Results for "fiduciary"

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All clients deserve advice that is in their best interest

September 19, 2018

With all of the recent discussion about the standards of conduct for financial professionals, it is important to remember that there is one legal standard that has required professionals to act in the best interest of their clients for more...

SEC advice rule contains a huge hole

September 15, 2018

The SEC's new advice reform package contains a huge hole. While some brokers will be forbidden to use the title financial adviser or advisor, another few hundred thousand will still be able to do so. The Securities and Exchange Commission's...

Shorthanded SEC may have to decide investment advice proposal on its own

September 11, 2018

For the moment, the Securities and Exchange Commission has a full complement of five members, but it may not last for long. Last week, the Senate confirmed Elad Roisman to a Republican seat that had been vacated by Michael Piwowar in July. It...

Merrill Lynch can't reverse progress on eliminating conflicts of interest

September 5, 2018

The fiduciary rule is dead, but its spirit lives on. The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients' interests ahead of their own — when handling retirement accounts....

Disclosures in SEC advice rule confuse, mislead investors, advocacy groups say

September 12, 2018

Disclosures contained in the Securities and Exchange Commission's investment advice reform proposal meant to clarify the differences between investment advisers and brokers confuse and mislead investors, several advocacy groups said Wednesday....

Democrats urge SEC to strengthen broker standard in advice rule

September 12, 2018

Leading Democratic lawmakers are calling on the Securities and Exchange Commission to strengthen its proposal to raise investment advice standards for brokers, asserting it "falls woefully short." In a letter to SEC chairman Jay Clayton on Wednesday,...

SEC Regulation Best Interest an important step for our industry

August 29, 2018

The Securities and Exchange Commission's introduction in May of a proposed best-interest standard of care for all advisers — including those affiliated with broker-dealers and RIAs — was a watershed moment for the financial advice profession....

Elad Roisman confirmed by Senate for SEC seat

September 5, 2018

The Senate confirmed Elad Roisman for a seat on the Securities and Exchange Commission, 85-14, on Wednesday. Mr. Roisman replaces former Republican SEC member Michael Piwowar, who departed the agency in July. The SEC has a full complement of...

401(k) adviser disclosures need an important update

September 17, 2018

A fiduciary serves a vital role in society. In the most basic form, a fiduciary is expected to make dispassionate decisions in the sole interest of the less informed. To serve in the role requires the fiduciary to embrace the twin duties of...

Merrill Lynch takes two avenues with annuity commissions

September 10, 2018

When Merrill Lynch recently decided to reverse its ban on commissions in individual retirement accounts, it did so for all products with one exception: annuities. The policy effectively creates a dual approach for Merrill's 17,000-plus advisers...

Turns out commissions are OK at Commonwealth Financial, JPMorgan, Merrill Lynch

September 6, 2018

Last week, Merrill Lynch said it was reversing its ban on commissions in individual retirement accounts now that the Department of Labor's fiduciary rule is officially dead. It turns out the home of the thundering herd is not the only retail...

SIFMA: Regulation Best Interest raises bar on investor protection

August 7, 2018

The United States' extensive history of individual investing has resulted in more options, greater competition and lower costs compared to the rest of the world. Just as the mix of financial products has evolved, with great benefit to everyday...

The SEC proposal does not protect Americans from 'harmful practices' by broker-dealers

August 3, 2018

Your lawyer can't take money from your opponent to give you bad legal advice. If you're on Medicare, your doctor can't take kickbacks from drug manufacturers for prescribing their drugs. But, under current law, your broker-dealer can receive...

Senate Banking Committee approves SEC nominee Elad Roisman

August 23, 2018

The Senate Banking Committee on Thursday approved Elad Roisman for a seat on the Securities and Exchange Commission. Mr. Roisman's nomination now heads to the Senate floor for a vote by the full chamber. He is poised to fill the SEC seat vacated...

Elizabeth Warren: Wall Street influence weakening SEC advice rule

August 21, 2018

Wall Street influence is undermining the Securities and Exchange Commission's work on its investment advice proposal, Sen. Elizabeth Warren, D-Mass., said Tuesday. Ms. Warren cited the "soft corruption" of the revolving door that causes SEC...

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,...

The SEC's opportunity to serve the best interests of investors

August 2, 2018

In my first column, I tried to give some historical context on how we got here: With margins rapidly declining, broker-dealers found safe haven in asset-based fees. While their shareholders enjoyed the recurring revenue, the underlying services...

Democrats criticize SEC advice rule, push for fiduciary standard

July 23, 2018

Midterm elections usually don't generate the same energy as presidential elections, but this year is different because it is shaping up as a referendum on President Donald J. Trump. If Democrats take over the House — which many analysts see...

SEC ponders creating video to help investors decide between investment adviser and broker

August 10, 2018

One thing Securities and Exchange Commission officials have heard over and over at recent investor roundtables is that the agency's proposal for helping them parse the differences between investment advisers and brokers needs to be improved....

Merrill Lynch reverses policy on banning IRA commissions following death of DOL fiduciary rule

August 30, 2018

Merrill Lynch is reversing its ban on commissions in individual retirement accounts, undoing a first-of-its-kind policy among the major brokerage firms that was established nearly two years ago as the Department of Labor fiduciary rule loomed...

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