Alan Rappaport has ditched JP Morgan Chase, becoming president of Bank of America's Private Bank. Rappaport held a senior investment position as a managing director of Chase Investment Advisors. (added 11:30 AM)

American Express Financial Advisors launched financial planning software, with technology it calls the Monte Carlo advantage. Presumably, the technology will give its network of advisors a dealer's advantage. (added 1:00 PM)

Last Friday Senators Charles Grassley, (R-IA) and Max Baucus, (D-MT) introduced a new bill on retirement savings reform legislation. The Grassley/Baucus legislation aims to expand pension coverage and savings across the demographic spectrum, aiding workers at all income levels. In addition it would increase American's abilities to save by increasing the IRA contribution limit to $5,000 and the 401(k) limit to $15,000. Other provisions include allowing older workers to make up for periods when they were not able to save adequately through the bill's catch-up contribution provision. (added 3:10 PM)

John Hancock Funds plans a "MayDay!" Webcast for advisors and investors on (go figure) May Day, at 8 PM EST. The broadcast will address investment opportunities during the bear's reign. (added 3:30 PM)

Morningstar continues to court financial advisors by responding to advisors' call for more qualitative information. As part of the newly-redesigned Web site, a database of due diligence questionnaires from almost 100 mutual fund companies -- standardized to facilitate comparison -- will be made available to advisors from the web site or Principia. (added 4:00 PM) 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE