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.