Results for "fiduciary"

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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....

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...

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....

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 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 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,...

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...

Is title reform the answer to the fiduciary debate?

March 10, 2018

Could clearing up the decades-old confusion over the role of a broker compared to that of an investment adviser be as easy as clarifying their professional titles? So-called title reform has recently emerged as a serious consideration as the...

Wells Fargo Advisors now under investigation by Galvin

March 8, 2018

Massachusetts Secretary of the Commonwealth William Galvin opened an investigation of Wells Fargo Advisors on Thursday, targeting whether the firm inappropriately moved investors into higher-fee accounts. The Massachusetts action comes on 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,...

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...

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...

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...

Appeals court orders fiduciary breach case vs. Transamerica to be dismissed

February 28, 2018

A federal appeals court in Pasadena, Calif., ruled for Transamerica Life Insurance Co. and several affiliates against plaintiffs who alleged Transamerica violated fiduciary duties as a service provider. In a complex case that dates back to 2011,...

Fiduciary advocate calls for immediate enforcement of DOL fiduciary rule

February 27, 2018

A leading advocate for the Labor Department's fiduciary rule is calling on the agency to enforce the measure even while the regulation is undergoing a review. In a letter to DOL Secretary Alexander Acosta last Wednesday, the Consumer Federation...

FSI aims for workable best-interest standard this year

February 27, 2018

It would be a great understatement to say 2017 was a year of momentous change for our industry. Reverberations of the Department of Labor fiduciary rule were felt far and wide, while the new political climate created new opportunities to advance...

SEC chairman Jay Clayton says market needs 'clarity' on adviser-client relationship

February 23, 2018

Securities and Exchange Commission Chairman Jay Clayton put a fiduciary-rule proposal at the top of the agency's rulemaking agenda on Friday, saying that the market needs "clarity" on the relationships between financial advisers and clients....

SEC commissioners cheer Clayton's efforts on fiduciary rule collaboration

February 23, 2018

A new energy and spirit of cooperation that Securities and Exchange Commission Chairman Jay Clayton has brought to the agency may help it overcome past divisions that have stymied an investment advice regulation, members of the commission said...

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