Results for "fiduciary"

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Behind closed doors: The big problem with how the SEC is getting insights from investors

July 19, 2018

Usually when I receive a news release about an upcoming event on my beat that's occurring at at the Securities and Exchange Commission, I put it on my coverage calendar and just show up. Something moved me to register for the recent investor...

The SEC knows what's best

July 19, 2018

As the father of three kids, I'm keenly aware that in the age of descriptor inflation, good things are called "the best," a great meal is "amazing," something funny is "hilarious" — you get the idea. Up until the 1980s, when investors wanted...

Democratic senators want Finra to weigh in on SEC advice rule

July 20, 2018

Three Democratic senators are pushing Finra to weigh in on the Securities and Exchange Commission's investment advice reform proposal and explain whether the measure will strengthen broker requirements. Sens. Elizabeth Warren, Mass., Cory Booker,...

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...

New York issues final best-interest regulation for annuity, life insurance sales

July 18, 2018

New York issued a final regulation Wednesday that would raise the standard of care for sales of life insurance and annuities. The measure would require insurers to establish policies and procedures that ensure agents and brokers put the interests...

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...

Fidelity backs away from being 'point in time' fiduciary for 401(k) plans

July 18, 2018

Fidelity Investments will no longer serve as a fiduciary when it helps employers select investments for their 401(k) plans, moving away from a policy the firm adopted last year in response to the Department of Labor's fiduciary rule. Fidelity,...

Beware 401(k) robo-fiduciaries – especially the human ones

July 17, 2018

This article has been updated to reflect the correct name of the Mercer product mentioned in the second paragraph. There's a lot of talk about robo-advisers, many of which would be troubling to traditional 401(k) plan advisers if they had a...

Piwowar: Comments will be critical in shaping SEC advice rule

June 29, 2018

Securities and Exchange Commission member Michael Piwowar said Friday that public comments will be crucial in shaping the agency's reform of investment advice standards. In April, the SEC released a package of proposals designed to raise client-care...

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...

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...

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...

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...

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...

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,...

How the SEC advice rule improves on the DOL fiduciary rule

May 29, 2018

The Department of Labor building is a mere 0.7 miles from the Securities and Exchange Commission. I've had meetings at both offices many times in the last three years. Some celebrate the 5th Circuit Court of Appeals' decision to vacate the fiduciary...

5th Circuit mandate to vacate DOL fiduciary rule 'still pending'

June 1, 2018

As death watches go, the vigil over the Labor Department's fiduciary rule has been a long one. Back on March 15, the 5th Circuit Court of Appeals struck down the regulation in a 2-1 decision. The Department of Justice, on behalf of the DOL,...

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...

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...

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