Investment News articles from November 2004

Investment News archives from November 2004

Life, annuity execs' priorities: Market share, cost cutting.(Short Interests)
November 1, 2004... Byline: Gary S. Mogel NEW YORK - Increasing their companies' market share and slashing operating costs were rated as the highest priorities by 77% of respondents to a survey of North American life insurance and annuity company executives...

Teaching ethics can help weed out bad apples.(Monday Morning)
November 1, 2004... Byline: Jim Pavia I recently asked Deborah McWhinney, president of San Francisco-based Charles Schwab & Co. Inc.'s Schwab Institutional division, what she would do if given the power to change one aspect of the financial services industry....

Key lawmakers looking to sweeten 401(k) carrot; Portman, Cardin eye raising income ceiling for savers' credit.(News)
November 1, 2004... Byline: Sara Hansard WASHINGTON - Regardless of which party claims control of the White House or Congress this week, there's likely to be a bipartisan effort next year to make saving for retirement more palatable to the middle class. ...

Considering hedge funds? Do more than kick the tires.(Other Views)
November 1, 2004... Byline: Binish Bulsara and Kevin Russell As the financial services industry grows, so does the opportunity for fraud and abuse. Month after month, we hear of fund managers' defrauding investors or caught in one scandal or another. A...

Calendar.(Calendar/Datebook)
November 1, 2004... NOVEMBER 3 - 2004 Annual Meeting, Securities Industry Association. Boca Raton (Fla.) Resort and Club. sia.com. 3 - Fall Immigration Seminar Series: Global Transfers: Ensuring You Get the Employees When and Where You Need Them,...

Broker, in NASD sights, to end private offering; Regulator's scrutiny of such debt deals not a factor, executives say.(News)
November 1, 2004... Byline: Bruce Kelly NEW YORK - GunnAllen Financial Inc., one of the fastest-growing independent-contractor broker-dealers since 2002, will close out a private placement this month that gives its affiliated brokers an eye-catching 7% sales...

Advisers selling DC plans must improve fee disclosure; Employee benefits enforcer considers disclosure form.(News)
November 1, 2004... Byline: Rick Miller SAN FRANCISCO - Advisers who sell defined contribution plans need to be proactive in disclosing fees to plan sponsors, including how much they're being compensated, said the U.S. Department of Labor's chief enforcement...

Merging broker-dealers must overcome troubled pasts; First Montauk, Olympic Cascade had regulatory woes.(News)
November 1, 2004... Byline: Bruce Kelly NEW YORK - Two ailing broker-dealers are joining together in an attempt to right their ships. First Montauk Financial Corp. of Red Bank, N.J., and Olympic Cascade Financial Corp. of Chicago said last month that they...

Exploring ways to reduce ETF costs.(Conference Call)
November 1, 2004... Byline: David Hoffman NEW YORK - Participants at last week's ETF Summit said they are finding ways to get around what some consider the biggest impediment to the exchange traded fund industry's effort to gather new assets: the fact that...

Insurers expected to meet obligations; Advisers stress firms' size, strength to clients.(News)
November 1, 2004... Byline: Gary S. Mogel NEW YORK - Financial advisers and insurance consultants don't appear to be worried about the effects of the burgeoning scandal involving the insurers they use for clients' life/health and annuity business, and they...

Hedge funds may gain new fans; Registration makes them more palatable to financial advisers.(News)
November 1, 2004... Byline: Jeff Benjamin DETROIT - Last week's decision by the Securities and Exchange Commission to require the majority of hedge fund managers to register as investment advisers could have the unintended consequence of creating a seal of...

Negligible gap marks Fidelity, Vanguard fund performances; Study finds similar results with active, passive management.(News)
November 1, 2004... Byline: Frederick P. Gabriel Jr. BOSTON - Despite fundamental differences in their approaches to investing, Fidelity Investments and the Vanguard Group Inc. may be two peas in a pod when it comes to long-term performance. Over the past...

American Century adds target maturity funds.(Product Watch)
November 1, 2004... American Century Investments in Kansas City, Mo., has launched five target-dated mutual funds, the My Retirement Portfolios 2015, 2025, 2035, 2045 and Income. The funds are designed for investors seeking a core investment strategy for their...

D.C. insider makes SEC, fund, election forecasts.(Conference Call)
November 1, 2004... Byline: Rick Miller SAN FRANCISCO - According to one prognosticator and oddsmaker, Securities and Exchange Commission Chairman William H. Donaldson will resign early next year, mutual fund reforms will be enacted before then, and...

Closing Quote.(Quotes)
November 1, 2004... "I'm going to do everything that is legally and morally possible to avoid registering.'' Phillip Goldstein, who manages the $73 million hedge fund Opportunity Partners LP, reacting to the SEC's ruling requiring hedge fund managers to...

Spitzer brings another firm to its knees.(Reverse Spin)
November 1, 2004... Byline: Frederick P. Gabriel Jr. New York Attorney General Eliot L. Spitzer strikes again! Last Monday, Jeffrey W. Greenberg, the chairman and chief executive of disgraced insurance broker Marsh & McLennan Cos. Inc. in New York, said...

International fund manager goes his own way.(Street Wise)
November 1, 2004... Byline: Jeff Benjamin Benjamin Segal is one of those portfolio managers who probably won't ever be accused of passively mimicking his benchmark index. The New York-based manager of the $215 million Neuberger Berman International Fund...

REIT consolidation may be good news for investors.(News)
November 1, 2004... Byline: Arleen Jacobius LOS ANGELES - The number of real estate investment trusts is contracting, which could be good news for investors, according to industry insiders. About 150 REITs are traded on the New York Stock Exchange, with a...

Big old-line investment firms flock to alternatives; These traditional firms run $563B in such strategies.(News)
November 1, 2004... Byline: Christine Williamson CHICAGO - Investments in alternatives by the nation's largest money managers have exploded. Together, those firms managed at least $563 billion in these strategies as of June 30. Some of the behemoth...

Senator ups ante against states in 529s; Fitzgerald appeals to Treasury secretary to make changes.(News)
November 1, 2004... Byline: Charles Paikert NEW YORK - Sen. Peter Fitzgerald, the lame-duck Republican from Illinois who has been on the warpath against state involvement in Section 529 college savings plans, upped the ante last week. In a letter to...

Fidelity suffers defections; Some record keepers for 401(k)s ax funds.(News)
November 1, 2004... Byline: Brooke Southall SAN FRANCISCO - In anticipation of a deadline to apply redemption fees to participants in all 401(k) plans, some pension plan record keepers are dropping the mutual funds of Fidelity Investments from their...

New goal for former hockey star.(Short Interests)
November 1, 2004... Byline: David Hoffman NEW YORK - Harbor Lights Financial Group Inc. in Manasquan, N.J., which has about $275 million under management, added a former high-scoring left wing of the Philadelphia Flyers professional hockey team to its lineup...

At the Bell; SEC mulls voluntary redemption fee.(Late News)
November 1, 2004... Paul Roye, head of the Securities and Exchange Commission's division of investment management, said Thursday that one of the options it is considering instead of mandatory 2% redemption fees is to allow funds to implement a redemption fee...

'Survivors' brace for retirement.(Short Interests)
November 1, 2004... Byline: Rick Miller CHICAGO - Ask Americans to compare their retirement readiness to a reality television show, and the hands-down choice is "Survivor.'' Allstate Corp.'s "Retirement Reality Check'' survey of about 1,600 people framed...

SEC may revise 2% redemption fee proposal; Pension industry, fund companies mull uniform-fee standard.(News)
November 1, 2004... Byline: Sara Hansard WASHINGTON - As the Securities and Exchange Commission considers an optional version of its controversial 2% redemption fee proposal for mutual fund short-term trades, the pension industry is talking to mutual funds...

Women gain financial fortitude.(Short Interests)
November 1, 2004... Byline: Charles Paikert NEW YORK - Women have become increasingly confident in their investing abilities but still feel they need to become more knowledgeable about investment basics, according to a new survey by OppenheimerFunds Inc. ...

Gartmore funds face a hard sell.(Short Interests)
November 1, 2004... Byline: David Hoffman NEW YORK - Gartmore Global Investments Inc. today is expected to announce that it is offering four new mutual funds, but the company may have a hard time getting financial advisers to buy them. The funds are the...

Advent is pulling plug.(Short Interests)
November 1, 2004... Byline: Brooke Southall SAN FRANCISCO - The ruthless reputation of Advent Software Inc. among financial advisers was just beginning to dissipate. Then, on Sept. 21, the San Francisco-based maker of back-office software told users of...

Cultural understanding seen as plus.(News)
November 1, 2004... Byline: Jennifer Blecher NEW YORK - Cultural understanding is the most important skill a global manager must possess, according to more than half of the executives who responded to a survey conducted by Columbia Business School's executive...

3 key issues for the government to address.(Editorial)
November 1, 2004... Financial planners and investment advisers laid out a list of the issues that most concern them in the Oct. 18 issue of InvestmentNews. That list is also a list of the key issues the government must address in the near future. Topping...

Investors support parity.(Short Interests)
November 1, 2004... Byline: Sara Hansard WASHINGTON - Ninety-one percent of the 1,044 investors responding to a recent survey thought that stockbrokers and financial planners who provide investment advice should be subject to the same regulations. The...

Tiburon summit struts its stuff.(Conference Call)
November 1, 2004... Byline: Brooke Southall SAN FRANCISCO - The Tiburon CEO Summit has again showed why it might soon become the most coveted conference invitation on the financial services circuit. Charles R. Schwab, chief executive, founder and chairman...

B of A aims for broader horizons; Firm makes huge planning push.(News)
November 1, 2004... Byline: Charles Paikert NEW YORK - Bank of America Corp. is making a dramatic push to grab more financial planning business. The Charlotte, N.C.-based banking behemoth, which boasts more branches than any other bank in the country, is...

Managers hit by high cost of 'minisweeps' by the SEC; Firms must sift through e-mail, and produce reams of documents.(News)
November 1, 2004... Byline: Vineeta Anand WASHINGTON - Bombarded by requests for documents, e-mail and other records from Securities and Exchange Commission staff, big investment advisers and mutual fund companies might be facing millions of dollars in...

One on One With William A. Johnstone of Davidson Cos.(One on One)
November 1, 2004... Byline: Brooke Southall If a regional brokerage firm can make it in Great Falls, Mont., it can make it in Idaho, Utah and Wyoming. With that not-so-Sinatra mantra in mind, William A. Johnstone, president and chief executive of Great...

People.
November 1, 2004... AXA Advisors LLC in New York has named Lyndall Medearis, 36, branch manger of its Western division. He now has overall management responsibility for the Houston branch office and its 65 financial professionals. Mr. Medearis joined the...

Tax cut benefits for small businesses debated.(Tax Watch)
November 1, 2004... Byline: Mark E. Battersby Recent research by a Washington-based think tank claims that the benefits of tax cuts for small businesses may have been exaggerated. But then there is a Nobel-winning economist who maintains that those same...

Life insurers now face a tricky year in D.C. Some voice concern about the affect of Bush proposals on policy sales.(News)
November 8, 2004... Byline: Sara Hansard WASHINGTON - For financial planners, last week's national elections are likely to move life insurance and tax issues to the forefront. In fact, next year may be particularly tricky for the life insurance industry - so...

Dow Jones expands hedge fund indexes offerings.(Product Watch)
November 8, 2004... Dow Jones has expanded the indexes offered by Dow Jones Hedge Fund Indexes Inc. (DJHFI). Starting last month, DJHFI began publishing the Dow Jones Hedge Fund Strategy Benchmark Equity Long/Short (U.S.), which complements the existing five...

Hedge fund managers reeling from October surprise.(Other Views)
November 8, 2004... Byline: Mark Elzweig and Nancy Miller These days, financial advisers aren't the only ones with major compliance headaches. Joining the Excedrin club now is the hedge fund industry, which was "invited'' last month to register its products...

Stifel makes buy.(Short Interests)
November 8, 2004... Byline: Bruce Kelly NEW YORK - Stifel Nicolaus & Co. Inc. of St. Louis said last month that it had purchased PowellJohnson Inc. of Nashville, Tenn. Terms of the deal weren't disclosed. PowellJohnson was short lived, opening in the...

Dissecting the earnings surprise.(News)
November 8, 2004... Byline: Vince Calio NEW YORK - Does a positive earnings surprise logically yield an uptick in stock price? According to a recent thesis paper on behavioral finance by Laura Frieder, a Ph.D. student at the University of California in...

Confluence of negative events helps planning industry; Bear market, scandals boon to business, panelists say.(Round Table)
November 8, 2004... Byline: David Hoffman NEW YORK - The financial planning industry is in good shape, thanks to a perfect storm of unfortunate circumstances. The bear market that followed the late-1990s market boom, the corporate scandals and the mutual...

Training is key for banks.(Short Interests)
November 8, 2004... Byline: Charles Paikert NEW YORK - With an increasing number of banks searching for ways to stake a claim in the financial planning business, Kenneth Kehrer, an industry consultant and publisher of the Kehrer Report, has some advice:...

Closing Quote.(Quotes)
November 8, 2004... "I've found that people spend more time planning their vacations than their insurance coverage.'' Todd Bramson, a Madison, Wis.-based senior partner of North Star Resource Group in Minneapolis. Page 3.

Spitzer insurance probe impact is uncertain; Views differ on any push for federal regulation.(News)
November 8, 2004... Byline: Sara Hansard WASHINGTON - The Consumer Federation of America, an opponent of federal pre-emption of state insurance regulation, is using New York Attorney General Eliot L. Spitzer's latest investigation to bolster the case against...

Say no to some clients, Schwab tells advisers; Study points to practices of the most profitable firms.(News)
November 8, 2004... Byline: Brooke Southall SAN FRANCISCO - Charles Schwab & Co. Inc. today is releasing to advisers attending its IMPACT 2004 conference in Philadelphia a study that concludes like a recreational-drug warning: "Just say no.'' In the...

AmEx closes door on brokers making move; Program for reps to jump to Securities America will end this month.(News)
November 8, 2004... Byline: Bruce Kelly NEW YORK - American Express Financial Advisors Inc. of Minneapolis is closing the door on brokers looking to move to its independent-broker-dealer affiliate, Securities America Advisors Inc. of Omaha, Neb. After...

Ameristock's founder's wife supports hubby.(Short Interests)
November 8, 2004... Byline: Brooke Southall SAN FRANCISCO - If you are the wife of a man who runs his own monster mutual fund in your house, how do you help him out? Melinda Gerber, wife of Nicholas Gerber, founder and president of Alameda, Calif.-based...

Fund boasts consistency during turbulent times.(Street Wise)
November 8, 2004... Byline: Jeff Benjamin Jeanne Mockard will readily admit that the $5.5 billion George Putnam Fund (PGEOX) she manages isn't going to outperform during a raging bull market. But that kind of performance, she said, isn't why somebody...

SEC checks mutual fund compliance; Phone sweep examines progress on implementing new rules.(News)
November 8, 2004... Byline: Frederick P. Gabriel Jr. BOSTON - The Securities and Exchange Commission is conducting a "sweep'' of the nation's top mutual fund companies to determine if they are meeting the demands of the newly beefed-up compliance regulations....

At the Bell; Merrill Lynch looks To acquire firms.(Late News)
November 8, 2004... Merrill Lynch & Co. Inc. of New York sees opportunities in the current consolidation of broker-dealers. "We're in a consolidating industry,'' said James Gorman, head of the firm's global private-client group. "The long-term trend is...

Investors view brokers positively.(Short Interests)
November 8, 2004... Byline: Bruce Kelly NEW YORK - Investors are regarding their brokers somewhat more kindly this year, according to the 10th annual Securities Industry Association investor survey. Sixty-four percent of the respondents had favorable...

Advisers are beginning to unbundle their asset-based fees; Onetime retainer or hourly fees gain.(News)
November 8, 2004... Byline: Jeff Benjamin DETROIT - Independent financial advisers are once again spearheading changes in the way investors pay for advice. Having already driven much of the brokerage industry to re-evaluate its use of commissions, many...

Memo to President Bush on the economy.(Monday Morning)
November 8, 2004... Byline: Mike Clowes Dear Mr. President, Congratulations on your re-election. Here are a few thoughts on key economic priorities for your new term. First, cut federal spending. It's time to remind your fellow Republicans that they...

Public confused over policies; Ignorance of LTC, disability and life coverage called obstacle to sales effort.(News)
November 8, 2004... Byline: Gary S. Mogel NEW YORK - When it comes to understanding long-term-care, disability and life insurance, most people haven't a clue. A recent survey of 1,000 U.S. adults by Park Ridge, Ill.-based Million Dollar Round Table found...

With election over, advisers breathe easier; Most expect market to show prolonged strength.(News)
November 8, 2004... Byline: Rick Miller CHICAGO - For Donald Duncan, president of D3 Financial Counselors, President Bush's election victory brought a sigh of relief shared by many financial advisers like himself. "This was really the year of...

Small-plan share class draws some criticism; Critics say R shares may be too costly.(News)
November 8, 2004... Byline: David Hoffman NEW YORK - Since the mutual fund trading scandal broke more than a year ago, many fund companies have announced a reduction in fund fees, a move some industry watchers said they think is an attempt to win back the...

SEC pushes hedge funds into the sunlight.(Editorial)
November 8, 2004... The Securities and Exchange Commission has won its fight to extend its oversight to hedge funds, passing regulations that have been opposed by the $870 billion industry. The SEC's controversial plan to regulate hedge fund managers as...

Fund investors may face capital gains taxes; Sideways market may blunt the blow this year, however.(News)
November 8, 2004... Byline: David Hoffman NEW YORK - For the first time since the technology bubble burst in 2000, many mutual fund investors may face paying capital gains taxes. The issue, however, won't be as onerous as some investors once thought. ...

Disease-centric investing arrives; WellSpring unit investment trusts take aim at finding cures.(News)
November 8, 2004... Byline: Gary S. Mogel NEW YORK - Clients have long been able to dovetail their investment choices with their environmental, pacifist, smoke-free or political leanings. Now a new offering by Philadelphia-based WellSpring BioCapital Partners...

Manulife exits separate accounts biz.(Short Interests)
November 8, 2004... Byline: Jeff Benjamin DETROIT - Manulife Financial Corp. has opted to back out of the separately managed accounts business quietly. Even though Manulife was a small-time player in the $535 billion industry, the decision to exit the...

Calendar.(Calendar/Datebook)
November 8, 2004... NOVEMBER 9 - 2004 Cross-Tested Specialty Workshop, SunGard Corbel. Holiday Inn Hotel and Conference Center, Champaign/Urbana, Ill. sungardcorbel.com. 10 - Twenty-seventh annual Westergaard SmallCap Conference, Paulson Investment Co....

One on One With Marcia Mantell of Fidelity Investments Institutional Services Co. Inc.(One on One)
November 8, 2004... Byline: Rick Miller Since going out on the adviser speaker circuit, Marcia Mantell of Fidelity Investments Institutional Services Co. Inc. finds raising the issue of the five main risks for clients in retirement elicits the most "ahas''...

Principal Financial offers one-stop HSA.(Short Interests)
November 8, 2004... Byline: Gary S. Mogel NEW YORK - A new health savings account that combines benefits management, administration and investing under one roof is available to employers from the Principal Financial Group. One-stop services such as those...

Solo 401(k)s now offer more choices, lower costs; The reason? Many of the big players are in the market.(News)
November 8, 2004... Byline: Rick Miller CHICAGO - The good news for financial advisers considering a solo 401(k) for clients is that it has become a buyers' market. Increased competition among plan providers has made for more choices and lower costs, with...

Fund firms see investment aspects in HSAs; Getting into game as profits look healthy in the long run.(News)
November 8, 2004... Byline: Ilana Polyak NEW YORK - Now that health savings accounts have had nine months to gain acceptance in the marketplace, providers of the plans are training their sights on another aspect of HSAs: investments. A handful of...

Schwab prods advisers to buy extra insurance; Members of network told to have coverage of errors and omissions.(News)
November 8, 2004... Byline: Brooke Southall SAN FRANCISCO - Charles Schwab & Co. Inc. is telling many of its most favored advisory firms to cover their tails or lose a key perk. The San Francisco-based broker sent an e-mail Oct. 25 to the 326 advisory...

Wall St. cheers Bush, smooth election.(Reverse Spin)
November 8, 2004... Byline: Frederick P. Gabriel Jr. Get a load of the gams on that post-election rally. Wall Street rejoiced at President Bush's re-election with a substantial rally Wednesday. The Dow Jones Industrial Average closed with a gain of...

Transactional mind-set may stymie bank life insurance sales; Advisory stance could prove more effective, exec says.(News)
November 8, 2004... Byline: Gary S. Mogel NEW YORK - Taking a transactional rather than an advisory approach is impeding life insurance sales by bank-affiliated financial advisers and agents, according to a bank insurance marketing executive. Thomas E....

Beware of claims to settle debt 'for pennies'.(Tax Watch)
November 8, 2004... Byline: Mark E. Battersby The Internal Revenue Service has issued an alert advising taxpayers to beware of promoters' claims that tax debts can be settled for "pennies on the dollar'' through the offer-in-compromise program. According...

Transamerica to offer Vanguard lifestyle fund; Some call these types of funds merely a fad.(News)
November 8, 2004... Byline: Rick Miller CHICAGO - Jumping on the lifestyle-fund bandwagon, Transamerica Retirement Services is making available The Vanguard Group Inc.'s target retirement funds to its 450,000 401(k) plan participants. Los Angeles-based...

Committee sees jobs creation act affecting deficit slightly.(Tax Watch)
November 15, 2004... Byline: Mark E. Battersby The Congressional Budget Office and Congress's Joint Committee on Taxation has estimated that the budgetary cost of the American Jobs Creation Act of 2004 (P.L. 108-357) will affect the 2005-2011 deficit only...

A day in the life of an insurance wholesaler; Salesman to planners spends lots of time with clients.(News)
November 15, 2004... Byline: Charles Paikert NEW YORK - On a Friday morning, Chris Rosoff was ready to roll. His hair was carefully combed, and he looked sharp in his tailored blue pinstriped suit, crisp white shirt, bright red tie and designer suspenders....

Tax reform adds life to master LPs; Law now permits mutual funds to invest in the vehicles.(News)
November 15, 2004... Byline: David Hoffman NEW YORK - A provision that went largely overlooked in the corporate-tax-reform bill signed into law late last month allows mutual funds to invest in master limited partnerships. The news has the potential to...

Husband-wife planning team helps other couples; The Zimmermans offer both financial and marriage counseling.(News)
November 15, 2004... Byline: Charles Paikert NEW YORK - Few financial planners deny that their service to clients, especially querulous couples, involves some sort of therapy. Susan Zimmerman, 52, co-principal, along with her husband, Steve Zimmerman, 54,...

Banks sell more fixed annuities than variables, survey finds; Volatility in the equity markets is seen as a factor in sales of VAs.(News)
November 15, 2004... Byline: Gary S. Mogel NEW YORK - Banks' fixed-rate mindset and shortage of platform employees with securities licenses are among the reasons they sell more fixed than variable annuities compared to other distribution channels, according to...

Rising health costs do damage.(Short Interests)
November 15, 2004... Byline: Rick Miller CHICAGO - Rising health-care costs are forcing Americans to scale back on their retirement savings. That is the main finding of a second annual survey released this month by American Express Retirement Services, a...

SEC needs two tiers of adviser rules.(Editorial)
November 15, 2004... It's time for the Securities and Exchange Commission to realize one size does not fit all, even in securities regulation. It should develop two tiers of regulation for the investment management/investment advisory industry, with a higher...

SmartFlex card available for prepaid accounts.(Product Watch)
November 15, 2004... Motivano Inc. in New York, in conjunction with UMB Financial Corp. in Kansas City, Mo., has announced the availability of a new "smart card,'' called SmartFlex, designed to eliminate the paperwork involved in the management of flexible spending...

One on One With Richard G. Ketchum of the New York Stock Exchange.(One on One)
November 15, 2004... Byline: Bruce Kelly Richard G. Ketchum, chief regulatory officer of the New York Stock Exchange's, is overseeing what he calls a significant expansion of oversight that ranges from the trading floor of the exchange to the branch offices of...

Widening trade deficit requires attention.(Monday Morning)
November 15, 2004... Byline: Mike Clowes During the election campaign that ended last week, the federal budget deficit received a great deal of attention. In fact, both candidates promised to cut it over the next four years. But neither paid much attention...

Software crunches many numbers into a few well-chosen words; Just enter a ticker symbol, get back some analytic prose.(News)
November 15, 2004... Byline: Gary S. Mogel NEW YORK - Advisers who think that one word is worth a thousand numbers will probably like a new web-based system from Sageworks Inc. that converts reams of numbers in financial reports into narrative text and bar...

Regulators clash over broker disclosure on fund sales.(Conference Call)
November 15, 2004... Byline: Bruce Kelly BOCA RATON, Fla. - Top securities regulators disagree over how broker-dealers and registered representatives could present disclosure information in the future when selling mutual funds. That was made clear this...