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Tax reform: House bill revisions include lower pass-through rate for small businesses

November 9, 2017

An amendment from the chairman of the House tax writing committee modified several provisions of the GOP tax overhaul bill to tweak rules for pass-through businesses, restore the adoption credit, and allow car dealers to write off interest on...

Bills to bolster accredited investors, alternative investments gain momentum

November 9, 2017

Legislation that would deepen the pool of sophisticated investors who can participate in private securities offerings and expand the lending capability of business development companies is gaining momentum in Congress. On Nov. 1, the House approved...

Clayton: SEC targets 'complex, hidden fees'

November 8, 2017

Securities and Exchange Commission Chairman Jay Clayton said on Wednesday the agency is targeting complex and hidden fees that can harm investors — both through enforcement and by clarifying disclosure requirements. In a speech at a Practising...

J.P. Morgan settles lawsuit on alleged fiduciary breach in stable value funds

November 8, 2017

An ERISA class-action lawsuit against J.P. Morgan Chase alleging a breach of fiduciary duty in its stable value fund by a class of participants has been settled for $75 million, a court document announcing the agreed settlement shows. The settlement...

Merrill Lynch swells ranks of fiduciary 401(k) advisers by over 3,000

November 8, 2017

Merrill Lynch Wealth Management is charging into the fiduciary fray with lightning speed. Since March, when the wirehouse brokerage announced plans to transition its defined-contribution-plan business to a fiduciary model in response to the...

Retirement plan advisers, providers hit 'pause' on DOL fiduciary rule compliance

November 7, 2017

The likelihood of a delay to elements of the Department of Labor fiduciary rule has caused some retirement plan advisers and providers to re-evaluate some of the steps they'd taken or had planned to take to comply with the regulation, a panel...

Finra reform getting traction in Washington

November 6, 2017

In a Washington dominated by partisan battles over health care and tax reform, something much lower profile but perhaps more important to brokers may be gaining momentum: Finra reform. The Financial Industry Regulatory Authority Inc., the industry-funded...

Judge grants injunction against DOL fiduciary rule in Thrivent lawsuit, halts case

November 6, 2017

A Minnesota federal judge has issued a preliminary injunction against the Labor Department's fiduciary rule, but also has granted a stay in the case. In a Nov. 3 decision, U.S. District Judge Susan Richard Nelson held that Thrivent Financial...

Tax reform: Advisers spy loopholes in proposed pass-through tax rules

November 6, 2017

Financial advisory firms might feel snubbed by the House's tax-reform package that specifically excludes such service-sector businesses from a lower tax rate, but that doesn't mean advisers and tax planners won't be busy helping their business-owner...

Tax reform: Advisers will have plenty to digest as legislation works its way through Congress

November 5, 2017

And we're off. The starting pistol has been fired in the race to get a tax-reform bill to President Donald J. Trump before the year ends. Financial advisers should keep a close eye on changes made to the proposed tax bill put forth last Thursday...

SEC Chairman Jay Clayton's quest to forge a fiduciary standard

November 4, 2017

In his first month as chairman of the Securities and Exchange Commission, Jay Clayton put the wheels in motion to formulate a uniform fiduciary standard for brokers and investment advisers, something that eluded his two direct predecessors and...

Questar to pay nearly $800,000 for overcharging charities ​

November 3, 2017

Finra has censured Questar Capital, saying that it failed to identify and apply available sales charge waivers to eligible retirement accounts and charitable organizations. The firm agreed to pay $796,892 in restitution to clients. The Financial...

Tax reform: How the House bill changes rules for retirement savings

November 3, 2017

The headline news for retirement plan advisers Thursday upon the unveiling of the House tax bill was that a reduction in the pre-tax 401(k) savings limit is off the table, for now. But there are plenty of other details in the tax-reform legislation,...

Finra: Morgan Stanley must pay Schwab $1.2 million over broker recruiting violation

November 3, 2017

A Finra arbitration panel awarded $1.2 million to Charles Schwab & Co. Inc. in a case against Morgan Stanley Smith Barney involving the recruitment of a Schwab broker. In a Nov. 2 award, the arbitrators found that Morgan Stanley violated the...

IBDs can protect good advisers from bad recruits

November 3, 2017

I recently had lunch with an independent adviser affiliated with a firm that had acquired a smaller broker-dealer and most of its reps some time ago. Since then, highly anticipated platform enhancements the acquirer had planned to make that...

Former LPL broker loses $30 million claim against old firm

November 2, 2017

A one-time star broker with LPL Financial lost a securities arbitration decision last month in which he sought $30 million in damages claiming that the company ruined his career. The three-person Financial Industry Regulatory Authority Inc....

Tax reform: What advisers need to know about the House bill

November 2, 2017

Republican members of the House Ways and Means Committee released their long-awaited tax-reform bill on Thursday. Here are the highlights so far for financial advisers. Tax rates The plan would reduce the number of marginal income-tax rates...

DOL fiduciary: OMB receives rule providing for 18-month delay

November 2, 2017

The Labor Department has sent a final rule for an 18-month delay of its fiduciary regulation to the Office of Management and Budget for review. The OMB posted on its website Thursday morning a notice that it had received the delay language from...

Why the House tax bill could be a 'bonanza' for advisers

November 2, 2017

The tax bill unveiled Thursday morning has far-reaching implications for financial advisers and their clients, from an overhaul of individual tax rates to the elimination of useful tax strategies and deductions. "I think there's going to be...

Advisory firm owners unlikely to see windfall on tax returns from House bill

November 2, 2017

Financial advisers who own their own firms and pay their business taxes through their personal returns probably won't see a windfall from the House Republican tax proposal released on Thursday. Under the plan, small businesses that operate as...

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