Results for "fiduciary"

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Jay Clayton says SEC, DOL can give market 'clarity' on fiduciary rule

July 26, 2017

Securities and Exchange Commission Chairman Jay Clayton expressed confidence Wednesday that his agency and the Labor Department could reach "common ground" on an investment advice standard across all accounts. In an appearance at the U.S. Chamber...

Sen. Gary Peters brings broker background to work every day on Capitol Hill

July 25, 2017

Sen. Gary Peters, D-Mich., has always had some concerns about the Labor Department's fiduciary rule, but that doesn't mean he wants to see the Trump administration rip it up and start over. Mr. Peters' position represents the challenge financial...

DOL fiduciary rule causing DC-plan record keepers to change business with insurance agents

July 24, 2017

Independent insurance agents have been among the most affected by the Department of Labor's fiduciary rule, and it appears some defined-contribution-plan record keepers have been contributing to that upheaval. Record keepers such as Principal...

DOL fiduciary rule opponents want to push implementation back until 2019

July 24, 2017

Critics of the DOL fiduciary rule are urging the Labor Department to delay its implementation until January 2019 — or possibly longer. "To provide needed certainty, reduce harm to investors and limit unnecessary 'sunk' costs associated with...

Understanding algorithms is key to gauging robo fiduciary status

July 22, 2017

Subtle biases in,​ subtly biased advice out — could that be a hidden problem with some robo-advice programs? And if so, can regulators identify it? As reported in the June 30 issue of InvestmentNews, a recent academic paper suggests the...

Don't forget: Comment period for CFP Board's new standards ends Aug. 21

July 21, 2017

Editor's note: Dan Candura takes a break from answering adviser questions this month, but will resume doing so in his next column. Last month the CFP Board of Standards Inc. released a proposal to update the Standards of Professional Conduct...

Sean Spicer resigns as press secretary after Anthony Scaramucci is appointed communications director

July 21, 2017

White House Press Secretary Sean Spicer resigned on Friday after President Donald Trump hired financier Anthony Scaramucci as his communications director, a White House official said. The White House communications staff were meeting in Spicer's...

DOL regulation translates into pay cut for some advisers

July 20, 2017

The Department of Labor's fiduciary rule has morphed into a pay cut for some advisers, who are left wondering whether a reduction in their compensation is being used to bolster the bottom lines of the broker-dealers with which they work. Sure,...

House panel passes bill to replace DOL fiduciary rule with one requiring disclosure of conflicts

July 19, 2017

In a party line vote, the House Education and the Workforce Committee approved legislation on Wednesday that would kill the Labor Department fiduciary rule and replace it with an advice standard based on disclosure. It wasn't the only effort...

Bank of America's Moynihan: No quick pullback from fiduciary rule

July 18, 2017

Bank of America Corp's chairman and CEO, Brian Moynihan, does not see a quick pullback from the Department of Labor's fiduciary rule. The bank's global wealth and investment management group, which contains Merrill Lynch Wealth Management, last...

DOL fiduciary rule: Transfers of IRAs in the new fiduciary world

July 18, 2017

Advisers to plans, participants and individual retirement accounts are now fiduciaries under the Department of Labor's new regulation and prohibited transaction exemptions. As a general statement, any investment recommendation will be fiduciary...

House committees ready two assaults on DOL fiduciary rule this week

July 17, 2017

Two House panels are poised this week to launch assaults on the Labor Department's fiduciary rule. On Wednesday, the House Education and the Workforce Committee will vote on legislation that would repeal the regulation and replace it with an...

LPL to roll out new mutual fund platform as DOL fiduciary rule takes effect

July 13, 2017

LPL Financial announced Thursday it plans to roll out a new mutual fund platform to advisers early next year to eliminate perceived conflicts of interest in compensation as the Labor Department's fiduciary rule is set to take full effect. LPL,...

SEC's Jay Clayton makes fiduciary duty a priority, acknowledges issue is 'complex'

July 12, 2017

In his first major address since taking office in May, SEC chairman Jay Clayton said a fiduciary rule is one of his priorities and that he would like to work with the Labor Department on an advice standard. "With the Department of Labor's fiduciary...

Rep. Wagner drafts bill to kill DOL fiduciary rule, replace it with best-interest standard

July 11, 2017

Legislation written by Rep. Ann Wagner, R-Mo., would eliminate the Labor Department's fiduciary rule and replace it with a best-interest standard for brokers giving retail investment advice. In Ms. Wagner's bill, brokers would have to provide...

How DOL questions foreshadow fiduciary rule's future

July 10, 2017

The fate of the remaining parts of the Labor Department’s fiduciary rule are foreshadowed in the types of questions the agency is asking in the request for information it recently released. The queries indicate that the agency likely will...

How did the DOL fiduciary rule change the world for 401(k) advisers?

July 6, 2017

With all the talk and activity around the Labor Department's fiduciary rule, you might have imagined a dramatically different world for advisers when they came to work June 9, the rule's official implementation date. But, for the vast majority...

Who the winners are in the implementation of the DOL fiduciary rule

July 5, 2017

I was helping my son with his homework last week, and we were talking about the meaning behind Robert Frost's "The Road Not Taken." It was fascinating and honestly refreshing to hear his interpretation of the poem's meaning — and the logic...

DOL defends fiduciary rule in brief to appeals court in industry lawsuit

July 5, 2017

The Department of Labor defended its fiduciary rule in a brief submitted to an appeals court earlier this week, giving supporters of the rule hope that most of it can survive a review the agency is conducting. In a brief filed on July 3 in the...

DOL issues request for comment on fiduciary rule to guide review, possible revisions of measure

June 29, 2017

The Labor Department on Thursday evening released a request for comment on the agency's fiduciary rule, seeking input on whether to delay the Jan. 1 full implementation date and soliciting suggestions for streamlining major provisions. The deadline...

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