Results for "fiduciary"

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Is Reg BI headed for the courts?

February 22, 2019

Opponents of the Labor Department's fiduciary rule killed it last year in the courtroom. Those set to fight the Securities and Exchange Commission's coming advice reform regulation might also brandish the legal sword to see if it cuts both ways....

Delivering value starts with reducing fees

February 20, 2019

What makes someone choose a $300 pair of jeans over a $30 pair? Or a $100,000 Porsche over a $15,000 Fiat? Both options are functional and get the job done, right? Yet one is worth six to 10 times the other. Why? While some of those reasons...

NAPFA launches campaign to distinguish fiduciary from 'best interest'

February 19, 2019

An organization representing fee-only investment advisers launched an education campaign Tuesday that it says will help consumers understand the difference between fiduciary advice and advice that's in their "best interests." The National Association...

Insurance groups tell NAIC to put 'best interest' back into annuity suitability rule draft

February 19, 2019

Insurance industry trade associations are telling state commissioners to put the words "best interest" back in a proposal to raise the advice standard for annuity sales. In the latest iteration of National Association of Insurance Commissioners'...

SEC's Reg BI strengthens investor protections

February 14, 2019

Each day, America's financial advisers go to work in communities across the country to help their neighbors develop plans to save for retirement, send their kids to college, buy a house, or meet other financial and family goals. In this business,...

SEC commissioner Peirce wants to move ahead on advice reform quickly

February 12, 2019

Securities and Exchange Commission member Hester Peirce said Tuesday she wants the agency to complete investment advice reform soon, an indication that a rule could be coming by summer. Ms. Peirce did not offer a specific time line for a final...

Finra bars former Morgan Stanley rep who hid client gift

February 12, 2019

The Financial Industry Regulatory Authority Inc. has barred Martin Kirschner from the securities industry for failing to appear at a hearing looking into whether he failed to disclose a gift from a customer. Finra was also investigating whether...

SEC advice rule proposal assailed by former agency economists

February 11, 2019

The Securities and Exchange Commission plan for overhauling broker conflict-of-interest rules is coming under fire from an unusual source: a group of its former top economists. In a sharply worded comment letter, 11 former SEC officials faulted...

Maryland bill would impose fiduciary duty on brokers, insurance reps

February 7, 2019

Legislation introduced this week by Maryland state lawmakers would raise investment advice standards for brokers and insurance representatives — marking an expansion of coverage compared to a Securities and Exchange Commission proposal. The...

How FSI will work to protect advisers and investors at the state level in 2019

January 31, 2019

With daily headlines focused on hyperpartisan gridlock and dysfunction in Washington, D.C., legislative threats to the independent financial services industry would seem to be on the back burner for the time being. As members of the Financial...

FSI to focus on state fiduciary rule efforts this year

January 29, 2019

Dale Brown, president and CEO of the Financial Services Institute, said Monday that this year, the trade group for IBDs will focus on individual states' efforts to put in place fiduciary rules for brokers. In remarks in New Orleans to 700 attendees...

Regulators renew focus on best execution

January 28, 2019

When an investment adviser serves as an asset manager and has the responsibility to select broker-dealers and execute client trades, the adviser assumes a fiduciary obligation to seek best execution. The discretionary control exercised by advisers...

Jack Bogle: Capitalist rock star

January 23, 2019

Jack Bogle richly deserves the huge accolades he's receiving. Actually, he may deserve more. Vanguard's low-cost index funds improved the bottom lines of tens of millions. Vanguard's annual reports and Mr. Bogle's books and lectures raised investors'...

Advisers see more clients seeking second opinions

January 23, 2019

In the latest sign that financial planning is gaining professional status, clients are increasingly seeking second opinions. Some advisers attribute the trend to clients' growing awareness of fiduciary duty, while others say it comes with market...

Nevada fiduciary proposal packs punch with broad scope of coverage

January 23, 2019

A proposed regulation to raise advice standards in Nevada for stock brokers and financial advisers is receiving high marks from fiduciary advocates. Last week, the Nevada Securities Division released the eight-page regulation proposal to implement...

Fiduciary regulations continue to advance in states as SEC mulls national standard

January 18, 2019

A New York state lawmaker is optimistic about the chances this year for his fiduciary-disclosure bill, while a Maryland senator is poised to introduce a measure that would raise standards there. Adding to the mix is the Nevada Securities Division,...

Campaign spending at some big firms soared as the securities industry challenged the DOL fiduciary rule

January 4, 2019

A handful of political action committees funded by leading broker-dealers and custodians for registered investment advisers sharply increased their campaign spending in recent election cycles during which time the Department of Labor's now defunct...

T shares are dead

December 20, 2018

The Department of Labor fiduciary rule was expected to usher in a new era of mutual fund share classes that were more transparent and leveled the playing field for advisers. The death of the regulation altered the course of that revolution....

SEC's latest on fiduciary: Advisers can customize individual client agreements

December 19, 2018

When Securities and Exchange Commission chairman Jay Clayton asserted at a congressional hearing last week that investment advisers can "contract around" their obligation to act in a client's best interests, it caused some head scratching in...

Clayton tells lawmakers advisers can skirt fiduciary standard

December 11, 2018

Securities and Exchange Commission chairman Jay Clayton told lawmakers Tuesday that investment advisers can dodge a requirement to put their clients' interests ahead of their own if they put exceptions in their client agreements. In an appearance...

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