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SEC panel votes to urge agency to strengthen advice rule proposal

November 7, 2018

A panel established to speak for ordinary investors to the Securities and Exchange Commission voted Wednesday to urge the agency to strengthen its investment advice reform proposal by putting tougher requirements on brokers. The SEC Investor...

SEC panel pushes strengthening Regulation Best Interest, in line with a fiduciary duty

November 1, 2018

The Securities and Exchange Commission's Investor Advisory Committee is pushing to "strengthen and clarify" rules requiring broker-dealers to act in the best interest of investors, potentially sharpening the rules to take the form of a fiduciary...

IAA fears SEC will leave investor testing behind in rush to finalize advice rule

October 30, 2018

In a rush to complete investment advice reform next year, the Securities and Exchange Commission might not pause to absorb investor testing on a key part of the proposal, according to an adviser advocate. The SEC included in the package a so-called...

State insurance commissioners draft annuity sales rule

October 26, 2018

State insurance regulators want to strengthen rules for annuity sales by requiring they be conducted with the consumer's interest as the priority, rather than the insurance professional's compensation. Members of the National Association of...

Regulatory outlook for 2019 shaping up to be more positive

October 24, 2018

With the Department of Labor fiduciary rule overturned and the SEC's effort to advance a more workable common standard of care for all advisers well under way, the regulatory outlook for our industry is much more positive than it was several...

Two financial advisers running for Congress

October 19, 2018

Few lawmakers on Capitol Hill have backgrounds in the financial advice sector, but next month's midterm elections could add two more. Voters in Pennsylvania could send the first certified financial planner to Congress. In Maryland, the chief...

DOL likely to address fiduciary rule again next year

October 18, 2018

The Labor Department has signaled it will address by next fall unfinished business surrounding its investment-advice rule that was killed by a federal court earlier this year. The agency released a regulatory agenda on Thursday that indicates...

SEC commissioner Stein suggests Congress address differing broker, adviser standards

October 16, 2018

Securities and Exchange Commission member Kara Stein said Tuesday that Congress may have to get involved in raising investment advice standards. The Democratic commissioner suggested amending securities laws that allow brokers to provide advice...

Can investment advisers disclose away all conflicts? Can brokers?

October 16, 2018

With the release of its regulatory package on April 18, the Securities and Exchange Commission drew an important distinction between disclosure obligations for investment advisers versus those for brokers. Even as the greater fiduciary debate...

New Jersey releases uniform fiduciary standard pre-proposal, seeks comments

October 15, 2018

New Jersey released a request for public comment Monday on what could become a proposal to raise investment advice requirements for brokers. The state's Bureau of Securities issued what it called a notice of pre-proposal that would subject brokers,...

New Jersey could be first in fiduciary 'blue wave' with pending proposal

October 9, 2018

A calm surface on the waters of investment advice reform is about to be broken by what could be the beginning of a fiduciary blue wave at the state level. Next Monday, the New Jersey Bureau of Securities is expected to release for public comment...

CFP Board asks advisers how to offer guidance on revised standards

September 27, 2018

With just over one year until the Certified Financial Planner Board of Standards' new code and standards goes into effect, the board is asking for adviser input on what resources would be most helpful to understand and adopt the new rules. Of...

New Jersey brokers expect industry will push back against fiduciary rule proposal

September 27, 2018

New Jersey brokerage executives expressed consternation over adding another layer of regulation by requiring them to adhere to a fiduciary standard, predicting officials will face stiff headwinds in getting it across the finish line. "The state...

SEC advice rule falls short on investor protection, lawmaker asserts

September 26, 2018

A Democratic lawmaker asserted to a Securities and Exchange Commission official Wednesday that the agency's investment advice reform proposal falls short of the investor protections required by the Dodd-Frank financial reform law. In a congressional...

New Jersey fiduciary rule could be first of many among states post-DOL

September 26, 2018

New Jersey's push for a fiduciary rule governing brokerage firms in the state could be the first of many similar rules issued by other states following the death of the Department of Labor's fiduciary regulation earlier this year. New Jersey...

FSI celebrates death of DOL fiduciary rule, praises SEC advice rule

September 25, 2018

Leaders of the Financial Services Institute danced on the grave of the Labor Department's fiduciary rule Tuesday while voicing support for the Securities and Exchange Commission's advice reform proposal. FSI president and CEO Dale Brown said...

Clayton declines to set timeline for final SEC advice rule

September 21, 2018

Securities and Exchange Commission chairman Jay Clayton won't set a deadline for the agency to complete its work on investment advice reform. "I have no specific date set yet," Mr. Clayton told reporters Thursday night in Baltimore, following...

All clients deserve advice that is in their best interest

September 19, 2018

With all of the recent discussion about the standards of conduct for financial professionals, it is important to remember that there is one legal standard that has required professionals to act in the best interest of their clients for more...

401(k) adviser disclosures need an important update

September 17, 2018

A fiduciary serves a vital role in society. In the most basic form, a fiduciary is expected to make dispassionate decisions in the sole interest of the less informed. To serve in the role requires the fiduciary to embrace the twin duties of...

SEC advice rule contains a huge hole

September 15, 2018

The SEC's new advice reform package contains a huge hole. While some brokers will be forbidden to use the title financial adviser or advisor, another few hundred thousand will still be able to do so. The Securities and Exchange Commission's...

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