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Monday's Headlines: Advisers up in arms over BrightScope's consumer search site

Some financial advisors are irate over BrightScope's new controversial website which allows investors to search for legal information about advisors, according to Investment News. Advisor Pages, a free search site allowing investors to search for professionals using various criteria, includes info on legal disputes and formal complaints, which BrightScope claims comes from FINRA and SEC data.

A number of advisors complain this information is out-dated, and their assets are understated. The article quotes one irritated advisor: "The problem I have with the site is that it purports to act in the public's best interest, but the truth is that they are interested in using my information under the guise of acting in the public's best interest to drive traffic to their website."

Other news:

More than a dozen banks have raised dividends so far in the Q2, returning to the ranks of the payout-paying firms favored by investors. [WSJ]

Ron Carson, LPL Financial LLC's most successful adviser with more than $3 billion in assets, is leaving to create his own B-D. [Investment News]

U.S. corporations have been hiring overseas, following recent sales growth, while overall hours worked holds at pre-recession levels. [WSJ]

Blackstone will buy Australia's Valad Property Group for $227 million, including $655 million in debt. [DealBook]

UBS is hit with damages for failure to sell client's foreign shares. [Forbes]

Germany's Commerzbank Q1 profit is up a record 40% as it allocated fewer funds to risky loans. [Businessweek]

"Money and Power: How Goldman Sachs Came to Rule the World" author says he understands, though not necessarily empathize with, bankers. [Guardian]

The Dodd-Frank law has produced more than three million words and about 62% of the 387 rules required by the law haven't even been proposed. [WSJ]

Opinion: Republicans are ensuring that bailouts will be bigger, costlier and more frequent. [NY Times]

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AUTHOREmma Johnson Insider Comment
  • Wa
    Wallace
    30 May 2011

    Given BrightScope fails to update data without a fee and given BrightScope fails to honor legitimate trademarks, I recommend we file complaints with the FTC at http://www.complaintsboard.com. Further, I recommend we contact the SEC & FINRA and register a complaint regarding the abuse of our data by BrightScope for ill be gotten gains. Contact your FINRA local district for best results.

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