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401(k) referrals rare from wealth managers despite DOL fiduciary rule

October 11, 2017

Conventional wisdom is that the Department of Labor's conflict-of-interest rule would result in a flood of referrals from wealth management advisers and other less-specialized retirement plan advisers to retirement-plan specialists. Beware of...

SIFMA: State-level fiduciary rules would confuse investors

October 6, 2017

A major financial industry trade association is warning today that state-level fiduciary duty laws would confuse investors and financial advisers rather than deliver the protections envisioned by the measures. In testimony today in Las Vegas,...

Consumer Federation of America claims brokerage firms may be violating DOL fiduciary rule

October 5, 2017

This story has been updated to reflect clarifications from the Consumer Federation of America and other information, as well as a statement from Fidelity Investments. The Consumer Federation of America is calling on multiple regulatory bodies...

Judge dismisses lawsuit against Fidelity alleging fault in Delta 401(k)

October 4, 2017

A U.S. District Court judge in Boston has dismissed a lawsuit against two units of Fidelity Investments, which were accused by participants in a Fidelity client's retirement plan of violating fiduciary duties. The plaintiffs are participants...

SEC chief Jay Clayton tells lawmakers agency is drafting its own fiduciary duty rule

October 4, 2017

Securities and Exchange Commission Chairman Jay Clayton told lawmakers on Wednesday that the agency is drafting a proposal for a fiduciary rule. The agency is trying to catch up with the Department of Labor, which partially implemented its own...

DOL fiduciary rule ups ante for monitoring of 401(k) record keepers

October 4, 2017

The Department of Labor fiduciary rule is changing how retirement plan advisers help their clients monitor record-keeping firms such as Fidelity Investments and Empower Retirement. The regulation, which raises investment-advice standards in...

DOL fiduciary rule: Challenges for RIAs under the BICE

September 29, 2017

On Aug. 31, the Department of Labor proposed to extend the applicability date for the full best-interest contract exemption to July 1, 2019. In all likelihood, that proposal will be finalized before the end of the year. With that in mind, what...

General Electric 401(k) participants sue over poor-performing GE Asset Management funds

September 28, 2017

Three participants in General Electric Co.'s 401(k) plan filed a lawsuit against the company, alleging it violated the Employee Retirement Income Security Act of 1974 by breaching its fiduciary duties. The lawsuit, filed in U.S. District Court...

Wagner introduces bill to kill DOL fiduciary rule

September 27, 2017

Rep. Ann Wagner, R-Mo., introduced a bill on Wednesday that would kill the Labor Department's fiduciary rule and establish a best-interests investment standard. The measure, first released in the form of a discussion draft in July, would require...

SEC's Clayton says agency is 'pushing' toward a fiduciary rule, working with DOL

September 26, 2017

For the past week, Securities and Exchange Commission Chairman Jay Clayton has had his hands full dealing with cybersecurity, following the agency's disclosure of a breach that may have led to illegal trading. But he told lawmakers on Tuesday...

Do you really want states to take the lead on fiduciary?

September 23, 2017

The Trump​ administration's proposed delay in the implementation of key parts of the Labor Department's fiduciary rule, and possible elimination of them, has opened a can of worms for the financial services industry. Those segments of the...

Odd letter highlights fiduciary concerns in Puerto Rico

September 21, 2017

Even when a broker is a fiduciary, he can certainly fail to act like one. Take, for example, the case of Oriental Financial Services Corp. It is a small broker-dealer that is part of a larger financial services company based in San Juan, Puerto...

Nevada fiduciary law raises concerns among retirement professionals, brokerage industry

September 18, 2017

A new Nevada law expanding the fiduciary responsibilities of certain financial professionals could have implications well beyond the border of the Silver State, supporters and critics agree — for significantly different reasons. Enacted in...

Broker-dealers and RIAs at loggerheads over fiduciary rule delay

September 15, 2017

Broker-dealers and registered investment advisers are very much at odds over any potential delay of the Department of Labor's fiduciary rule. Broker-dealers in a full-throated roar are supporting the Department of Labor's proposed 18-month delay...

SEC fines SunTrust for recommending higher-cost fund shares

September 14, 2017

The Securities and Exchange Commission has charged a unit of SunTrust Banks with improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available, costing investors more than $1.1...

Provision of House spending bill would kill DOL fiduciary rule

September 13, 2017

The House is moving toward approval of a spending bill that contains a provision to kill the Labor Department's fiduciary rule, the latest attempt by congressional Republicans to use legislative means to stop the regulation. The House was set...

Meet the SEC nominees: One opposes the DOL fiduciary rule, one is a blank slate

September 12, 2017

One of the Trump administration's Securities and Exchange Commission nominees has doubts about the Labor Department's fiduciary rule and seems to favor disclosure as the best approach to investment advice standards. The other nominee is a blank...

DOL fiduciary rule has enforcement gaps — and they could widen

September 11, 2017

The Department of Labor's fiduciary rule, as it's currently written, has some enforcement gaps. And they could widen, especially for annuity products, depending on how the Trump administration's review of the rule shakes out. The primary enforcement...

Saying you are a fiduciary does not mean you are a fiduciary

September 11, 2017

Have you noticed the plethora of recent headlines of bad advisers cheating clients? In case you missed them, here are a few from just the last few weeks: • SEC says RIA stole $1 million from clients, using some of it to support gambling habit...

Our best tool against the DOL fiduciary rule is data

September 8, 2017

As an advocacy organization, one of our most powerful tools in the ongoing effort to oppose the onerous Department of Labor (DOL) fiduciary rule is to ensure that regulators, lawmakers and the public hear detailed, quantitative information on...

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