Tim O'Connor's Blog

Effective October 3, 2011, the Banking Department and the New York State Insurance Department will soon merge to become the New York State Department of Financial Services (DFS).  A press release from the New York State Banking Department states: “Integrating these agencies under a single leadership and management structure will allow for greater efficiency and […]

Sales of variable annuities to senior citizens and tens of thousands of Americans continue, despite concerns regarding their suitability and appropriateness.  The top insurance company sales of variable annuity products include Prudential Annuities, MetLife, Jackson National Life, Lincoln Financial Group, AXA Equitable, AIG Companies, Riversource Life Insurance, Nationwide Financial, ING, Aegeon USA, Sun Life Financial, […]

What happens when a stockbroker or registered investment advisor steals money or securities from a customer’s account?  Does this happen often?  Unfortunately, the theft of customer monies and investments by stockbrokers and registered investment advisors occurs in less than 1% of all accounts.  When theft does happen, getting your money back may not be easy […]

For the past ten years tens of thousands of stockbrokers have left brokerage firms to become independent registered investment advisors.  So what’s the difference?   Stockbrokers are required to be registered with the Financial Industry Regulatory Authority, a self-regulatory existing under the auspices of the Securities and Exchange Commission.  FINRA maintains a comprehensive set of […]

1.  Do they carry liability insurance and fidelity bonding in the event that your account is abused or your funds are embezzled? 2.  What professional certifications does the advisor have?   3.  Does the brokerage firm or clearing firm with whom your advisor domiciles and custodies your account have adequate financial backing in the event […]