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DOL fiduciary rule responsible for drop in Stifel adviser headcount: CEO

January 30, 2018

Stifel Financial Corp.'s net loss in financial advisers last year was largely attributable to the Department of Labor fiduciary rule, which caused the firm's advisers to retire in greater-than-usual numbers, a company executive said Tuesday....

Latest Wells Fargo flap underscores need for fiduciary standard

March 8, 2018

The most recent scandal brewing at Wells Fargo Advisors, this one regarding questions from the Justice Department about potentially inappropriate recommendations on rollovers for 401(k) plan participants, underscores yet again why the financial...

What to expect on the regulatory front in 2018

January 2, 2018

The Securities and Exchange Commission enters 2018 with five members for the first time in more than two years. Now at full strength, the agency should be able to better pursue Chairman Jay Clayton's agenda, according to Karen Barr, president...

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...

DOL fiduciary rule: 5th Circuit decision could be big win for indexed annuities

March 21, 2018

Indexed annuities — and the intermediaries that sell them — appear to be the biggest benefactors of an appellate court's decision last week to vacate the Department of Labor fiduciary rule. While observers are divided on the ruling's implications,...

CFP Board modifies details of revised standards but maintains strengthened fiduciary duty

December 20, 2017

The Certified Financial Planner Board of Standards Inc. released today a second round of revisions to its code of ethics and standards of conduct. It maintains higher advice standards for the credential but eases some disclosure requirements...

Our best tool against the DOL fiduciary rule is data

September 8, 2017

As an advocacy organization, one of our most powerful tools in the ongoing effort to oppose the onerous Department of Labor (DOL) fiduciary rule is to ensure that regulators, lawmakers and the public hear detailed, quantitative information on...

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...

Georgetown sued for allegedly violating fiduciary duties in its 403(b) plans

March 1, 2018

Participants in two Georgetown University defined contribution plans sued the university, alleging that its management of the plans violated its fiduciary duties under the Employee Retirement Income Security Act. The participants, who are seeking...

Fiduciary double standard gives robos a free ride

August 17, 2017

Direct-to-consumer robo-advisers are not being held to the same fiduciary standard as human advisers. This fact is unfair to human advisers and ultimately harmful to the investing public. In February 2017, the Securities and Exchange Commission...

DOL fiduciary rule: Brokers, advisers hoping delay is time well spent

August 10, 2017

The 18-month delay of the Department of Labor's fiduciary rule will lead to more talk and more confusion, according to brokers and advisers. "This [delay] is the stupidest thing I've ever heard, because the longer it goes on, the worse it is...

CFP Board makes changes to proposed code of ethics, will seek more comments

November 15, 2017

The Certified Financial Planner Board of Standards Inc. has made changes to a revised code of ethics and standards for CFPs and will seek further comments before finalizing them, the group's chairman said on Wednesday. Earlier this summer, the...

SEC solicits comment on conduct standards for advisers and brokers

June 1, 2017

The Securities and Exchange Commission announced Thursday that it is again seeking public comment on investment-advice standards, restarting its consideration of a fiduciary duty regulation while a similar measure promulgated by the Labor Department...

CapitalRock expands its fiduciary analyzer

January 10, 2018

One company is hoping technology will make it easier for advisers to determine if a retirement plan rollover meets the fiduciary standard. CapitalRock is expanding the functionality of its RightBRIDGE Product Profiler, which analyzes 401(k)...

DOL fiduciary rule already proving to be harmful and onerous

July 31, 2017

With the DOL fiduciary rule beginning to take effect earlier this year, it is becoming more clear each day that the warnings raised by the Financial Services Institute and our members about the rule's dangers for Main Street American investors...

After his confirmation as SEC chairman, Jay Clayton is urged to tackle fiduciary standard

May 2, 2017

The Senate on Tuesday evening confirmed Jay Clayton as chairman of the Securities and Exchange Commission, and financial services groups wasted little time in urging him to pursue a uniform fiduciary standard. In a statement following his confirmation,...

House GOP tells Acosta to delay — then repeal — DOL fiduciary

May 2, 2017

A large contingent of House Republicans on Tuesday increased the pressure on Department of Labor Secretary Alexander Acosta to extend the delay of the agency's fiduciary rule and eventually kill it. In his first week on the job, Mr. Acosta is...

Best interest is in the eye of the beholder in debate over DOL fiduciary rule

July 14, 2017

The term "best interest" is subjective it seems in the debate over the Labor Department's fiduciary rule. The phrase is used by both critics and supporters of the measure to describe what they're trying to do for the average investor. The latest...

Day after DOL delay, SEC's Jay Clayton calls a fiduciary rule a priority

November 28, 2017

In light of the Department of Labor's decision Monday to delay the full implementation of the fiduciary rule for retirement accounts, the Securities and Exchange Commission will make a fiduciary standard for brokers a priority, according to...

Delay of DOL fiduciary rule enforcement mechanisms now final

November 27, 2017

The Department of Labor released a final rule Monday that would delay implementation of the enforcement mechanisms of its fiduciary duty regulation until the middle of 2019. The rule would postpone from Jan. 1, 2018, to July 1, 2019, the applicability...

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