Results for "fiduciary"

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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....

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 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...

Fixed annuity sales set for massive spike

June 7, 2018

Fixed-rate deferred annuities are poised for a huge jump in sales over the next two years, as rising interest rates and a potentially faltering equity market push consumer money into the products at near-record levels, according to Limra, an...

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...

DOL fiduciary rule likely to live on despite appeals court loss

March 16, 2018

Despite suffering a major blow when it was struck down Thursday by a federal appeals court, the Labor Department's fiduciary rule could still live on. Uncertainty, though, will continue to surround the measure as it morphs its way into the future....

SEC Commissioner Hester Peirce wants fiduciary reform to preserve investor options

March 15, 2018

A new member of the Securities and Exchange Commission on Thursday said as the agency tackles investment-advice reform, she wants to make sure that investors can still turn to either an investment adviser or a broker for advice. "It's very important...

Clayton promises 'not to take forever' on SEC advice rule

June 5, 2018

Securities and Exchange Commission chairman Jay Clayton said Tuesday the agency is "not going to take forever" to complete investment advice reform regulations, but declined to say whether he's willing to extend the comment deadline on the package....

California, New York, Oregon and AARP petition court to defend DOL fiduciary rule

April 26, 2018

A cavalry in the form of several state attorneys general and AARP, the massive interest group for retired Americans, is trying to come to the rescue of the Department of Labor's fiduciary rule, which is within days of dying in a federal court....

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...

Wells Fargo Advisors now under investigation by Galvin

March 8, 2018

Massachusetts Secretary of the Commonwealth William Galvin opened an investigation of Wells Fargo Advisors on Thursday, targeting whether the firm inappropriately moved investors into higher-fee accounts. The Massachusetts action comes on the...

What to watch for next with the DOL fiduciary rule

March 21, 2018

A harrowing journey for the Labor Department's fiduciary rule has become even more treacherous in the last few days, following a decision by the 5th Circuit Court of Appeals to strike down the regulation. Here are some developments to watch:...

SEC forging ahead on fiduciary rule despite DOL rule decision in 5th Circuit

March 19, 2018

Securities and Exchange Commission Chairman Jay Clayton said Monday that the agency is moving forward on a fiduciary rule and its work would not be affected by a court decision last week that struck down a similar Labor Department regulation....

DOL fiduciary rule: Industry reacts to Fifth Circuit ruling

March 16, 2018

Groups representing both sides of the fiduciary debate were quick to respond to news yesterday that the Fifth Circuit Court of Appeals vacated the entirety of the Department of Labor's fiduciary rule. Here's what some of them had to say. (More:...

Fifth Circuit Court ruling: point/counterpoint

March 16, 2018

The Fifth Circuit Court of Appeals vacated the Labor Department's fiduciary rule in a split decision announced Thursday, overturning a Dallas district court that was just as adamant in upholding the measure. InvestmentNews asked industry heavyweights...

SEC chairman Jay Clayton says market needs 'clarity' on adviser-client relationship

February 23, 2018

Securities and Exchange Commission Chairman Jay Clayton put a fiduciary-rule proposal at the top of the agency's rulemaking agenda on Friday, saying that the market needs "clarity" on the relationships between financial advisers and clients....

SEC Chairman Jay Clayton outlines goals for a new fiduciary standard

February 23, 2018

An SEC fiduciary rule should provide investors clarity about the role of their adviser, enhanced protection and offer regulatory coordination, Chairman Jay Clayton said Friday. "I don't think it's any secret that we're going to make a big effort...

The fiduciary rule for retirement advice faces an uncertain future

June 26, 2017

As his first major policy initiative, Securities and Exchange Commission Chairman Jay Clayton announced on June 1 that he welcomed an invitation by Labor Secretary Alexander Acosta to, among other things, "engage constructively as the Commission...

Iowa insurance regulator cautions SEC about modifying suitability rule

May 10, 2018

A state insurance official on Thursday asserted that current investment-advice regulations for brokers are working and that modifying them under a proposal from the Securities and Exchange Commission could hamstring state regulators. Iowa Insurance...

Would reforming use of the title 'adviser' mesh with the DOL fiduciary rule?

March 10, 2018

If a major portion of a Securities and Exchange Commission rule on investment advice standards is a limitation on who can hold themselves out as a financial adviser, it shouldn't set up a clash between that regulation and the Labor Department's...

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