• Addition of more bachelor‚s and master‚s degree programs in financial planning. There are currently 234 CFP-registered programs at 151 institutions, says Ritchlin. That‚s up from 119 programs at 93 institutions in February 1999.
While the challenge status still exists, the CFP Board is also considering including some master‚s degree programs, including the master‚s of business administration degree, on the list of those eligible for challenge status. "We want to get rid of it, but while it‚s here, it needs to be as fair as possible," Ritchlin says.
Bank of New York Buys Lockwood
The nation‚s oldest bank has become the latest player in the separate account industry. The Bank of New York has announced it has signed an agreement to buy LPG Inc., the privately-held parent company of the Lockwood Financial family of companies.
Terms of the deal were not disclosed.
The purchase, which is pending regulatory approval, would merge two companies that are major players in their respective industries. The Bank of New York, founded by Alexander Hamilton in 1784, is the world‚s largest custody bank and had more than $80 billion in assets as of the end of June.
Lockwood, founded in 1995 and based in Malvern, Pa., is one of the largest providers of individually managed account services to independent financial advisors. The company‚s recommended money managers manage about $7.6 billion for affluent investors and institutions through Lockwood‚s managed account platform. Lockwood enjoyed rapid growth in the late ‘90s but also went through a lot of capital, even for a startup.
"The synergies we will generate by combining their expertise and ours will enable us to offer this growing marketplace a richer and expanded array of services," says Gerald L. Hassell, president of The Bank of New York.
Lockwood officials say the company will continue to focus on providing clients with objective advice, customized portfolio designs and tax management, with the support of its nationwide network of independent advisors. If Bank of New York decides to invest heavily in the firm, it could turn up the competitive heat on rivals. "We were looking for a way to take Lockwood to the next level and believe we have found it with The Bank of New York," says Leonard A. Reinhart, Lockwood‚s founder and chairman.
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