Results for "Mark Schoeff Jr."

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SEC advice rule hearing updates

April 18, 2018

The following is a string of dispatches from the SEC hearing on standards of conduct for financial advisers. Check back regularly for the latest updates. 5:30 p.m. ET: SEC VOTES 4-1 TO PROPOSE RULE, WHICH COMMISSIONER PEIRCE CALLS 'SUITABILITY-PLUS'...

SEC advice proposal unveiling: Here's what to expect

April 17, 2018

After many years of study and internal debate, the Securities and Exchange Commission is set to make a momentous advance Wednesday in setting investment advice standards. The five-member SEC is scheduled to vote Wednesday afternoon on whether...

Biggest arb awards firms won from their brokers

April 13, 2018

Headline-making arbitration awards don’t just involve customer cases against brokerages and registered representatives. Intra-firm battles between brokers and their firms also can result in substantial paydays for each side. The following...

Sneak peek at new SEC advice standard sparks hope, concern

April 12, 2018

The sneak peek the Securities and Exchange Commission has offered of its pending proposal on investment advice standards has sparked both hope and concern among investor advocates and industry representatives. In a notice posted on its website...

SEC to meet to consider advice-standards proposal

April 12, 2018

The Securities and and Exchange Commission next week will consider a proposal to establish a new investment-advice rule for brokers. The April 18 meeting will involve consideration of a three-part proposal, according to a notice posted on the...

Biggest arb awards brokers won from their firms

April 12, 2018

Headline-making arbitration awards don’t just involve customer cases against brokerages and registered representatives. Intra-firm battles between reps and their firms also can result in substantial paydays for each side. The following slides...

Top securities firm arbitration awards

April 11, 2018

Headline-making arbitration awards don’t just involve customer cases against brokerages and registered representatives. Intra-firm battles between reps and their firms also can result in substantial paydays for each side. The following slides...

'Best interests' and 'fiduciary' aren't the same, so which will the SEC choose?

April 10, 2018

We're now into the second quarter of the year, and everyone involved in the debate over investment advice standards is eagerly awaiting the Securities and Exchange Commission's fiduciary rule proposal. Oops. Like Britney Spears, I did it again....

Investment Program Association rebrands itself for Main Street

April 9, 2018

An organization that promotes alternative investments is rebranding itself to highlight what it hopes will be a link to ordinary investors. The Investment Program Association today changed its name to the Institute for Portfolio Alternatives....

Former Merrill Lynch execs' lawyer feels good about chances in $1 billion arbitration

April 5, 2018

A lawyer for dozens of former Merrill Lynch managers said they have a good chance of prevailing against the wirehouse now that their complaints will be heard in arbitration. The cases involve more than 60 former Merrill executives who claim...

DOL fiduciary rule sparks charges of reverse-churning

April 4, 2018

As more broker-dealers move clients from commission-based accounts to those that charge annual fees — in some cases as a way to insure they are complying with the Department of Labor's fiduciary rule — they may be in danger of exposing themselves...

State efforts on fiduciary standards slow

April 3, 2018

Activity at the state level to raise investment-advice standards has slowed recently, as a Maryland lawmaker withdrew a fiduciary provision from his bill and the time line for a Nevada regulatory proposal remains uncertain. The Maryland Senate...

Retirement-savings bill draws broad support, optimism for passage this year

March 30, 2018

Supporters of legislation designed to increase retirement savings are hopeful the measure will be approved by Congress later this year, despite being left out of a recent spending bill. The Retirement Enhancement and Savings Act of 2018 was...

CFP Board expands fiduciary duty for financial advisers

March 29, 2018

The Certified Financial Planner Board of Standards Inc. has unanimously approved an expanded fiduciary standard as part of a revamp of the designation's conduct requirements. Under the new rule, all CFPs — including brokers — must act in...

Finra bars former Morgan Stanley broker who sought client loan for outside activities

March 29, 2018

Finra barred from the industry a former Morgan Stanley broker who allegedly violated rules governing work brokers do outside their firms. In a March 28 agreement, David Warren Olson accepted the ban from the Financial Regulatory Authority Inc.,...

In his first year as LPL Financial's CEO, Dan Arnold's compensation soars

March 29, 2018

In his first year as LPL Financial's CEO, Dan Arnold earned $7.4 million, substantially more than the $5.4 million his predecessor earned in his last year in that position, according to the firm's proxy statement filed with the Securities and...

Finra arbitrators award $475,000 to Morgan Stanley for broker who violated protocol

March 28, 2018

Finra arbitrators awarded $475,000 to Morgan Stanley in a case involving a broker who the firm said violated an industry agreement to make it easier to move from one firm to another. In an award handed down on Tuesday, the panel held that Kevin...

Finra panel awards firm $780,424 against broker to repay legal costs

March 27, 2018

It's not just investors who can get stiffed by brokers who lose arbitration cases. It's possible their firms could get the short end of the stick, too. A Finra arbitration panel awarded $780,424 in compensatory damages to Alliance Affiliated...

Key lawmaker sees disclosure as most important part of investment-advice standard

March 27, 2018

Rep. Bill Huizenga, R-Mich., acknowledges that clients are sometimes harmed by their financial advisers, but he doubts that conflicted advice is rampant. "I don't believe that there's a systemic and widespread issue," Mr. Huizenga said in a...

DOL fiduciary rule lawsuit withdrawn by fixed annuities group in DC federal court

March 26, 2018

The National Association of Fixed Annuities withdrew its lawsuit late last Friday against the Labor Department's fiduciary rule that was pending in the D.C. Circuit Court of Appeals. NAFA said the recent decision by the 5th Circuit Court of...

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