Results for "fiduciary"

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State-level activity slows on fiduciary legislation

July 12, 2018

Legislation in the New York Assembly that would have required disclosures by non-fiduciary financial advisers died without a floor vote, but its sponsor was encouraged by its progress and will push the measure again next year. Similar bills...

District judge sets deadline in DOL fiduciary rule case

July 10, 2018

The Department of Labor's fiduciary rule continues its legal and procedural death throes, as three financial services industry lobbying groups opposing the regulation notified a federal court in Texas on Monday that they would seek no more action...

Merrill Lynch launches fiduciary dashboard for advisers

July 11, 2018

The Department of Labor's fiduciary rule is dead, but investments in technology to help advisers meet a best-interest standard are not. This week saw the public launch of Merrill Lynch's new Fiduciary Dashboard, a practice management tool to...

Hillary Clinton would have saved the DOL fiduciary rule

June 22, 2018

By fall 2016, I had pretty much given up trying to get an answer from Donald J. Trump's presidential campaign about its position on the Labor Department's fiduciary rule. Then in October, I saw Anthony Scaramucci in the lobby of the Mayflower...

Finra arbitrator awards $1.5 million in damages to oil and gas investor

July 6, 2018

A Finra arbitrator has ordered Texas E&P Partners and its principal, Mark Plummer, to pay a former customer $1 million in punitive damages and $521,000 in compensatory damages. The customer, Eli Garza, claimed the firm and Mr. Plummer breached...

Organizations launch campaign to get investment advisers to comment on SEC advice rule

June 28, 2018

Several organizations that promote a fiduciary standard launched a campaign Thursday to encourage investment advisers to tell the Securities and Exchange Commission how advisers are different from brokers. The goal is to generate comment letters...

It's official: DOL fiduciary rule is dead

June 21, 2018

After a long delay, the U.S. Fifth Circuit Court of Appeals confirmed Thursday a March decision to strike down the Labor Department's fiduciary rule. The court issued a mandate making effective the March 15 split decision that vacated the DOL...

When it comes to the proposed SEC advice rule, words matter

June 29, 2018

Words matter. As the Securities and Exchange Commission collects comments on its proposal to revamp the standard of conduct for brokerage firms, officially known as Regulation Best Interest, key terms — what they mean, how they are used, and...

Clayton defends SEC advice rule amid congressional grilling

June 21, 2018

Securities and Exchange Commission chairman Jay Clayton defended the agency's investment advice reform proposal Thursday on Capitol Hill, in the face of skeptical questioning from Democrats. In a hearing of the House Financial Services Committee,...

Judge dismisses stock-drop suit against Allergan

July 9, 2018

A federal judge has dismissed a complaint by participants in an Allergan defined-contribution plan, rejecting allegations that company and plan executives violated their fiduciary duties by offering company stock in the plan menu. The plaintiffs...

How the SEC advice rule improves on the DOL fiduciary rule

May 29, 2018

The Department of Labor building is a mere 0.7 miles from the Securities and Exchange Commission. I've had meetings at both offices many times in the last three years. Some celebrate the 5th Circuit Court of Appeals' decision to vacate the fiduciary...

5th Circuit mandate to vacate DOL fiduciary rule 'still pending'

June 1, 2018

As death watches go, the vigil over the Labor Department's fiduciary rule has been a long one. Back on March 15, the 5th Circuit Court of Appeals struck down the regulation in a 2-1 decision. The Department of Justice, on behalf of the DOL,...

SEC proposal will curb brokers putting clients into products solely for highest revenue, Clayton says

June 13, 2018

Securities and Exchange Commission Chairman Jay Clayton said Wednesday that the agency's proposed investment-advice reforms would curb brokers' ability to recommend products that give them the most revenue. In response to a question from an...

Should investment advisers be put on a pedestal when it comes to advice standards?

June 19, 2018

During the endless battle over investment advice standards, one thing has remained fairly consistent: Investment advisers hold the high ground. They are elevated as the paragon of care because they must meet a fiduciary standard and act in the...

SEC advice rule: Industry, investor advocates split

June 14, 2018

A financial industry representative defended the Securities and Exchange Commission's proposed investment-advice reforms while investor and adviser advocates said that the changes wouldn't go far enough, as both sides appeared at an SEC Investor...

SEC advice rule concerns raised by Schwab, AARP

June 12, 2018

Charles Schwab & Co. Inc. and AARP voiced concerns Tuesday about the Securities and Exchange Commission's proposal for new investment adviser and broker disclosures. Jeff Brown, Schwab senior vice president for legislative and regulatory affairs,...

Advisers urged to resist 'fiduciary fatigue'

June 6, 2018

It's important that financial advisers resist "fiduciary fatigue" and continue to stay engaged in the long-running battle over investment advice reform regulations. "We still have an opportunity to shape the fiduciary landscape," said Robert...

Financial planners push to add restrictions on use of term in SEC advice proposal

June 7, 2018

Financial planners descended on Capitol Hill on Thursday to advocate for regulation that would specify which investment advisers can refer to themselves as planners. The Financial Planning Association sent 85 members to lobby lawmakers and their...

Hurry up and kill the DOL fiduciary rule already, insurance groups tell 5th Circuit

June 6, 2018

Two insurance industry trade associations asked a federal court Wednesday to hurry up and kill the Labor Department's fiduciary duty rule. In a letter to the 5th U.S. Circuit Court of Appeals, the American Council of Life Insurers and the National...

Phyllis Borzi on DOL fiduciary rule: 'We forever changed the terms of the debate'

June 2, 2018

Phyllis Borzi is not mourning the death of the Labor Department's fiduciary rule. Rather, this "mother of the regulation" celebrates how the rule has illuminated the importance of strong investment-advice standards. "My staff did absolutely...

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