Results for "Fiduciary Corner"

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Time for SEC to take fiduciary baton from DOL

January 2, 2018

With the core of the DOL fiduciary rule in place and the rest of it delayed for 18 months, can advisers expect all to be quiet on the fiduciary front in 2018? In a word, no. The regulatory baton has been passed from the DOL to the SEC and it's...

Duty of due care and robo-advisers

October 11, 2015

Investment advisers have a fiduciary duty to act in the clients' best interests. As it applies to the robo-advisers now on the scene, I don't think the technology has advanced to the point that they care enough to reliably serve clients' best...

Conflicts aren't all bad for investors

May 10, 2015

Does conflicted advice inevitably result in harm to investors? This question is central to the form and substance of how investment advice is regulated. Based on the Department of Labor's April 2015 edition of the “conflicts of interest rule,”...

Redefining an accredited investor

March 15, 2015

For more than three decades, the Securities and Exchange Commission has measured the ability to bear the risk of investing in private placements by financial assets, not acumen. That may be about to change. In 1982, the SEC adopted Regulation...

The fiduciary rule for retirement advice faces an uncertain future

June 26, 2017

As his first major policy initiative, Securities and Exchange Commission Chairman Jay Clayton announced on June 1 that he welcomed an invitation by Labor Secretary Alexander Acosta to, among other things, "engage constructively as the Commission...

Fiduciary: Contentious, unsettled

September 28, 2014

Earlier this month I participated in the Fiduciary Leadership Summit hosted by TD Ameritade Institutional, which brought together investors, regulators, legislative staff members, financial service company leaders and representatives of professional...

Industry preparing for an adviser SRO

June 22, 2014

Self-regulation is a hot topic at many conferences for investment advisers. Most often, sessions on the subject center on the question of whether the Securities and Exchange Commission should continue to provide direct regulatory oversight of...

Regulators can't keep up with change

December 21, 2014

Cheers to the new year and another chance for us to get it right.” That quote, while attributable to Oprah Winfrey, expresses what SEC commissioners must be feeling about their fiduciary rule making. The Securities and Exchange Commission...

Considering money market reforms

September 29, 2013

For a harrowing three days in September 2008, financial advisers could only wonder, “What next?” after the Reserve Primary Fund fund broke the buck. Though some of us think those days are behind us, regulators haven't forgotten, and neither...

Fiduciary case law provides insight

May 25, 2014

Most of today's headlines about the fiduciary standard are about deadlines, not details. Will or won't the Securities and Exchange Commission and Labor Department move forward with changes to the fiduciary standard? The devil, of course, is...

'Coordination' is code for dilution

May 26, 2013

Regulatory “harmonization” has become a catchphrase for efforts to roll back investor protections to a universal, lowest-common-denominator standard governing investment advice. Now “coordination” has entered the regulatory reform vernacular...

Giving due diligence its due

April 29, 2012

Financial advisers to retirement plans need to recalibrate their thinking about Section 408(b)(2) of the Employee Retirement Income Security Act of 1974. Rather than focusing on what it means for their own disclosure obligations, they need to...

Fiduciary standard doesn't raise costs: Study

April 1, 2012

A new study out of Texas Tech University casts significant doubt on brokerage industry claims that the fiduciary standard leads to higher costs and fewer product choices for investors. Ever since the 2010 Dodd-Frank Act empowered the Securities...

Leveraging retirement fee disclosure rules

March 4, 2012

After more than four years in the making, the Labor Department's “new” Section 408(b)(2) disclosure rule is finally set to take effect July 1. Investment advisers, record keepers and just about every other financial services provider you...

Why advisers aren't true professionals

February 5, 2012

Financial advisers can learn a valuable lesson from accountants about professionalism and adherence to a fiduciary standard. Recently, in preparation for a talk at the annual conference of the personal-financial-planning segment of the American...

New concerns for retirement plan providers

October 30, 2011

For providers of financial services to Employee Retirement Income Security Act of 1974 plans, fees are a double-edged sword. They are an important source of profit, but the more aggressively they are applied, the greater the regulatory and litigation...

Fiduciary foes: Don't count your chickens

September 4, 2011

When Republican members of the House Financial Services Committee warned the Securities and Exchange Commission to halt the process of fiduciary rule making, it was a pretty blatant signal that the stage has been set for a courtroom showdown....

SEC on a fiduciary fishing expedition

March 31, 2013

On March 1, the Securities and Exchange Commission took a highly unusual — perhaps unprecedented — action. The agency issued a “request for data and other information” in advance of proposing a rule. Specifically, the commission requested...

Enforcement of securities laws a must

October 28, 2012

There is a crisis of investor confidence in the integrity of financial market participants and regulators. Although there are many underlying causes of the crisis, financial misconduct is clearly one that is both prominent and able to be remedied....

An adjustment is coming for reps

December 5, 2010

For some time now, there has been a net outflow of advisers from broker-dealers to investment advisory firms. For most of these individuals, the change involves a voluntary transition from a rules-based fair-dealing standard to a principles-based...

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