Business Services Industry
SEC slows brokers in race to offer online bill payment ; Red tape keeps advisers from handling assets.(Securities and Exchange Commission hampers new services by brokers)(Brief Article)
Business Insurance, March, 2001 by Southall, Brooke
Handling the monthly bills for clients is shaping up to be the next big thing for financial advisers. But the nation's pioneering discount brokerage company and its competitors are being hampered by federal regulations. While banks are rushing to add the service to their websites, Charles Schwab & Co.
and other companies regulated by the Securities and Exchange Commission are limited in what they can offer to advisers. The hiccup for advisers is that they are prohibited from having custody of clients' assets. So while they can help clients manage their finances, and advisory firms can offer online bill payment, SEC asset custody rules prevent advisers from managing the entire payment process. Schwab, TD Waterhouse, Fidelity Investments and any other...
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