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California is considering charging broker-dealer and investment advisory representatives $25 per year to cover the cost of regulating more investment advisory firms, the state’s corporations commissioner, Preston DuFauchard, told InvestmentNews today. California is one of the few states that do not charge an annual “renewal” fee for brokers and advisers, Mr. DuFauchard said

Investors praying for divine inspiration may have gotten their wish today when three faith-based exchange-traded funds made their debut. The FaithShares Catholic Values Fund (FCV), FaithShares Methodist Values Fund (FMV) and FaithShares Christian Values Fund (FOC), are tailored to each denomination’s teachings and recommendations for investing. FaithShares Advisors LLC worked with the FTSE Group and KLD Research & Analytics to create a series of custom indexes on which the funds are based.

Putnam Investments laid off about 5% of its staff today, as part of a continuing effort to reallocate resources to areas of the business that will fuel future growth, confirmed spokesman Jon Goldstein. Mr. Goldstein said 104 positions were eliminated, mostly among the company’s technology and operations personnel, leaving Putnam with a work force of 1,827

He used to be known as the charming, affable “Uncle Stan” of Brookstreet Securities Inc., the independent broker-dealer he built. Now, he’s facing charges of securities fraud because his brokers sold more than 1,000 investors $300 million in high risk investments linked to mortgages. Yesterday, the Securities and Exchange Commission charged the now defunct firm and its former chief executive, Stanley C.

The Charles Schwab Corp.’s effort to drum up business in its newly launched stable of exchange-traded funds by waiving commissions for its clients continues to draw intense interest from its competitors and advisers. At two separate conferences Wednesday, questions were raised about Schwab’s ground-breaking decision with various levels of concern. Richard Lehmann, an investment adviser firm owner who publishs fixed-income newsletters and an ETF investing newsletter, said he worries that other brokers will rush in behind Schwab with their own new commission-free offerings, to the ultimate detriment of individual investors

It came as no surprise to Cathy Curtis when MORE, a glossy women’s magazine, recently ranked financial adviser as one of the 10 best professions for women over the age of 40. Ms. Curtis, 51, gave up her 20-year career as an executive in the food manufacturing industry to become an adviser some eight years ago.