Investment News articles from June 2008

Investment News archives from June 2008

Advisers cautious about Latin America; Market's bull run may be near end, some say.(News)
June 2, 2008... Byline: David Hoffman After five years when investing in Latin America was virtually a sure thing, some industry experts are beginning to caution that the good times may be coming to an end. "What we're warning people about is the...

Boomers' retirement plans in jeopardy; 27% have postponed leaving the work force, study concludes.(News)
June 2, 2008... Byline: Lisa Shidler The economic downturn is forcing some baby boomers to raid their 401(k) plans and halt their savings, which could have a negative effect on their retirement, according to a new study. The study, "The Economic...

Retirement plan mergers create opportunities for advisers; Clients have concerns about the services they will receive.(News)
June 2, 2008... Byline: Andrew Coen Consolidation within the retirement plan market has produced opportunities for financial advisers, especially among clients who view mergers as chaotic and negative, according to observers. "There are great...

Structured market leery of open systems; Yet brokerage firms' proprietary-only policy sparks risk concerns amid credit crisis.(News)
June 2, 2008... Byline: Dan Jamieson Open architecture has been slow to come to the structured products market. Structured products are unsecured debt obligations of the issuing brokerage firms, and despite growing concerns about Wall Street's...

Environmental investing could be in the 'early stages' of a bubble; A belief in unproven companies can cause investors to pay ridiculous prices, some say.(News)
June 2, 2008... Byline: Sue Asci Ethanol, wind farms and other green technology might prove more beneficial to the environment than to investors. "We're in the early stages of a green bubble,'' said Robert Crowley, president of the Massachusetts...

Harvest your capital gains? Do the math when considering paying taxes now rather than later.(The Tax-Conscious Adviser)
June 2, 2008... Byline: Robert N. Gordon A mantra of tax-efficient investing is to harvest capital losses and defer all gains. Does it ever make sense to take capital gains voluntarily? As a rule of thumb, no, but there are exceptions. Both Howard...

Retirement income products just can't get adviser love; They criticize complexity and cost; manufacturers cite marketing difficulties.(News)
June 2, 2008... Byline: Lisa Shidler Like Goldilocks, financial advisers can't seem to find many new retirement income products that are "just right.'' They complain that manufacturers' creations are too complex, too costly and too inflexible. ...

Prime numbers.
June 2, 2008... Go figure 59.8: The level of consumer sentiment, down from 62.6 in April. It is now at its lowest point since June 1980, when it stood at 58.7. Sources: Reuters/University of Michigan Surveys of Consumers 10.6%: The year-over-year...

Study: B-Ds to double in size, but profitability's a challenge; Are dual registrants to be embraced or merely tolerated?(News)
June 2, 2008... Byline: Bruce Kelly Broker-dealers are expected to keep getting bigger, but turning that growth into profitability will remain a challenge, according to a new study. Broker-dealers are projected to double in size over the next five...

Industry executives tee off to fight cancer; Golf event expected to raise $650,000 for Dana-Farber Cancer Institute in Boston.(News)
June 2, 2008... Byline: Sue Asci More than 400 executives from 50 mutual fund and financial services companies are expected to raise $650,000 June 12 at the 14th annual Expect Miracles Golf Classic, sponsored by Mutual Funds Against Cancer. The...

Hedge funds petition SEC to be included in waiver; Current ETF proposal favors mutual funds, says hedge group.(News)
June 2, 2008... Byline: Sara Hansard The hedge fund industry wants parity with mutual funds in its ability to buy exchange traded funds under a Securities and Exchange Commission proposal to streamline ETF regulation. Mutual funds and hedge funds are...

It's really not that bad.(Short Interests)
June 2, 2008... Byline: Aaron Siegel Tougher times may translate into belt-tightening, even among the affluent, but there are limits to cutting back. According to a recent telephone survey of 250 Americans with $500,000 or more in investible assets,...

Advisers fault the web efforts of asset managers.(Short Interests)
June 2, 2008... Byline: Matt Jacobs While most financial advisers use the Internet for information gathering and interaction, just a third are satisfied with the ease of finding information on asset managers' websites, according to kasina LLC, a New...

New annuity-wrapped managed account sparks interest, confusion; MMI sees product as a turning point.(News)
June 2, 2008... Byline: Jeff Benjamin The first income guarantee wrapper around a managed-account portfolio hasn't even been sold yet, but its mere existence has sparked growing interest in retirement income products within the managed-accounts industry....

Fed needs to strengthen the dollar.(Viewpoint)
June 2, 2008... Fix the dollar, and a lot of other problems will disappear - or at least be eased. For example, the surging price of oil, which is acting as a brake on the U.S. economy, is highly correlated to the decline of the dollar vis-a-vis other major...

Pershing offers document management; Correspondents, RIAs freed of storage duties.(News)
June 2, 2008... Byline: Davis D. Janowski Pershing LLC subsidiary iNautix LLC on Wednesday will introduce a next-generation document management solution geared toward introducing broker-dealers, investment professionals and independent registered...

A fund with shock absorbers; Using preferred shares and convertibles, Dunham offers investors a smoother ride.(Street Wise)
June 2, 2008... Byline: Jeff Benjamin The theory behind the Dunham Appreciation & Income Fund (DNAIX) is that by allocating half the portfolio to convertible bonds and preferred stocks and the other half to common stock, investors will experience a...

Aspiriant aspires to go national; Equity stakes seen as key for new Kochis-led wealth management and family office firm.(News)
June 2, 2008... Byline: Charles Paikert The lofty aspiration of Aspiriant, the new San Francisco-based advisory powerhouse headed by wealth management superstar Tim Kochis, appears to be as daunting as it is admirable: to become the first independent...

IN events.(Short Interests)
June 2, 2008... Community Leadership Awards Help us build a better community by sharing stories of advisers who are committed to making a difference in the lives of others. Nominate yourself or an adviser you know. Winners will receive a $10,000 donation...

The week ahead.(Short Interests)(Calendar)
June 2, 2008... June 2 Construction spending data for April are slated for release at 10 a.m. ET. Atlanta Federal Reserve Bank President Dennis Lockhart will speak about the U.S. economic situation in Jacksonville, Fla., at 12:20 p.m. ET. June 3...

Deciding that you need more help; Staff members must understand their roles and perform them independently.(Practice Management)
June 2, 2008... Byline: Susan Cook Running a growing practice can be exhilarating - until you have to add personnel to keep up with the work. Most financial advisers walk a fine line between the tasks at hand and the resources needed to get the job...

People.
June 2, 2008... Kramer Levin Naftalis & Frankel LLP of New York has hired Ronald M. Feiman, 57, as a partner in the firm's financial services group. Previously, he was a partner with Mayer Brown of Chicago. American Realty Capital of Boston has appointed...

Excessive-fee case may head to Supreme Court; Lower court ruling makes it harder for investors to sue fund advisers.(News)
June 2, 2008... Byline: David Hoffman A recent court ruling makes it harder for investors who want to sue mutual fund advisers over "excessive fees,'' but the case may be headed to the U.S. Supreme Court. If allowed to stand, the ruling could also...

LETTERS.(Viewpoint)
June 2, 2008... Advisers should encourage clients to call with concerns I found the article in the May 12 issue "Legal cases bring scrutiny to life insurance applications'' very interesting, especially in light of an incident that came up about two months...

At the bell.
June 2, 2008... Janus unveils long-term-growth fund Janus Capital Group Inc. announced Friday the launching of a long-term-growth portfolio that will invest directly in a select number of international companies. The fund, Janus Adviser International...

Brokerage firms win fewer suits against Finra; But study suggests that litigating can result in lower fines.(News)
June 2, 2008... Byline: Andrew Coen While broker-dealers were less successful in fighting Finra lawsuits in 2007 than they were a year earlier, battling may be worth it, according to a study by an Atlanta-based law firm. Broker-dealers were successful...

In a first, regulators ask FSI for help; Independent-brokerage group to share thoughts on 'senior issue' with Finra, NASAA and the SEC.(News)
June 2, 2008... Byline: Bruce Kelly In an unprecedented move, the three top securities regulators have formally reached out to the Financial Services Institute for help from independent-contractor broker-dealers in protecting senior investors. At the...

IMCA to expand new designation; First CPWAs receive certifications.(News)
June 2, 2008... Byline: Aaron Siegel After certifying its first class of 143 chartered private wealth advisers at its 2008 Spring Professional Development Conference in New Orleans last month, the Investment Management Consultants Association has plans to...

Massachusetts eyes endowment tax; Major universities fear cutbacks in programs; investment changes unlikely.(News)
June 2, 2008... Byline: Sue Asci A first-in-the-nation bid by Massachusetts legislators to tax large private-college endowments would result in less money for research and student financial aid, according to many institutions. The proposal, submitted...

Brokers face insurance kickback investigation; Connecticut may charge them with fiduciary-duty breach, and violating antitrust and consumer protection laws.(News)
June 2, 2008... Byline: Darla Mercado A group of single-premium annuity pension plan brokers who allegedly took kickbacks from insurance carriers is under investigation by the state of Connecticut and may face steep penalties, according to Attorney...

Investing in technology during downturns; Other voices.(Viewpoint)
June 2, 2008... Byline: Eric Clarke On a recent cross-country flight, I sat next to a gentleman employed by a large technology consulting firm that assists Fortune 100 companies in implementing multimillion-dollar systems. Pointing to the dire headlines...

Survey: Women in their 30s look to web most for advice; Advisers will have to adapt to snag these clients.(News)
June 2, 2008... Byline: Darla Mercado Women in their 30s through early 40s look to the Internet, as well as friends and relatives, for financial information, according to a survey from Prudential Financial Inc. Financial advisers sit in third place as...

Fidelity's new emerging-markets fund breaks new ground; Its 80 countries, non-correlated markets seen as hedging risk.(News)
June 2, 2008... Byline: Sue Asci Fidelity Investments' recent launch of an emerging-markets fund may signal the next frontier, but emerging markets' reputation for risk will likely lead investors to keep exposure to a minimum. The Boston-based fund...

Advisers look for ways to trim insurance costs; Clients who are in good health receive discounts.(News)
June 2, 2008... Byline: Darla Mercado As life insurance carriers reward clients for wellness, financial advisers look for more ways to help investors scale back on their coverage costs, and that means getting involved in their health. "I am often in...

Wealth managers need to spend more time with clients, reports say; Relationships are more important than shuffling papers.(News)
June 2, 2008... Byline: Charles Paikert To boost their firms' profitability, wealth managers need to spend more time with clients and less behind their desks, according to two recently published white papers that address issues that the industry faces....

Finra is overreaching, some say; Insurance regulators take issue with supervisory-rule plan.(News)
June 2, 2008... Byline: Sara Hansard Executives of the financial services industry are asking how much power the Financial Industry Regulatory Authority Inc. should have after it proposed rules that would require broker-dealer principals to supervise...

Investors turn to self-storage REITs; Rising foreclosure rates mean people need a place to put their stuff.(News)
June 2, 2008... Byline: Janet Morrissey Americans love to collect and store stuff - whether it's old, dusty vinyl albums or love letters from the one who got away - and savvy investors are betting that this passion could spell big profits for companies...

Concerns raised over net capital proposal; Finra could demand higher amounts.(News)
June 2, 2008... Byline: Dan Jamieson Small brokerage firms are concerned about a Finra proposal that would give the regulator the power to demand higher levels of net capital. The proposed rule, similar to an established New York Stock Exchange...

North American Clearing shut; Richard Goble out of business; SEC files complaint against him and firm; court grants asset freeze.(News)
June 2, 2008... Byline: Dan Jamieson Richard Goble, owner of North American Clearing Inc. of Longwood, Fla., and a prominent critic of regulators, is out of business. The Securities and Exchange Commission said last week it had filed a complaint...

Hitting the road with financial advice.(Short Interests)
June 2, 2008... Byline: Frederick P. Gabriel Jr. The National Association of Personal Financial Advisors will take financial advice on the road starting in September. The Arlington Heights, Ill.-based organization for fee-only financial advisers will...

Minority financial literacy program going national; After expanding to N.Y., Wall Street Wizards eyeing other cities.(News)
June 2, 2008... Byline: Charles Paikert The Wall Street Wizards, the financial literacy program founded four years ago for minority students in the San Francisco Bay Area, is gearing up to go national. Last fall, the Wizards began offering classes in...

Corrections.(Correction notice)
June 2, 2008... A story in the May 26 issue, "Tapping the experts,'' incorrectly said that Hyundai's vehicles are Japanese. Hyundai Motor Co. is based in Seoul, South Korea. An article in the same issue, "William Sharpe casts a sharp eye on Social...

Closing quote.(Short Interests)
June 2, 2008... "Most of our product development makes us look like mad scientists who aren't talking to anyone." -Srinivas Reddy, vice president of retirement income strategies for Windsor, Conn.-based ING U.S. Wealth Management, on the difficulty of...

Online opinion poll.(Short Interests)
June 2, 2008... Previously, we asked you: Do you have enough confidence to invest your clients' money in Russian stocks and mutual funds there? Yes: 22.1% No: 77.9% 308 readers

Internet changed financial landscape, spawned reforms; Overturning of B-D rule, Glass-Steagall repeal key.(10th Anniversary)
June 9, 2008... Byline: Sara Hansard "the marketplace always drives Washington,'' said Duane Thompson, managing director of the Financial Planning Association's Washington office. The development of the Internet over the past decade has led to...

Adviser software expected to speak the same language; Data soon will move between applications in a meaningful way.(10th Anniversary)
June 9, 2008... Byline: Davis D. Janowski the grandest prediction being made about financial adviser technology is that in the next few years, much of the industry's software will speak the same language. "You're finally going to start seeing data...

REITs move from alternative to mainstream; Obscure real estate investment now a must-have for many portfolios.(10th Anniversary)
June 9, 2008... Byline: Janet Morrissey what a difference a decade makes. From a clubby world of wheeler-dealer moguls, commercial real estate investment went mainstream. REITs transformed a once opaque investment where properties were traded with a...

Knocking advisers.(Short Interests)
June 9, 2008... Byline: Andrew Coen One of Major League Baseball's scrappiest leadoff hitters, Lenny Dykstra, has moved from success with the bat to success in the world of investing since retiring in 1996, but he attributes none of his success to working...

A warning light for fiduciaries; What you can do about the increasing risk of litigation from disgruntled investors.(Fiduciary Corner)
June 9, 2008... Byline: Blaine F. Aikin If there were a color-coded advisory system for fiduciaries, it now would stand at yellow, flashing "elevated risk.'' Economic, regulatory and legal circumstances are converging to raise the likelihood of...

The coming age of advice; What kind of financial advice were you offering 10 years ago?(10th Anniversary)
June 9, 2008... Byline: Evan Cooper On this date in 1998, the Dow Jones Industrial Average stood at 9,049.92. The Standard & Poor's 500 stock index was at 1,118.41. And the Nasdaq Composite Index, not yet in the stratosphere, was at 1,800.76. Daimler-Benz...

Begin with the end in mind; Start your succession planning by considering last things first.(Succession Planning)
June 9, 2008... Byline: Diane MacPhee Considering that the age of the typical financial adviser is between 52 and 60, it is safe to assume that a tidal wave of advisers will exit the business over the next 10 to 15 years. As a result, many advisory...

Wirehouse brokers faced many changes; Decade brought mergers, shift in technology and regulation.(10th Anniversary)
June 9, 2008... Byline: Dan Jamieson wirehouse brokers have had to respond to many changes in the industry in the past decade. It wasn't uncommon 10 years ago to see the traditional broker at a wirehouse firm managing accounts on a whim. Today, it is the...

ARPS issuers see progress on solutions; But 'take it or leave it' attitude irks investors.(News)
June 9, 2008... Byline: David Hoffman In a bid to quell investor anger that erupted when auctions of preferred securities sold by closed-end mutual funds started to fail in February, fund advisers are developing competing solutions to address the...

Web regarded as most influential tech innovation; Increased transparency of data seen as key.(10th Anniversary)
June 9, 2008... Byline: Davis D. Janowski advisers and the vendors serving them agree the Internet - first as a communication tool and later as home to numerous hosted applications - is the single most important technology innovation affecting the...

Endowments, pensions drive hedge fund growth; Individuals' influence wanes as institutions seek alpha.(10th Anniversary)
June 9, 2008... Byline: Jeff Benjamin while there has been a lot of talk among lawmakers and regulators about the so-called retailization of hedge funds, the one trend that has appeared to dominate the nearly $2 trillion hedge fund industry over the past...

Advisers' role evolves as 401(k) plans come to dominate; Many have become DC plan specialists.(10th Anniversary)
June 9, 2008... Byline: Lisa Shidler during the past decade, 401(k) plans have elbowed defined benefit plans to become the primary retirement vehicle for most Americans. A decade ago, 48% of employers provided DB pension plans. Today, just 29% of...

Past decade was traumatic for investors; Editorial.(Viewpoint)(Editorial)
June 9, 2008... The past decade, the first for InvestmentNews, has been a traumatic one for investors. It was a decade that saw two bubbles burst, a terrorist attack that virtually shut down the economy for a week, two continuing wars, new market highs...

Brokers, insurers juggle hot potato of VA suitability; Both are responsible, but duty comes at different points in sales process, observers say.(News)
June 9, 2008... Byline: Sara Hansard Both brokers and insurers bear responsibility for the suitability of variable annuity sales, but at different points in the sales process, industry officials said at a conference last week. "Who really should own...

Activists hail data as reason to avoid Sudan-linked firms; Moral issue buffeted by research findings showing that some stocks lag their peers, they say.(News)
June 9, 2008... Byline: Sue Asci Activist groups urging fund firms to divest from companies doing business in Sudan are finding evidence that stocks of some of the companies have delivered lower returns than some of their peers that have no connection to...

Thank tax law for college savings plans; Pension act puts worry to rest, sets stage for growth.(10th Anniversary)
June 9, 2008... Byline: Charles Paikert aug. 17, 2006, was probably the happiest day in the history of the Section 529 college savings plan business. On that day, President Bush signed the Pension Protection Act of 2006, putting into effect a...

Custodians morphed into multiservice companies; Broker-dealers provide proliferation of services for advisers.(10th Anniversary)
June 9, 2008... Byline: Liz Skinner the custody business has evolved over the last decade. No longer just holders of financial adviser client assets, firms are now developing their roles as business partners for advisory firms. Thanks in large part to...

529 college plans to enjoy continued asset growth; Future challenges include competing options.(10th Anniversary)
June 9, 2008... Byline: Charles Paikert expect continued asset growth, more industry consolidation, competition and investment choices as well as broader participation in Section 529 college savings plans in the future, say state administrators of the...

Regulation, courts still transforming insurance products; Making features easier for consumers to understand.(10th Anniversary)
June 9, 2008... Byline: Darla Mercado a combination of regulatory developments and court cases since 1998 has molded annuities and insurance products into what they are today - and that development continues. From the Pension Protection Act to the...

Are mid-tier firms headed for tough times? The `barbell effect' could threaten certain players.(10th Anniversary)
June 9, 2008... Byline: Bruce Kelly the biggest and smallest independent broker-dealers are poised for success over the next decade, but it's those in the middle that may go the way of the dodo, according to some analysts and executives. It's a...

Building the newspaper with the reader in mind.(10th Anniversary)
June 9, 2008... Byline: Suzanne Siracuse Many have heard me use the phrase "If you build it, they will come'' in describing the original business plan of InvestmentNews. The line, of course, is from the movie "Field of Dreams,'' and as our publication...

Sky-high gas prices driving advisers to take new roads; They rethink client face time, even consider moving the office.(News)
June 9, 2008... Byline: Jeff Benjamin With the price of gas spiking more than 30% since January, some financial advisers are starting to recalculate the value of client face time, turning instead to web-based meetings or even bicycles to avoid having to...

Offering a virtual hedge fund; Goldman Sachs gives retail customers a taste of institutional investing.(Street Wise)
June 9, 2008... Byline: Jeff Benjamin The Goldman Sachs Absolute Return Tracker Fund (GARTX) went live last week as the industry's latest attempt at enticing retail-class investors with a taste of hedge fund performance. Technically, the fund offers...

At the bell.
June 9, 2008... AIG faces probe on subprime contracts American International Group Inc. is under investigation by the Securities and Exchange Commission for allegedly overstating the value of contracts linked to subprime mortgages, The Wall Street Journal...

Younger advisers face challenges and opportunities; As baby boomers retire, many veteran planners to exit.(10th Anniversary)
June 9, 2008... Byline: Aaron Siegel the next 10 years will present many opportunities to young financial planners trying to carve out a niche for themselves in the industry, but the future also presents its share of minefields and challenges. This...

How it all started for InvestmentNews; View from the top.(Viewpoint)
June 9, 2008... Byline: Rance Crain In the early 1990s, when I was in London, I ran across a weekly trade newspaper titled Money Marketing, aimed at British investment advisers. What a great idea, I thought, and I brought back a copy of the paper to show...

, Advisers will need to master expanded products; Specialized offerings, REITS are on the horizon.(10th Anniversary)
June 9, 2008... Byline: Lisa Shidler financial advisers face an array of challenges in the retirement market in the next decade. One of the key challenges will be the ability to provide clients with products that can help them generate a healthy...

Insurers use high tech to screen for high risk; Rules-based electronic underwriting tools now part of 'mortality management' programs.(News)
June 9, 2008... Byline: Darla Mercado A heroin addict who applied for life insurance at a major carrier, admitting his habit on his application, not only got a policy, he got it at a preferred rate reserved for individuals with the cleanest records. ...

It's been a great 10-year run; the goal is to keep the momentum.(10th Anniversary)
June 9, 2008... Byline: Jim Pavia Time really does fly when you are having fun. InvestmentNews is celebrating its 10th anniversary, and I have had the distinct pleasure of serving as its editor for the past five years. The InvestmentNews staff is tops....

Once a mere curiosity, ETFs now outshine mutual funds; Advisers are taking note of the transparency, lower fees.(10th Anniversary)
June 9, 2008... Byline: David Hoffman exchange traded funds were an oddity at the start of the decade. Today, many financial advisers view them as indispensable tools that outshine mutual funds. "The advantages over mutual funds are clear,'' said...

Still searching for a bottom in the housing crisis; Bears warn the rebound could be eight years away.(10th Anniversary)
June 9, 2008... Byline: Janet Morrissey a number of economists, financial analysts and advisers are predicting the housing crisis will get far worse before it gets better, and that defaults and losses will likely spiral to levels not seen since the Great...

Board connections pay.(Short Interests)
June 9, 2008... Byline: Darla Mercado Add this to the list of reasons to keep an eye on the presidential election: Companies with board connections to the winning party see their share prices spike, according to a study from the European School of...

Non-traded REITs offer stability amid volatility - but carry a price tag; They held their value when public firms sold off.(News)
June 9, 2008... Byline: Janet Morrissey Investors seeking safe, stable returns amid the economic upheaval and credit crunch might look at non-traded real estate investment trusts, which offer attractive dividends and aren't affected by the volatile stock...

A turbulent decade for fund industry started off well; But a trading scandal and competition hurt the market.(10th Anniversary)
June 9, 2008... Byline: David Hoffman the mutual fund industry, buffeted by volatile markets, unprecedented scandals and new competition, has had a tough time over the past 10 years. The industry started off the decade looking good. More than 130...

Marketing moves to forefront as wealth firms look to expand; National re-branding campaigns pick up speed.(News)
June 9, 2008... Byline: Charles Paikert Wealth management and multifamily offices are relying on marketing and branding campaigns to create a national presence and differentiate their firms in a fiercely competitive market. "Branding is becoming more...

More talk, less trade seen on Wall Street; Major brokerage firms moving toward advice.(10th Anniversary)
June 9, 2008... Byline: Dan Jamieson The big wall street firms have been talking a good game about offering advice, but how much worthwhile information will they actually provide in the next decade? Few expect Wall Street to give up its...

Reassessing retirement risk; Rather than looking at portfolio volatility, consider probabilities.(Retirement Watch)
June 9, 2008... Byline: Robert M. Eisinger and Harold J. Schleef Is volatility the best measure of portfolio risk? Before you answer yes, consider the findings of recent research revealing that portfolio balances in target date mutual funds generate far...

Life insurance seen moving toward federal charter; Piecemeal approach likely route over next decade.(10th Anniversary)
June 9, 2008... Byline: Darla Mercado an optional federal charter and a tax environment that favors annuities are in the cards through the next 10 years for the life insurance industry. "With the population aging, you'll have more efforts from the...

Eyeing assets, custodians aim to help advisers grow; Can new services provide edge as competition heats up?(10th Anniversary)
June 9, 2008... Byline: Liz Skinner competition is stiffening among firms that keep assets under custody - and that situation could lead to cheaper, faster and better business for independent registered investment advisers. The largest keepers of...

Indie biz model grows despite aggressive regulation; LPL's growth emblematic of industry's potential.(10th Anniversary)
June 9, 2008... Byline: Bruce Kelly over the past 10 years, the world of independent-contractor broker-dealers has been turned on its ear. On one hand, the past decade has seen the rise of the aggressive regulator, pressuring independent...