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SEC final advice rule hearing updates

June 5, 2019

The following is a string of dispatches from the SEC hearing on its final rule on advice standards for brokers and financial advisers. Check back regularly for the latest updates. 12:10 p.m. ET: SEC APPROVES ALL FOUR RULES IN ADVICE REFORM PACKAGE...

SEC releases new details on investment advice reform package

June 5, 2019

The Securities and Exchange Commission released a fact sheet Wednesday on a final package of regulations​ that will make the most significant changes to investment advice standards in more than two decades. The centerpiece of the reform package...

SEC reforms impose new requirements on brokers and advisers, but some argue not enough

June 5, 2019

The Securities and Exchange Commission's long-awaited investment advice reforms, which were approved Wednesday in a 3-1 vote, are virtually unchanged from an original proposal. The reforms set new standards for brokers and slightly change rules...

Investor advocates slam SEC advice reform on eve of Reg BI vote

June 4, 2019

Investor and consumer advocates slammed a Securities and Exchange Commission investment advice reform package Tuesday, the eve of a final vote on the regulations. The Public Investors Arbitration Bar Association, the Consumer Federation of America...

What to look for in the final SEC advice rule

June 3, 2019

The Securities and Exchange Commission will meet Wednesday to vote on a final investment advice reform package of rules. More than a year after the original proposal was released, the agency is now ready to conclude its work on Regulation Best...

What you need to know about professional fiduciaries

June 3, 2019

Typically, individuals engage professional fiduciaries directly and voluntarily, but that isn't always the case. Guardians are court-appointed fiduciaries charged with serving the best interests of persons legally determined to need help caring...

What the new DOL fiduciary rule will probably look like

May 31, 2019

The form and substance of the Department of Labor's new fiduciary rule, set to be unveiled by the end of the year, is anybody's guess. But there are a few clues, and attorneys who specialize in fiduciary and retirement law have mined them to...

DOL sets date to propose new fiduciary rule

May 23, 2019

The Department of Labor will propose a new fiduciary rule in December, the opening salvo in what will likely prove to be another contentious battle to overhaul investment advice standards in retirement accounts. Labor Secretary Alexander Acosta...

SEC sets June 5 date for vote on Regulation Best Interest

May 23, 2019

The Securities and Exchange Commission will vote on an investment-advice reform package on June 5. The agency posted the agenda for the open meeting on its website Thursday afternoon. The four SEC members will decide whether to adopt Regulation...

Brokerages sound off on Regulation Best Interest

May 17, 2019

An executive at a small brokerage firm expressed concern Friday that the Securities and Exchange Commission's pending advice-reform rule is too vague and could lead to an exclusive focus on the price of investments. The centerpiece of the package...

Reg BI looks strong, if you squint just right

May 13, 2019

The Wall Street Journal's Jason Zweig recently complained about a study from Fidelity Investments that was interpreted to show that "Most index funds are 'below-average investments'" and that except for large U.S. stocks, in nearly every other...

SEC commissioner Hester Peirce says Reg BI is stronger than fiduciary duty

May 8, 2019

Members of the Securities and Exchange Commission have defended their agency's forthcoming final advice-reform rule in exchanges over the last couple days. SEC commissioner Hester Peirce said the proposal to raise advice requirements for brokers...

Trump could cost future retirees billions

May 6, 2019

Last year, the Trump administration abandoned a regulation designed to protect U.S. savers from conflicted investment advice. Known as the fiduciary rule, it would have required more brokers and insurance agents to disclose when they're getting...

Clayton hints Reg BI may be out earlier than expected

May 2, 2019

Securities and Exchange Commission Chairman Jay Clayton remained tight-lipped about investment advice reform regulation on Thursday, but he hinted that it might be released sooner than expected. In a discussion with reporters, he sidestepped...

Alexander Acosta is the Night King from 'Game of Thrones'

May 2, 2019

For those of us who love the HBO series "Game of Thrones" — and I'm guessing that's pretty much everyone reading — one question has nagged for the majority of the show's run: Just who is this Night King guy? We know a few things. The signature...

Acosta says Labor Department will revive fiduciary rule

May 1, 2019

Labor Secretary Alexander Acosta told lawmakers Wednesday the agency would revive its fiduciary rule. In a hearing of the House Education and Labor Committee, Mr. Acosta said DOL is working with the Securities and Exchange Commission as the...

State regulators urge SEC not to try to block state fiduciary laws

April 30, 2019

State regulators are urging the Securities and Exchange Commission not to try to block state fiduciary laws and regulations through the agency's investment advice reform rule. In an April 25 comment letter to the agency, the North American Securities...

When to do a retirement-plan rollover, and when to avoid it

April 26, 2019

During the Department of Labor fiduciary debate, one of the biggest issues was the benefits and drawbacks of rolling 401(k) and other employer-sponsored retirement plans into individual retirement accounts. The government made the argument that...

IBD report: Another impressive year

April 20, 2019

Despite a stock market decline, the largest independent broker-dealers turned in another stellar year in 2018, with revenue for the top 25 firms participating in an InvestmentNews survey reaching $25.5 billion, a 14.7% increase over 2017. The...

Fate of New Jersey fiduciary standard could come down to politics, court

April 16, 2019

A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition. On Monday, the state's Securities Bureau released a proposal for...

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