Results for "fiduciary"

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State-level activity slows on fiduciary legislation

July 12, 2018

Legislation in the New York Assembly that would have required disclosures by non-fiduciary financial advisers died without a floor vote, but its sponsor was encouraged by its progress and will push the measure again next year. Similar bills...

Merrill Lynch launches fiduciary dashboard for advisers

July 11, 2018

The Department of Labor's fiduciary rule is dead, but investments in technology to help advisers meet a best-interest standard are not. This week saw the public launch of Merrill Lynch's new Fiduciary Dashboard, a practice management tool to...

District judge sets deadline in DOL fiduciary rule case

July 10, 2018

The Department of Labor's fiduciary rule continues its legal and procedural death throes, as three financial services industry lobbying groups opposing the regulation notified a federal court in Texas on Monday that they would seek no more action...

Judge dismisses stock-drop suit against Allergan

July 9, 2018

A federal judge has dismissed a complaint by participants in an Allergan defined-contribution plan, rejecting allegations that company and plan executives violated their fiduciary duties by offering company stock in the plan menu. The plaintiffs...

Finra arbitrator awards $1.5 million in damages to oil and gas investor

July 6, 2018

A Finra arbitrator has ordered Texas E&P Partners and its principal, Mark Plummer, to pay a former customer $1 million in punitive damages and $521,000 in compensatory damages. The customer, Eli Garza, claimed the firm and Mr. Plummer breached...

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...

Organizations launch campaign to get investment advisers to comment on SEC advice rule

June 28, 2018

Several organizations that promote a fiduciary standard launched a campaign Thursday to encourage investment advisers to tell the Securities and Exchange Commission how advisers are different from brokers. The goal is to generate comment letters...

Hillary Clinton would have saved the DOL fiduciary rule

June 22, 2018

By fall 2016, I had pretty much given up trying to get an answer from Donald J. Trump's presidential campaign about its position on the Labor Department's fiduciary rule. Then in October, I saw Anthony Scaramucci in the lobby of the Mayflower...

Clayton defends SEC advice rule amid congressional grilling

June 21, 2018

Securities and Exchange Commission chairman Jay Clayton defended the agency's investment advice reform proposal Thursday on Capitol Hill, in the face of skeptical questioning from Democrats. In a hearing of the House Financial Services Committee,...

Lessons 401(k) advisers learned from the DOL fiduciary rule saga

June 21, 2018

Retirement plan advisers, especially specialists, used to complain that their broker-dealers and the public ignored them — or, worse, didn't realize they existed. All that has changed now that retirement has become a key political issue and...

It's official: DOL fiduciary rule is dead

June 21, 2018

After a long delay, the U.S. Fifth Circuit Court of Appeals confirmed Thursday a March decision to strike down the Labor Department's fiduciary rule. The court issued a mandate making effective the March 15 split decision that vacated the DOL...

Opaque, outdated 401(k) plan disclosures harming investors, advisers

June 20, 2018

Opaque and outdated 401(k) plan disclosures are harming investors and financial advisers trying to gauge whether rolling money out of a workplace retirement plan is in the client's best interest, Morningstar Inc. argues in a new report. The...

Should investment advisers be put on a pedestal when it comes to advice standards?

June 19, 2018

During the endless battle over investment advice standards, one thing has remained fairly consistent: Investment advisers hold the high ground. They are elevated as the paragon of care because they must meet a fiduciary standard and act in the...

Merrill re-evaluates commission ban in retirement accounts

June 15, 2018

In the wake of the Wednesday's deadline to appeal the 5th Circuit Court's ruling striking down the Department of Labor's fiduciary rule, Merrill Lynch has announced plans to re-evaluate its ban on commissions in retirement accounts. Andy Sieg,...

DOL fiduciary rule on brink of death as key deadline passes

June 14, 2018

The Department of Labor fiduciary rule is teetering on the brink of death after the Justice Department, which was defending the rule in court, appears to have let a key deadline pass to keep the case alive. On March 15, the 5th Circuit Court...

SEC advice rule: Industry, investor advocates split

June 14, 2018

A financial industry representative defended the Securities and Exchange Commission's proposed investment-advice reforms while investor and adviser advocates said that the changes wouldn't go far enough, as both sides appeared at an SEC Investor...

SEC proposal will curb brokers putting clients into products solely for highest revenue, Clayton says

June 13, 2018

Securities and Exchange Commission Chairman Jay Clayton said Wednesday that the agency's proposed investment-advice reforms would curb brokers' ability to recommend products that give them the most revenue. In response to a question from an...

SEC rule proposal doesn't include 401(k) sponsors in 'best interest' advice

June 13, 2018

The Securities and Exchange Commission is trying to bridge the gap in investment advice standards for brokers and financial advisers, but the rift remains wide in one particular area: advice to 401(k) plan sponsors. The SEC proposed Regulation...

SEC best-interest proposal doesn't affect 401(k) brokers

June 12, 2018

When it comes to big news, it doesn't get much bigger than the last few months. First, the 5th Circuit Court of Appeals threw out the Department of Labor fiduciary rule; then a month later, the Securities and Exchange Commission issued its best-interest...

SEC advice rule concerns raised by Schwab, AARP

June 12, 2018

Charles Schwab & Co. Inc. and AARP voiced concerns Tuesday about the Securities and Exchange Commission's proposal for new investment adviser and broker disclosures. Jeff Brown, Schwab senior vice president for legislative and regulatory affairs,...

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