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Federal court rejects NAFA attempt to kill DOL fiduciary rule
In the first legal challenge to be decided, judge upholds Department of Labor regulation. (More: The DOL rule, from all angles.)
FolioDynamix acquires Summit Advisor Services for $6 million in wake of Aequitas collapse
Summit Advisor Services, a turnkey asset management program, was partially owned by an Aequitas venture. That company had been charged by the SEC with running a Ponzi scheme.
Frequently asked questions on the DOL fiduciary rule’s FAQs
The Department of Labor's 24-page document on frequently asked questions on the fiduciary rule inspires even more questions from the advisory industry than it answers.
Bank of America Merrill Lynch tells advisers to stop selling mutual funds in brokerage IRAs now
The firm is eliminating potnential conflicts of interest before the DOL fiduciary rule take effect next year
Stifel will retain commissions in retirement accounts under DOL rule
CEO says decision preserves choice while recognizing new fiduciary requirements. (More: B-Ds split on commissions in wake of DOL rule)
Hopes fade for RIA third-party exam rule by the SEC this year
Chairwoman Mary Jo White said a proposal for such exams has been circulated, but two other commissioners may be reluctant to act. (More: SEC sets record in enforcement actions against investment advisers)
American Funds files for new share class to cut fund expense ratios
F3 shares trim expense ratios by about 37 basis points.
Merrill Lynch gives insight to how firms may treat trail commissions post-DOL fiduciary rule
The wirehouse's advisers will lose trail commissions on all but grandfathered brokerage IRA accounts, but may not be hard-hit due to certain procedures to be implemented.
‘Supersized’ fines put Finra on pace for record year
Huge fines against the likes of MetLife and Raymond James are putting the watchdog on a trajectory to beat its prior record by about 20%. (More: So far this year Finra has levied four fines greater than $5M)
Insurance-based broker-dealers plan to use BICE under DOL fiduciary rule
Some firms are rethinking a shift to fee-based compensation and instead are sticking with commission structures that will trigger the need for best interest contract exemptions.
Commodities funds may offer inflation hedge, but many overweight energy
Also, with the exception of some metals funds, most funds don't own the actual commodity.
Finra bars broker whose client ran Ponzi scheme
A broker who was fired in the wake of a $3.1 million civil judgment against him was barred…
Certified Financial Planner Board suspends California adviser for defrauding pro-athletes
Ash Narayan's right to use CFP certification temporarily suspended following SEC complaint
What is clear from DOL’s fiduciary FAQs — and what requires more guidance
Answers released last week give clarity on some issues, like fee-based advice and recruiting incentives, but are obscure on reasonable compensation.
DOL fiduciary rule FAQs emphasize dangerous compensation practices — including for RIAs
Labor Department lays out guidance on questionable compensation practices for brokers — and RIAs. (More: The most up-to-date information on the DOL fiduciary rule)
Hillary Clinton’s tax plan would hit the very rich
If front-runner Hillary Clinton wins, higher taxes could be on the way for advisers' wealthy clients.
Technology can help advisers ensure they are giving ‘best’ advice to meet DOL fiduciary rule
Data aggregation — and knowing what's on both sides of a client's balance sheet — is key to meeting new requirements.
IRA investors may disappear from IPOs
The Department of Labor's fiduciary rule prohibits individual IRA investors from participating in initial public offerings with the assistance of their financial adviser.
Janus in a double whammy as assets flee and revenue drops
Plus: How Clinton and Trump won't save Social Security, more scrutiny for sales charges, and taking the 5% challenge.
SEC charges Broidy Wealth Advisors with overbilling clients, stealing from their trusts
The firm and owner Marc Broidy, of Beverly Hills, Calif., allegedly had more than $1.4 million of ill-gotten gains.