Results for "fiduciary"

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CFP Board expands fiduciary duty for financial advisers

March 29, 2018

The Certified Financial Planner Board of Standards Inc. has unanimously approved an expanded fiduciary standard as part of a revamp of the designation's conduct requirements. Under the new rule, all CFPs — including brokers — must act in...

DOL fiduciary rule death meets 'Back to the Future' is a must-watch

March 27, 2018

In a shocker, on March 15 the 5th Circuit Court of Appeals decided to vacate the DOL fiduciary rule. If left to stand, the pre-June 2017 definition of fiduciary would once again be in effect, as would the earlier prohibited transaction exemption...

Key lawmaker sees disclosure as most important part of investment-advice standard

March 27, 2018

Rep. Bill Huizenga, R-Mich., acknowledges that clients are sometimes harmed by their financial advisers, but he doubts that conflicted advice is rampant. "I don't believe that there's a systemic and widespread issue," Mr. Huizenga said in a...

DOL fiduciary rule lawsuit withdrawn by fixed annuities group in DC federal court

March 26, 2018

The National Association of Fixed Annuities withdrew its lawsuit late last Friday against the Labor Department's fiduciary rule that was pending in the D.C. Circuit Court of Appeals. NAFA said the recent decision by the 5th Circuit Court of...

DOL fiduciary rule: Don't abandon compliance just yet

March 24, 2018

So now we wait … patiently … for the next move … in the ongoing saga … of the DOL fiduciary rule. The momentum generated by courts upholding various aspects of the Department of Labor's conflicts-of-interest regulation, as the Trump...

Here's how the top indexed, variable annuity sellers did last year

March 22, 2018

Indexed annuities' decade-long joy ride came to an end last year. The products saw their first year-over-year sales decline since 2007, dipping 5.4% to $57.6 billion, according to the LIMRA Secure Retirement Institute. Eleven of the top 15 insurance...

DOL fiduciary rule: 5th Circuit decision could be big win for indexed annuities

March 21, 2018

Indexed annuities — and the intermediaries that sell them — appear to be the biggest benefactors of an appellate court's decision last week to vacate the Department of Labor fiduciary rule. While observers are divided on the ruling's implications,...

What to watch for next with the DOL fiduciary rule

March 21, 2018

A harrowing journey for the Labor Department's fiduciary rule has become even more treacherous in the last few days, following a decision by the 5th Circuit Court of Appeals to strike down the regulation. Here are some developments to watch:...

SEC forging ahead on fiduciary rule despite DOL rule decision in 5th Circuit

March 19, 2018

Securities and Exchange Commission Chairman Jay Clayton said Monday that the agency is moving forward on a fiduciary rule and its work would not be affected by a court decision last week that struck down a similar Labor Department regulation....

Stocks of brokerages, insurers rally after DOL rule struck down

March 16, 2018

Morgan Stanley and Principal Financial Group Inc. were among banks and insurers that rallied after a U.S. appeals court struck down a sweeping Obama-era rule that aimed to protect millions of Americans from conflicted investment advice. The...

DOL fiduciary rule likely to live on despite appeals court loss

March 16, 2018

Despite suffering a major blow when it was struck down Thursday by a federal appeals court, the Labor Department's fiduciary rule could still live on. Uncertainty, though, will continue to surround the measure as it morphs its way into the future....

Fifth Circuit Court ruling: point/counterpoint

March 16, 2018

The Fifth Circuit Court of Appeals vacated the Labor Department's fiduciary rule in a split decision announced Thursday, overturning a Dallas district court that was just as adamant in upholding the measure. InvestmentNews asked industry heavyweights...

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

March 16, 2018

Groups representing both sides of the fiduciary debate were quick to respond to news yesterday that the Fifth Circuit Court of Appeals vacated the entirety of the Department of Labor's fiduciary rule. Here's what some of them had to say. (More:...

DOL rule may be history, but a fiduciary standard still in the works

March 16, 2018

The latest body blow to the Department of Labor's fiduciary rule continues to divide the financial advice industry. "It's a shame we keep having these conversations when we should just put our foot down, because there shouldn't be an argument...

SEC Commissioner Hester Peirce wants fiduciary reform to preserve investor options

March 15, 2018

A new member of the Securities and Exchange Commission on Thursday said as the agency tackles investment-advice reform, she wants to make sure that investors can still turn to either an investment adviser or a broker for advice. "It's very important...

Fifth Circuit Court of Appeals vacates DOL fiduciary rule

March 15, 2018

The Fifth Circuit Court of Appeals vacated the Labor Department's fiduciary rule in a split decision announced late Thursday afternoon, overturning a Dallas district court that was just as adamant in upholding the measure. By a 2-1 vote, the...

SunTrust Banks, 401(k) participants settle fiduciary-breach lawsuit

March 15, 2018

Participants and fiduciaries of the SunTrust Banks Inc. 401(k) Plan, Atlanta, agreed to a preliminary settlement in which plaintiffs will receive $4.75 million and executives will make several changes to plan policies. The preliminary settlement,...

Fiduciary rule shifts power to broker-dealer compliance departments

March 14, 2018

The DOL fiduciary rule was a wake-up call for many broker-dealers, some of which had paid little attention to defined contribution plans like 401(k)s in the past. Even broker-dealers that had focused on DC plans have made significant changes...

Appeals court upholds DOL fiduciary rule in case involving fixed indexed annuities

March 13, 2018

A federal appeals court upheld the Labor Department's fiduciary rule in a decision issued on Tuesday. The 10th Circuit Court of Appeals ruled in favor of a Kansas district court that granted summary judgment to the DOL in a lawsuit filed by...

Would reforming use of the title 'adviser' mesh with the DOL fiduciary rule?

March 10, 2018

If a major portion of a Securities and Exchange Commission rule on investment advice standards is a limitation on who can hold themselves out as a financial adviser, it shouldn't set up a clash between that regulation and the Labor Department's...

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