NewRiver Launches Offering For Breakpoint Research
NewRiver Inc. of Andover, Mass., has introduced NewRiver BreakPointers, a Web-based service that enables users to access mutual fund breakpoint tables and commission-reducing rules.
The service allows financial services firms, accountants and attorneys to retrieve and navigate through comprehensive, legally binding compliance information for mutual fund documents. Developed to address regulatory requirements and actions, BreakPointer plugs broker-dealers and other professionals directly into NewRiver‚s proprietary XML-tagged database of SEC EDGAR filings for all U.S. mutual funds, including all prospectuses, reports, supplements, statements of additional information and amendments.
"In the face of trading violations and, most recently, the SEC and NASD‚s recent allegations of breakpoint overcharges, the securities industry has a tough uphill battle as it struggles to restore investor confidence," says Jim Wironen, NewRiver‚s executive managing director of sales and marketing. "In resolving overcharges, NewRiver BreakPointer stands to play an important role by providing broker-dealers with a solution that, for the first time, offers an alternative to costly, time-consuming calls to the fund companies or searches through the EDGAR database."
Wironen adds BreakPointer also accounts for other critical rules to ensure that investors accurately receive refunds, if they‚re eligible, without further delay or threat of additional enforcement actions.
Recent findings by the SEC and NASD revealed that many securities firms did not deliver appropriate breakpoint discounts to customers, with the NASD estimating that at least $86 million is still owed to investors for 2001 and 2002. Almost 450 firms are required to alert customers who purchased Class A mutual funds since Jan. 1, 1999, that they may be eligible for refunds.
For product information or to reach a NewRiver sales representative, call (866) 271-0775 or visit the company‚s Web site at www.newriver.com.
Triad Advisors Adds Services
Triad Advisors Inc., a full-service independent broker-dealer based in Atlanta, Ga., has entered into an agreement for Ash Brokerage Corp. to provide it with back-office support.
Ash Brokerage of Ft. Wayne, Ind., will provide back-office services to Triad‚s 242 advisors for their fixed life, annuity and variable lines of business.
Triad Advisors also has signed an agreement with Everbank, a division of First Alliance Bank, FSB, that permits Triad‚s financial advisors to offer banking and mortgage products to their clients.
For more information on Triad, visit www.triad-advisors.com or call (800) 720-4003.
MSC Site Is Recognized
Mutual Service Corp.‚s Advisor OnLine has received an InfoWorld Top 100 award, which recognizes projects that have made the best use of information technology to meet business goals.
MSC‚s iAdvisor OnLine consists of a new consolidated portal that includes compliance checks for the Patriot Act, trade oversight, dynamically filled sponsor forms and integrated e-mail and calendars. MSC, based in West Palm Beach, Fla., is a subsidiary of Pacific Life Insurance. More information is available at www.mutualservice.com.
New Bridgeway Funds
Bridgeway Capital Management Inc. of Houston has added small-cap growth and value funds and large-cap growth and value funds.
Shares of these new funds may be purchased directly from Bridgeway or through various mutual fund marketplaces. For more information on Bridgeway funds, call (800) 661-3550 or visit www.bridgewayfund.com.
Worldwide Bank Introduces Products
SG Corporate & Investment Banking (SG CIB), a division of Société Générale Group, is offering new financial products based on the MSCI Hedge Invest Index.
Among the products SG CIB has created are certificates and notes that provide investors full exposure to the positive and negative performance of the index; principal protected notes offering principal protection plus participation in the positive performance of the index; and warrants providing leveraged exposure to the performance of the index.
For more information, visit www.sgcib.com.
School Adds Program
The Academy of Financial Services Studies in Milwaukee is offering the Boston University Online Program for Financial Planners. By completing the BU program, students fulfill Certified Financial Planner Board of Standards education requirements for the CFP Certification Examination. For more information, visit www.theeacademy.com.