Results for "fiduciary"

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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...

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...

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...

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...

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 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 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...

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...

Financial industry group asks CFP Board to back off if reps comply with Reg BI

July 2, 2019

A trade association representing regional financial services companies is asking the Certified Financial Planner Board of Standards Inc. to back down on enforcing the fiduciary duty associated with the credential if financial advisers are adhering...

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...

Adviser regulation caught up in partisan era, making it hard to plan for future

June 27, 2019

Opponents of the Securities and Exchange Commission's recently approved investment advice reform — including the SEC member who voted against it — suggest the regulations will be revisited and changed by a new SEC in a Democratic administration....

House passes Maxine Waters' amendment to stymie SEC advice reform rules

June 26, 2019

The House of Representatives approved legislation Wednesday that effectively would kill the Securities and Exchange Commission's recently approved advice reform package of regulations. The measure by House Financial Services Committee chairwoman...

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,...

Funding for Reg BI, other SEC advice reform efforts denied in Waters amendment

June 25, 2019

The House of Representatives is likely to approve this week legislation written by House Financial Services Committee chairwoman Maxine Waters, D-Calif., that effectively would kill the Securities and Exchange Commission's investment advice...

SEC clears up confusion over whether advisers can continue to call themselves fiduciaries

June 20, 2019

Investment advisers are free to describe themselves as fiduciaries and to market that standard of care to clients, despite a prohibition on the term in one part of a new Securities and Exchange Commission disclosure form. In its recently approved...

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