Results for "Fiduciary Corner"

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Client divorce splits advisers' fiduciary duty of loyalty

August 22, 2018

When a client couple divorces, their adviser relationship must change too. What was once a singular fiduciary duty of loyalty splits in two. "Success" in these situations requires the adviser to serve the best interests of the separated clients,...

Why you should still take the fiduciary high ground on 401(k) rollovers

August 14, 2018

Only in Washington, some might say, can you find a regulation that for all intents and purposes is dead and buried yet still lives on. The Fifth Circuit Court of Appeals issued its mandate to vacate the Department of Labor fiduciary rule in...

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...

Redefining an accredited investor

March 15, 2015

For more than three decades, the Securities and Exchange Commission has measured the ability to bear the risk of investing in private placements by financial assets, not acumen. That may be about to change. In 1982, the SEC adopted Regulation...

Regulators can't keep up with change

December 21, 2014

Cheers to the new year and another chance for us to get it right.” That quote, while attributable to Oprah Winfrey, expresses what SEC commissioners must be feeling about their fiduciary rule making. The Securities and Exchange Commission...

Fiduciary case law provides insight

May 25, 2014

Most of today's headlines about the fiduciary standard are about deadlines, not details. Will or won't the Securities and Exchange Commission and Labor Department move forward with changes to the fiduciary standard? The devil, of course, is...

SEC on a fiduciary fishing expedition

March 31, 2013

On March 1, the Securities and Exchange Commission took a highly unusual — perhaps unprecedented — action. The agency issued a “request for data and other information” in advance of proposing a rule. Specifically, the commission requested...

Time for SEC to take fiduciary baton from DOL

January 2, 2018

With the core of the DOL fiduciary rule in place and the rest of it delayed for 18 months, can advisers expect all to be quiet on the fiduciary front in 2018? In a word, no. The regulatory baton has been passed from the DOL to the SEC and it's...

Enforcement of securities laws a must

October 28, 2012

There is a crisis of investor confidence in the integrity of financial market participants and regulators. Although there are many underlying causes of the crisis, financial misconduct is clearly one that is both prominent and able to be remedied....

Are cost-benefit analyses exploited?

September 30, 2012

Cost-benefit analyses are either being productively used or abused in financial regulation, depending on your point of view. Those stances are embroiled in intensive debate, as highlighted by two recent events. The first is the introduction...

When duty clashes with public policy

September 2, 2012

State and local public pensions are in the cross hairs. Collectively, they are underfunded by between $1 trillion and $3 trillion (depending on earnings rate assumptions) and are a major reason for the precarious fiscal condition of thousands...

Proxy voting lets fiduciaries use power

October 2, 2011

Proxy voting is one of the most powerful but underutilized tools that fiduciaries have to serve the best interests of investors. Through their voting power, shareholders, especially institutional shareholders, have the ability to influence directly...

Taking their cue from Congress

August 7, 2011

I think I found the model for how opponents of the fiduciary standard hope to render the standard meaningless after financial regulatory reform. The model has four parts that can work perfectly to dilute the fiduciary standard and render it...

Cultural changes overshadow reform

May 29, 2011

A shift in culture for investment advisers is overtaking regulatory reform in scope and significance. Although subtle evidence of the shift can be observed in the United States, it is readily apparent in Australia and New Zealand, where I recently...

Not delivering on your promises is costly

March 6, 2011

“Well done is better than well said,” was Benjamin Franklin's wisdom on accountability. It is a message that fiduciaries should take to heart. Saying one thing and doing another, or failing to deliver on an advertised service, can be a source...

Where does advisory industry go from here?

February 6, 2011

Without the unequivocal support of all the members of the Securities and Exchange Commission, just how much can we learn about the future direction of the regulation of investment advice from the two SEC studies that were released last month?...

Review the process, not just performance

January 9, 2011

At this time of year, investment stewards — retirement plan sponsors, and managers and trustees of charitable organization investment committees — are receiving 2010 year-end investment performance reports and poring over them to prepare...

Rule change takes aim at 'schlocky advice'

November 7, 2010

Last month, the Department of Labor proposed to expand the definition of the term “fiduciary” under the Employee Retirement Income Security Act of 1974. According to the DOL, the rule “would protect beneficiaries of pension plans and individual...

The role of a fiduciary is timeless

August 15, 2010

As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Securities and Exchange Commission has begun a six-month study of the regulation of brokers under the fair-dealing standard and advisers under the fiduciary...

In volatile times, it pays to revisit the IPS

June 6, 2010

With financial markets careening up and down amid new financial, en-vironmental and geopolitical crises, investors are justifiably nervous about whether seemingly desperate times call for desperate measures. Financial stewards, as well as the...

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