve relief for VA carriers; Proposals may weaken consumer confidence, association says.(News)
February 2, 2009... Byline: Darla Mercado A National Association of Insurance Commissioners executive group last Thursday vetoed a proposal from the insurance industry to loosen required capital and surplus levels. Members of Kansas City, Mo.-based NAIC...

IN Events.(Short Interests)
February 2, 2009... Feb. 10 Adviser-to-adviser webcast: "Using ETFs to Build Client Portfolios'' Key topics covered during the webcast include: * How to incorporate ETFs into a portfolio * Concerns about ETFs * Evaluating ETF indexes *...

Sole fund winner from 2008 aims to get more aggressive.(News)
February 2, 2009... Byline: Mark Bruno If financial advisers are trying to figure out where to find decent returns in the equity markets this year, they might want to seek out Tom Forester - the only portfolio manager whose mutual fund produced a positive...

Managers tread carefully in making picks; High-grade corporates, munis win praise; Treasuries, junk offerings get thumbs-down.(News)
February 2, 2009... Byline: David Hoffman Bond fund managers no longer see value in U.S. Treasuries, which they claim are too pricey, and they don't see the point of taking too much risk by rushing into junk bonds. Instead, they see value in high-grade...

Funds featuring managed payouts off to rocky start; Income-focused investments fall short of expectations amid downturn.(News)
February 2, 2009... Byline: Sue Asci If timing is everything, the mutual fund industry couldn't have picked a worse time to launch managed- payout funds. The funds, which aim to give retirees a steady stream of income, arrived on the scene in late 2007....

Advisers skeptical of stimulus package; Nearly half think recovery bill is a 'bad idea'.(News)
February 2, 2009... Byline: Sue Asci President Obama's $819 billion bailout package is being met with a resounding lack of confidence by financial advisers. An exclusive InvestmentNews survey of 1,632 advisers last week found that 45.6% thought the plan...

McColgan's exit from Morgan raises service issues; After 10 months, she is out in wake of Smith Barney deal.(News)
February 2, 2009... Byline: Jed Horowitz The departure of Ellyn McColgan after just 10 months as president and chief operating officer of Morgan Stanley's Global Wealth Management Group robs the company of some much-needed client service talent, a consultant...

Despite markets, Schwab focuses on long-term growth; Firm plans to cut 500 to 600 jobs during this quarter.(News)
February 2, 2009... Byline: Jed Horowitz Revenue at The Charles Schwab Corp. is likely to plummet this year in the face of dismal equity markets and tightening interest rate spreads, but firm executives said that they will keep investing in technology, risk...

Rough market smooths road for active ETFs; Grail funds seek to follow Invesco's lead.(News)
February 2, 2009... Byline: David Hoffman Actively managed exchange traded funds may finally start to take off as mutual fund companies look to differentiate themselves in a tough market, according to some industry experts. On Jan. 15, Grail Advisors of...

Schwab waives fees on $30.5B Treasury money fund; But information about move is buried within firm's website.(News)
February 2, 2009... Byline: Jed Horowitz Charles Schwab & Co. late last month began waiving fees or reimbursing expenses on its $30.5 billion U.S. Treasury Money Fund, which is used as a sweep account by many clients for their free credit balances - but you...

Broom at the bottom.(Short Interests)
February 2, 2009... Byline: Charles Paikert If things get any worse for U.S. banks, there is always Vilija Lobaciuviene. A Lithuanian debt collector this month hired Ms. Lobaciuviene, the Baltic nation's most famous self-styled witch, to pursue debtors...

Professor: Feds should pay for advisers for the masses; Shiller says the cost of $15 billion would be worth the subsidy.(News)
February 2, 2009... Byline: Mark Bruno The federal government should consider subsidizing the use of financial advisers for the general population as part of any future stimulus or bailout initiatives, even if it costs upwards of $15 billion, according to...

Profiles of firms responding to InvestmentNews' survey.(News)
February 2, 2009... ***** Correction: In the Jan. 26, issue, Woodbury (N.Y.) Financial Services Inc. provided incorrect information for the broker-dealer profiles survey. The firm's correct phone number is (800) 800-2638, its fax number is (860) 380-1733 and...

Broker shift to RIA status slow but steady; Custodians reaping rewards as assets from RIA firms swell.(News)
February 2, 2009... Byline: Jed Horowitz ***** Correction: The article "Broker shift to RIA status slow but steady'' in the Jan. 26 issue implied that client assets at TD Ameritrade Holding Corp. of Omaha, Neb., totaled about $80 billion. About 33%, or...

Financial advice-givers beware; If you want to help retirement plan participants, note some rule changes.(Retirement Watch)
February 2, 2009... Byline: Jeffrey S. Ashendorf ***** Correction: The Department of Labor issued final rules last month on the provision of personalized investment advice for retirement accounts. Due to an editing error, the Retirement Watch column in...

The brokerage firm vs. the adviser's widow; Lawsuits fly in bid to recover stolen assets.(News)
February 9, 2009... Byline: Jeff Benjamin An eight-year embezzlement scheme allegedly operated by a former broker has left Hantz Financial Services Inc. in Southfield, Mich., pointing fingers and filing lawsuits against the broker's widow in an effort to...

Dismal returns spell 'tax holiday' for fund investors; Net capital losses accumulated in 2008 may offset future gains.(News)
February 9, 2009... Byline: Sue Asci While few mutual funds delivered positive returns last year, some of the biggest losers ultimately could deliver the largest tax benefit to investors, as accumulated net capital losses may offset future gains. Funds...

Absolute funds are flavor of the month; Putnam joins Pimco, Goldman in releasing such offerings.(News)
February 9, 2009... Byline: David Hoffman Mutual fund companies are beginning to churn out products that focus on delivering absolute, rather than relative, returns. Driving the trend is the fact that thanks to a sour market, a fund with good relative...

Goal of retirement is proving elusive, Sun Life survey finds; Investors are recognizing that they will have to work longer.(News)
February 9, 2009... Byline: Lisa Shidler Rocky financial markets have reduced portfolio values and delayed retirement for more than half the people who responded to a survey from Sun Life Financial. Among the 54% of people who intended to delay their...

Low-producers to exit wirehouses; Pay cuts likely to force thousands out the door.(News)
February 9, 2009... Byline: Dan Jamieson There will be a large migration of low producers from the wirehouses this year, industry observers predict. While brokers at all production levels have been leaving to escape the turmoil at the big firms, cuts in...

B-D firms worry about increased audit costs; They are questioning requirement to use PCAOB auditors.(News)
February 9, 2009... Byline: Dan Jamieson Broker-dealer firms are worried about increased audit costs in the wake of the Bernard Madoff scandal. The Securities and Exchange Commission at the end of 2008 let lapse an exemption that allowed privately owned...

NASAA looks to regulate private-placement offerings; Group asks Congress to repeal legislation that tied its hands.(News)
February 9, 2009... Byline: Sara Hansard State securities regulators have called on Congress to repeal part of the landmark National Securities Markets Improvement Act of 1996, which took away state powers to review securities offerings. Fraud connected...

Spendthrift trusts are said to be gaining attention; Clients may use annuities to achieve similar results.(News)
February 9, 2009... Byline: Darla Mercado Client interest in establishing spendthrift trusts for beneficiaries is picking up steam, partly due to the fact that wealthy clients are becoming more risk-averse, according to financial advisers. Spendthrift...

Breakaway UBS broker works long hours, couldn't be happier; Independence brings him and his clients benefits, he says.(News)
February 9, 2009... Byline: Jed Horowitz Living up to his name, Ralph Courage last August ditched 27 years of working under the umbrella of big retail-brokerage firms to set up shop as a registered independent adviser. "One can argue that it was the worst...

Bonuses bum out Wall Streeters.(Short Interests)
February 9, 2009... Byline: Sara Hansard Seventy-nine percent of Wall Street professionals received a year-end payout, according to a survey released last Tuesday by eFinancialCareers, a career network organization for financial service professionals. ...

Market woes fuel prepaid-tuition plans; Enrollments and contributions have spiked since September.(News)(Conference notes)
February 9, 2009... Byline: Charles Paikert Enrollment in prepaid-college-tuition programs has soared since the financial crisis began last fall. Indeed, interest among consumers and states in prepaid programs, where families can lock in future tuition...

Federal government staffing up on financial know-how; Money managers, compliance officers, auditors in high demand.(News)
February 9, 2009... Byline: Mark Bruno Although jobs in the financial services industry are disappearing at a frenetic clip, there appears to be at least one spot heating up amid a frozen hiring environment: the federal government. As the government moves...

Will we make the same housing mistakes?(Viewpoint)
February 9, 2009... House Financial Services Committee Chairman Barney Frank, D-Mass., last week laid out an ambitious 2009 legislative program for his committee. The program will tackle regulatory reform of the financial services sector and may include a...

TD to offer alternatives to money market funds; Innovative products would limit risk, execs say.(News)
February 9, 2009... Byline: Jed Horowitz TD Ameritrade is readying a suite of alternatives to money market funds that it says will help financial advisers and its online brokerage clients deal with rock-bottom interest rates without assuming too much risk....

'Independent-contractor' debate brews; Financial Services Institute braces for new legislation on status for reps.(News)
February 9, 2009... Byline: Sara Hansard The "independent-contractor'' status of the 140,000-plus registered representatives who work as brokers affiliated with broker-dealers is likely to come under attack once again. The Financial Services Institute...

IN Events.(Short Interests)
February 9, 2009... Feb. 10 Adviser-to-adviser webcast: "Using ETFs to Build Client Portfolios'' Key topics covered during the webcast include: * How to incorporate ETFs into a portfolio * Concerns about ETFs * Evaluating ETF indexes *...

The week ahead.(Short Interests)(Calendar)
February 9, 2009... Feb. 9 Dallas Federal Reserve Bank President Richard Fisher will speak in Houston about the global financial crisis. Feb. 10 New York Federal Reserve Bank President William Dudley will speak about Treasury inflation-protected...

Fund executive's short trip.(Short Interests)
February 9, 2009... Byline: David Hoffman It was a dramatic start to her second act. On Jan. 15, Maryann Bruce, former president of Boston-based Evergreen Investments, was leaving New York after her first visit to the headquarters of Aquila Management...

KKR adviser warns of 'next wave of greed'; Fisher fears fallout from excessive stimuli.(News)
February 9, 2009... Byline: Janet Morrissey The country could face its next "wave of greed'' in five years if the government injects too much cash into the system now, said George Fisher, a senior adviser at private-equity firm Kohlberg Kravis Roberts & Co....

People.
February 9, 2009... MetLife Inc. of New York has promoted Paul A. LaPiana, 39, to senior vice president, from national sales manager for life insurance with MetLife Investors. He will report to Gene Lunman, who heads up life and protection solutions for...

Changes seen as a constant for 2009; Much re-balancing, strategic adjustments expected, survey shows.(News)
February 9, 2009... Byline: Jennifer Byrd Credit strategies are in; hedge funds and 130/30 funds are out. A recent survey by money manager consultant Eager Davis & Holmes LLC showed that investment consultants expect U.S. institutional investors to be...

Tax Turkey nominees.(Short Interests)
February 9, 2009... Byline: Jeff Benjamin In the spirit of the latest string of tax-related scandals tied to the Obama administration, a New York accounting firm has compiled a short list of candidates and plans to let its clients vote on the ultimate Tax...

Organizations urge Obama to push corporate responsibility; Social Investment Forum, others call for creation of new federal office.(News)
February 9, 2009... Byline: Sue Asci Led by the Social Investment Forum, more than 50 organizations are calling on President Obama to establish an Office of Innovation in Corporate Responsibility within the White House. In a Jan. 29 letter to the...

Prime Numbers.
February 9, 2009... Go figure $500.5B The net assets of all U.S.-listed exchange traded funds at the end of January, down 14% in a year. Source: National Stock Exchange Inc. 607,247 The number of job cuts announced by U.S. companies from...

Larger merger payout was possible, documents show; Suits say NASD misled members with $35,000 limit.(News)
February 9, 2009... Byline: Dan Jamieson Previously undisclosed documents suggest that NASD had more flexibility than it had claimed in structuring a $35,000 payout made to member firms after approval of its 2007 merger with the regulatory unit of the New...

House committee explores payouts at brokerage firms; Retention bonuses, recruitment packages given to financial advisers under scrutiny.(News)
February 9, 2009... Byline: Mark Bruno In the shadow of the Obama administration's efforts to curb compensation for top executives at bailed-out financial institutions, lawmakers are examining payouts at the retail-brokerage operations of those firms. ...

Schapiro pushes risk-based oversight.(Late News)
February 9, 2009... In her first public speech since becoming chairman of the Securities and Exchange Commission, Mary Schapiro said Friday that the risk-based oversight of broker-dealers and investment advisers needs to be strengthened. Speaking at the "SEC...

Fine-wine fund has outperformed the market; Private-equity fund aims to invest in some of the world's most expensive, exclusive wines.(Street Wise)
February 9, 2009... Byline: Jeff Benjamin As alternative investment strategies go, fine wine might be a little too alternative for some. But that doesn't dilute the reality of positive performance, particularly in this kind of market cycle. This is why...

529 industry bolsters marketing amid downturn; Firms work hard to keep advisers interested in plans.(News)(Industry overview)
February 9, 2009... Byline: Charles Paikert States that have Section 529 college savings plans and the financial services companies that manage them are working overtime to make sure that advisers - who account for about 80% of their sales - remain interested...

Pay cuts for Washington, too.(Viewpoint)
February 9, 2009... The critics are right. Wall Street's remaining firms are led by managers with tin ears regarding the political climate and the effect of the $18 billion in bonuses that their employees will receive. Yes, those bonuses represent a...

Fund fees will likely hold steady; Boards want to protect against dramatic cost-cutting.(News)
February 9, 2009... Byline: David Hoffman Investors expect mutual fund boards to fight for lower fees, but in this market environment, that is unlikely to happen. Fund boards will hold fees steady, or in some cases agree to a small increase, to help fund...

Broadening our - and your - horizons.(Viewpoint)
February 9, 2009... Byline: Jim Pavia As financial advisers are aware from their own businesses, success never comes to those who stand still. Here at InvestmentNews, our continued success rides on our ability to keep pace with the changing needs and...

Latest AIG sale item: B-D network; Private-equity firms, insurers seen as suitors.(News)
February 9, 2009... Byline: Bruce Kelly Private-equity investors appear to be leading the pack of likely buyers for the three broker-dealers in the AIG Advisor Group, which houses 6,571 representatives, according to a number of industry sources. About a...

Small fund groups faring better in slump; Size has its disadvantages in tough market.(News)
February 16, 2009... Byline: Sue Asci The stock market may be reeling, but small fund groups are faring better than bigger ones - at least in terms of bringing in fresh cash. Of the 20 top-selling actively managed fund groups last year, 15 had less than...

UBS Financial Services: Is a spinoff in its future? Firm's Swiss parent sheds little light on plans.(News)
February 16, 2009... Byline: Bruce Kelly Questions are swirling about the future of UBS Financial Services Inc. and the brokerage industry is of two minds about what's next. One camp is convinced the New York-based firm is here to stay while the other believes...

Retail REIT woes may mean buying opportunity for some; Several appear to have money to spend.(News)
February 16, 2009... Byline: Janet Morrissey When the going gets tough, people stop shopping - a problem that has triggered a huge selloff among companies that own malls and shopping centers. However, some industry analysts say that certain names in the...

Fears of state taxes on advisory fees rise as economy falters; California unlikely to touch them - for now.(News)
February 16, 2009... Byline: Jed Horowitz Advisers, accountants, lawyers and other professionals are beginning to fear that deficit-plagued state legislatures may propose taxes on service fees, including advisory fees, to help close massive budget gaps. ...

It's time to rescue the bank rescue plan.(Viewpoint)
February 16, 2009... The equity market reacted to Treasury Secretary Timothy Geithner's much-anticipated bank rescue plan last week with a resounding thud. Investors, through their sell orders, signaled what pundits were saying and what many others were...

Demanding transparency.(Short Interests)
February 16, 2009... Byline: Sue Asci Transparency has become the clarion call of investors as they try to navigate through the financial crisis. That is the major finding of a survey conducted by Doremus, a corporate communications agency, which is part...

Workers say wellness can cut health care tab.(Short Interests)
February 16, 2009... Byline: Darla Mercado About half of American workers believe that employer-offered cholesterol screenings and other wellness benefits could help them cut their health care costs, according to a quarterly study released by the Principal...

Banks bail out of jets.(Short Interests)
February 16, 2009... Byline: Mark Bruno As if Bank of America Corp. and Citigroup Inc. needed additional exposure to bad assets, the banking behemoths are now both trying to sell some of their corporate jets - and are facing rather substantial head winds. ...

People.
February 16, 2009... Deloitte Financial Advisory Services LLP of New York has hired Irene Walsh, 51, as a managing director and U.S. leader of its infrastructure and project finance advisory practice. The firm also has named James Ziglar Jr., 31, senior vice...

Envestnet targets hybrid brokers; Long a solution provider to RIAs, asset manager adds commission tools.(News)
February 16, 2009... Byline: Evan Cooper The steady migration of independent brokers to a fee-based model has created a large universe of advisers whose revenue is a mix of fees and commissions. This hybrid market presents opportunities for vendors of systems...

IN Events.(Short Interests)
February 16, 2009... March 9 FPA Business Solutions 2009 The technology expo, which is sponsored by the Financial Planning Association and InvestmentNews, will feature advanced content about tech trends and a who's who of the tech world. Keynote speaker:...

The week ahead.(Short Interests)(Calendar)
February 16, 2009... Feb. 16 Markets are closed in observance of Presidents Day. Feb. 17 St. Louis Federal Reserve Bank President James Bullard will address the New York chapter of the National Association for Business Economics in New York at 1 p.m....

Disillusioned advisers eye smaller ratings firms; Interest in subscriber-based raters grows at the expense of the Big Three agencies.(News)
February 16, 2009... Byline: Janet Morrissey Money managers and investors are starting to turn an eye toward smaller subscriber-based credit-rating firms rather than the Big Three ratings agencies, as they assess investment opportunities in today's volatile...

Penson outlook bullish despite financial, arbitration obstacles; Analysts say they like clearing firm's pipeline.(News)
February 16, 2009... Byline: Bruce Kelly Even though Penson Worldwide Inc. has taken recent financial and legal hits, the clearing firm's outlook remains positive, according to some analysts. This month, Penson of Dallas reported a fourth-quarter loss of...

Candidates vie to represent small firms on Finra council; SRO is criticized for focusing on minor transgressions.(News)
February 16, 2009... Byline: Dan Jamieson A contest is brewing over the election of a new small-firm representative on the Financial Industry Regulatory Authority Inc.'s national adjudicatory council. Alan Davidson, owner of Zeus Securities Inc. of...