Results for "fiduciary"

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How much will costs of products and accounts factor into Reg BI?

June 14, 2019

A recently approved Securities and Exchange Commission advice reform package seems to be of two minds about what emphasis brokers should put on the costs of their recommendations. Language was added to the final Regulation Best Interest, which...

Does Reg BI really hold brokers to a higher standard than investment advisers?

June 14, 2019

Reg BI rolled-out with bravado and fanfare on June 5. The SEC chairman spearheaded a two-hour presentation on two rules and two interpretations aimed at bringing "the legal requirements and mandated disclosures in line with reasonable investor...

John Taft: Reg BI the best we could have hoped for

June 12, 2019

Nine years after the Dodd-Frank Act gave the Securities and Exchange Commission authority to raise the bar for individual investor protection, the SEC finally took the bull by the horns last week, approving its long-awaited Regulation Best Interest...

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...

Brokers face heavy lift to implement Reg BI by next year

June 7, 2019

The clock is ticking for brokers-dealers to modify their operations to comply with advice reform regulations approved earlier this week by the Securities and Exchange Commission. The implementation deadline is June 30, 2020. But those 12 months...

Galvin to propose fiduciary rule for Massachusetts brokers

June 14, 2019

Massachusetts will propose a rule that would mandate brokers and investment advisers apply a fiduciary standard of care in interactions with clients, Secretary of the Commonwealth William Galvin announced Friday afternoon. The Massachusetts...

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...

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...

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...

Forget the SEC advice rule — broker-dealers more concerned with CFP Board expanded fiduciary standard ​

June 7, 2019

Lawyers across the brokerage industry are busily reading and digesting the Securities and Exchange Commission's investment advice reforms approved this week. But some firms are also gearing up for more changes promulgated by the organization...

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 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...

RIA makes fiduciary duty its calling card

June 6, 2019

When the founders of AGW Capital Advisors launching a financial advisory firm in April 2009, in the wake of the financial crisis and at the stock market's low point, they decided to embrace the elephant in the room. "When people lose money,...

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...

Why a lack of diversity may be hurting your 401(k) clients

June 5, 2019

The defining trait of a successful investment committee is the ability to make prudent decisions. The best decisions are typically made as a result of asking critical questions, considering viable alternatives and coming to a consensus on the...

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...

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...

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