STUDY: RIAS NEED TO DIFFERENTIATEA study commissioned by Pershing Advisor Solutions projects that as the market for financial services becomes even more competitive, registered investment advisors need to "fine tune" their area of expertise and promote their reputations of specialized knowledge in a given niche. The report said that specialization is crucial, given that consumers who seek financial advice are becoming more sophisticated in their market knowledge, and thus are sparking a growing demand for qualified individuals.


The Internal Revenue Service has introduced a Voluntary Closing Agreement Program that will help financial firms avoid harsh penalties for violating federal tax laws on arbitrage investment restrictions for municipal bonds.

The program is available to municipal bond issuers so that they can correct any violations of non-fair-market-value purchases of forward-float investment agreements. The IRS noted that purchasing a forward-float agreement at a yield below market value could result in a violation of the applicable arbitrage yield restrictions.

The resolution terms in the voluntary program are only available until March 1, 2008.


Wealth Management Systems Inc., a provider of automated IRA rollover services, has appointed John Geli as chief executive. Geli most recently served as chief operating officer. He succeeds Jude Metcalfe, who resigned as CEO, but remains a shareholder.

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