Results for "fiduciary"

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SEC advice rule may give RIAs leg up over broker-dealers

April 20, 2018

The Securities and Exchange Commission's advice rule proposal released earlier this week could give advisers working in the registered investment advisory channel a leg up over brokers. The SEC released a nearly 1,000-page, three-part proposal...

Brokers accept proposed SEC rule on who can call themselves an adviser

April 19, 2018

Even though the Securities and Exchange Commission's new proposed advice rules could require them to make changes in the way they do business, some brokers acknowledged that the regulations are needed to clear up investor confusion about the...

SEC advice rule raises bar for brokers by putting 'best interest' on table

April 19, 2018

A Securities and Exchange Commission proposal to curb conflicts of interest for brokers comes with compliance requirements that give the regulation teeth, according to securities lawyers. In a 4-1 vote Wednesday, the SEC advanced a package of...

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...

SEC advice rule: Industry groups brace for debate

April 18, 2018

Financial services industry groups scrambled on Wednesday afternoon to get out ahead of and then respond to the SEC's proposed advice rule, which is designed to lay the foundation for upgraded financial advice standards. As the Securities and...

'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....

SEC advice rule seeks to tighten reins on brokers

April 18, 2018

The Securities and Exchange Commission appears to be cracking down on broker conduct in its investment-advice overhaul by pushing for a best-interest standard that compels brokers to put clients' financial interests ahead of their own, requires...

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...

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 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'...

Fidelity changing the way it charges for financial advice

April 12, 2018

Fidelity Investments is changing the way it charges wealth management customers for advice, based on the amount they have invested with the firm. The new fees begin in July for the more than 800,000 customers of the wealth unit. The charges...

SEC advice rule: Here's what you need to know

April 19, 2018

The Securities and Exchange Commission has officially proposed its investment-advice rule, the first step in a long regulatory process that could fundamentally change the way broker-dealers and their representatives do business. The proposal,...

DOL fiduciary rule death meets 'Back to the Future' is a must-watch

March 27, 2018

In a shocker, on March 15 the 5th Circuit Court of Appeals decided to vacate the DOL fiduciary rule. If left to stand, the pre-June 2017 definition of fiduciary would once again be in effect, as would the earlier prohibited transaction exemption...

SEC orders PNC, Securities America, Geneos to pay $12 million to clients ​

April 6, 2018

The Securities and Exchange Commission has settled with PNC Investments, Securities America Advisors Inc., and Geneos Wealth Management Inc., over charges that the three breached their fiduciary duties to clients and generated millions of dollars...

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...

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...

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...

401(k) plan participants sue Home Depot over alleged fiduciary breaches

April 13, 2018

Two participants in Home Depot Inc.'s 401(k) plan have sued plan executives alleging that excessive fees and poor-performing investments represented a breach of their fiduciary duties under the Employee Retirement Income Security Act. The participants...

Arbitrators award client of former adviser $875,000

March 29, 2018

A Finra arbitration panel has awarded claimants in a complaint against former broker and former investment adviser Clyde Mick Jones $625,000 in compensatory damages and $250,000 for legal fees. From November 2008 through September 2016, Mr....

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...

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