Results for "fiduciary"

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From those who set the standards, much is expected

August 17, 2019

As it states on its website,​ "the mission of the Certified Financial Planner Board of Standards Inc. is to benefit the public by granting the CFP certification and upholding it as the recognized standard of excellence for competent and ethical...

New SEC videos aim to help investors identify brokers vs. investment advisers

August 15, 2019

Investors trying to decide whether to hire a broker or an investment adviser can now turn to the Securities and Exchange Commission's website, where the agency posted videos on Thursday designed to highlight the differences between them. The...

CFP Board defends its enforcement program

August 12, 2019

CFP Board is at the forefront of advancing the financial planning profession with its certified financial planner certification and its enforcement program. However, recent articles from The Wall Street Journal have presented an unfair and incomplete...

New York best interest rule for annuity, life insurance sales upheld by state court

August 5, 2019

The New York State Supreme court upheld a state regulation imposing a tougher standard on agents and brokers selling annuity and life insurance policies, on the eve of the rule taking effect. Acting Supreme Court justice Henry F. Zwack said...

CFP Board's effort to strengthen enforcement could sharpen teeth of fiduciary duty

July 31, 2019

The CFP Board recently delayed enforcement of the elevated advice requirement for its designation until next June. It can use the extra time to bolster its ability to give the new standard sharper teeth. Under the new rule, the approximately...

Waters amendment to kill Reg BI faces new hurdle

July 24, 2019

A federal budget agreement earlier this week puts a high hurdle in front of legislation that would effectively kill the Securities and Exchange Commission's recently approved investment advice reform package. Last month, the House approved an...

Why a culture of compliance is critical

July 19, 2019

The financial industry's reputation was hit broadside by the financial crisis, eroding trust and opening the door for new industry players offering transparency, convenient service models and lower fees. We remain in a general environment of...

Trump taps top lawyer against DOL fiduciary rule to head the department

July 19, 2019

President Donald J. Trump intends to put at the head of the Labor Department the man who was instrumental in killing the agency's fiduciary rule for financial advice in retirement accounts. In a tweet Thursday, Mr. Trump said he will nominate...

CFP Board postpones enforcement of its revised fiduciary standard

July 16, 2019

Bowing to pressure from the broad financial advice industry as well as individual advisers, the Certified Financial Planner Board of Standards Inc. said Tuesday morning that it will delay the enforcement of its expanded fiduciary standard for...

Critics concerned with pending second wave of SEC share-class crackdown

July 16, 2019

As the Securities and Exchange Commission conducts investigations for the second round of its crackdown on inadequate mutual fund payment disclosures, critics are asserting the agency is engaging in rulemaking by enforcement. Earlier this year,...

CFP Board to announce possible delay of new fiduciary standard

July 12, 2019

The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. During a webinar Friday afternoon,...

Departure of Alexander Acosta could slow DOL effort to revise fiduciary rule

July 12, 2019

The resignation of Labor secretary Alexander Acosta on Friday could delay the agency's release of a replacement for its fiduciary rule. Under the Obama administration, the DOL issued a regulation that would have required brokers to act in the...

Labor Secretary Alexander Acosta resigns after furor over Jeffrey Epstein sex charges

July 12, 2019

Labor Secretary Alex Acosta, in a surprise appearance Friday with President Donald J. Trump, said that he would resign. "I thought the right thing was to step aside," Mr. Acosta told reporters at the White House. "It would be selfish for me...

Applauding the SEC's new approach to disclosure

July 11, 2019

The Financial Services Institute was pleased last month when the Securities and Exchange Commission passed Regulation Best Interest, a vital new rule that establishes a best-interest standard of care for all advisers on both the broker-dealer...

SEC member Peirce to brokers: Talk to us early, often about Reg BI implementation problems

July 11, 2019

Financial professionals may still be slogging through the nearly 1,400 pages of the investment advice reform package the Securities and Exchange Commission approved last month — but they should be working on implementation now, especially...

CFP Board may make decision this week on delaying enforcement of fiduciary standard

July 11, 2019

The board of directors of the Certified Financial Planner Board of Standards Inc. is meeting in Maine this week, and may decide to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. Approved...

SEC's Blass rebuts assertion Reg BI is tougher than fiduciary standard

July 10, 2019

Even before the Securities and Exchange Commission approved new investment advice reform rules in June, there was debate about whether the broker requirement would be tougher than the standard for investment advisers. One of the authors of the...

SEC head defends Reg BI, but only succeeds in igniting more criticism

July 9, 2019

Securities and Exchange Commission Chairman Jay Clayton took on critics of the agency's recently approved investment advice reform package in a lengthy defense Monday, but his remarks didn't calm the fierce debate. In a speech Monday in Boston...

SEC chairman Jay Clayton defends advice rule

July 9, 2019

U.S. Securities and Exchange Commission chairman Jay Clayton is striking back at critics who've said one of his signature regulatory achievements is a gift to Wall Street. The rules in question, passed by the SEC last month, were supposed to...

New York lawmaker works on bill to establish fiduciary duty for advisers in state

July 3, 2019

A New York lawmaker is working on legislation to raise investment advice requirements in the state. Assemblyman Jeffrey Dinowitz, D-Bronx, was the author of a bill that would have required financial advisers in the state to disclose whether...

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