Results for "fiduciary"

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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...

Time for SEC to take fiduciary baton from DOL

January 2, 2018

With the core of the DOL fiduciary rule in place and the rest of it delayed for 18 months, can advisers expect all to be quiet on the fiduciary front in 2018? In a word, no. The regulatory baton has been passed from the DOL to the SEC and it's...

Financial planners push to add restrictions on use of term in SEC advice proposal

June 7, 2018

Financial planners descended on Capitol Hill on Thursday to advocate for regulation that would specify which investment advisers can refer to themselves as planners. The Financial Planning Association sent 85 members to lobby lawmakers and their...

Busting DOL fiduciary rule myths of industry opponents

January 12, 2018

According to the opponents of a new rule designed to ensure that retirement savers get the best advice possible, the entrepreneurial mindset and innovative spirit that has powered the U.S. economy for decades is a thing of the past. They think...

LPL lets more advisers do fiduciary 401(k) business

August 28, 2018

LPL Financial has relaxed some of the internal qualifications necessary to service 401(k) plans in an advisory capacity on its corporate RIA, effectively permitting more advisers to service plans as a fiduciary. LPL, the nation's largest independent...

Hurry up and kill the DOL fiduciary rule already, insurance groups tell 5th Circuit

June 6, 2018

Two insurance industry trade associations asked a federal court Wednesday to hurry up and kill the Labor Department's fiduciary duty rule. In a letter to the 5th U.S. Circuit Court of Appeals, the American Council of Life Insurers and the National...

New SEC nominee could become decisive vote on investment advice proposal

June 4, 2018

A Senate aide who is poised to become the newest member of the Securities and Exchange Commission could cast a decisive vote on the agency's investment advice proposal. Last Friday, the Trump administration nominated Elad Roisman, chief counsel...

Fiduciary advocates disagree SEC advice rule harmonizes standards

May 4, 2018

Securities and Exchange Commission chairman Jay Clayton is marketing the agency's recently released investment advice reform proposal as an effort to harmonize investment adviser and broker standards — an assertion that is drawing sharp disagreement...

5th Circuit denies AARP, states motion to defend DOL fiduciary rule

May 2, 2018

The Fifth Circuit Court of Appeals ruled Wednesday that AARP and three states cannot intervene in a lawsuit against the DOL fiduciary rule. The large interest group representing older Americans as well as the attorneys general of California,...

Justice Department lets deadline to defend DOL fiduciary rule pass. What's next?

May 1, 2018

A key deadline has passed without the Labor Department acting to defend its fiduciary rule in court. But the measure isn't dead yet. The Department of Justice, acting on behalf of the DOL, had until Monday to appeal a March 15 split decision...

Interest groups split on delaying comments for SEC advice proposals

May 31, 2018

A major financial industry organization pushed back on Thursday against an effort by groups representing investors and investment advisers to extend the deadline for public input on the Securities and Exchange Commission's investment-advice...

Fiduciary watchers say problems with SEC advice rule portend long slog

April 26, 2018

An investment advice reform proposal released by the Securities and Exchange Commission last week has shortcomings that will result in a long slog to final regulations — or perhaps a journey that stops short of that destination, a leading...

Clayton: SEC left 'fiduciary' out of new advice rule to avoid investor confusion

May 23, 2018

Securities and Exchange Commission chairman Jay Clayton said the agency's proposal to raise investment-advice standards for brokers doesn't use the term "fiduciary" because it would have confused investors about the distinctions between brokers...

SEC official addresses criticism of best-interest standard for brokers

May 22, 2018

A Securities and Exchange Commission official defended the agency's proposal to raise investment-advice standards for brokers Tuesday, asserting it would increase investor protection while building on current broker rules. Last month, the SEC...

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...

Finra anticipates oversight role for SEC advice rule

May 21, 2018

Finra chief executive Robert Cook said the regulator is likely to play a role in oversight of a new broker investment-advice standard that the Securities and Exchange Commission is developing. Last month, the SEC released an investment-advice...

Annuity rule likely won't include a fiduciary standard, NAIC says

July 24, 2018

The National Association of Insurance Commissioners indicated it would not impose a fiduciary standard on insurers and insurance producers as part of its overhaul of annuity sales rules, according to draft language of the group's model regulation...

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...

SEC publishes advice rule, sets Aug. 7 comment deadline

May 9, 2018

The Federal Register published the Securities and Exchange Commission's investment advice reform proposal Wednesday, officially opening a comment period that will last until Aug. 7. The SEC voted 4-1 on April 18 to release the three-part proposal,...

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....

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