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Fixed-income investors: Do you know what you own?

April 26, 2017

It is extremely important to know what you are buying. Understanding the fixed-income market and what you own can go a long way. The fixed-income market in general is not well understood. At the same time, it is important for investors to understand...

Financial Planning Coalition opposes spending bill riders that would kill DOL fiduciary rule

April 25, 2017

The Financial Planning Coalition — a lobbying group comprising the Certified Financial Planner Board of Standards Inc., the Financial Planning Association and the National Association of Personal Financial Advisors — has called on members...

SEC charges former broker with putting customers in unsuitable, risky investments

April 25, 2017

The Securities and Exchange Commission charged a former broker Tuesday with trading leveraged ETFs and ETNs in customers' accounts and misappropriating $170,000 from one of his customers. The SEC says that Demitrios Hall traded 179 daily leveraged...

Consultant tells advisers to start early to help clients deal with issues surrounding aging

April 25, 2017

The best time to help clients deal with issues pertaining to aging is before any decline begins, according to an expert who specializes in training financial advisers and other professionals in such situations. Amy Florian, CEO of Corgenius,...

Some broker-dealers changing indexed-annuity compensation due to DOL fiduciary rule

April 24, 2017

Brokerage firms are evaluating how they and their advisers get paid for indexed annuity sales to clients, as the start date of a new Labor Department rule governing investment advice in retirement accounts inches closer. At present, many broker-dealers...

Piwowar says it's time for SEC to 'reassert its role' on investment advice standards

April 21, 2017

Securities and Exchange Commission Acting Chairman Michael Piwowar said on Friday that the agency should take the lead in setting investment advice standards, a position that he said is more likely with President Donald J. Trump in office. An...

Seniors get help and $4.3 million from Finra hotline

April 20, 2017

Before creating the Securities Helpline for Seniors two years ago, the Financial Industry Regulatory Authority Inc. may not have realized what it could learn or the impact it could have through direct contact with elderly investors and their...

SEC enforcement actions against broker-dealers up 20%

April 20, 2017

SEC enforcement actions against broker-dealers were up 20% in the first half of the government's fiscal year, and now account for a quarter of all enforcement actions by the agency, according to a report from Cornerstone Research. Last year...

Colorado proposes new cybersecurity rules for advisers

April 20, 2017

Colorado has proposed changes to its securities laws that spell out what financial advisers and broker-dealers need to do to keep clients' electronic data from getting into the hands of cybercriminals, and other states may follow suit. Among...

Ric Edelman proposes Social Security fix: Allot $7,000 for each baby

April 19, 2017

A prominent financial adviser is proposing to fix the Social Security system by using the same approach that he recommends to clients: Start saving early and take advantage of compound growth. Ric Edelman, executive chairman of Edelman Financial...

Former broker wins $1.8 million arbitration award against PNC Investments for wrongful firing, defamation

April 19, 2017

A former broker won an $1.8 million arbitration award against PNC Investments in a dispute over her termination from the firm. The Financial Industry Regulatory Authority Inc. arbitration panel in an April 18 decision gave Adrienne M. Mennemeyer...

New mutual funds under DOL fiduciary rule could save investors at least 0.50% in returns: Morningstar

April 18, 2017

New mutual-fund share classes being developed as a result of the Department of Labor's looming fiduciary rule will likely save investors at least 0.50% in returns when compared with the current selection, according to a new analysis published...

Even supporters of DOL fiduciary rule call for modifications

April 18, 2017

Even supporters of the Department of Labor's fiduciary rule are still looking to tweak the measure. For instance, the Investment Adviser Association wants the regulation modified so that advisers who are already fiduciaries can promote their...

With DOL fiduciary rule looming, Merrill sees surge of AUM

April 18, 2017

Merrill Lynch, Bank of America's wealth management business, saw a surge in advisory assets in the first quarter of 2017, months after the company said it was eliminating charging commissions in new retirement accounts as a response to the Department...

SIFMA wants a 'time out,' seeking longer delay of DOL fiduciary rule

April 17, 2017

The biggest brokerage industry trade association is calling for a longer delay of the Labor Department's fiduciary rule, while a consumer group concludes that that the Trump administration has already decided to revise or repeal the rule. In...

Supreme Court to hear financial adviser case involving disgorgement

April 17, 2017

The Supreme Court will hear arguments Tuesday in a case brought by a financial adviser that could determine whether there are limits on how much advisers have to pay the Securities and Exchange Commission in disgorgements. The case, Kokesh v....

Advisers who are already fiduciaries should shout it from the rooftops

April 16, 2017

The concept of fiduciary duty might not yet be fully grasped by consumers, but it is starting to make inroads into mainstream discourse. Clients don't always know what it means to be a fiduciary, but they know they should ask if their adviser...

Finra arbitration panel awards Wilbanks Securities investor $1 million for misleading sales pitch on variable annuity

April 14, 2017

Finra arbitrators awarded an investor more than $1 million for what she alleges was a Wilbank Securities Inc. broker's misleading sales pitch about a variable annuity that over-promised and under-delivered. Grace S. Huitt won a total of $1,073,440...

What independent financial advisers need from broker-dealers when it comes to the DOL fiduciary rule

April 14, 2017

Predicting what may happen to the Department of Labor's fiduciary rule has become the industry's favorite parlor game. Every week we see industry pundits, third-party recruiters and other consultants publicly opining about the rule. And with...

DOL faces tough road in revising or repealing fiduciary rule

April 13, 2017

As the Department of Labor begins to review its fiduciary duty regulation, it faces a daunting road ahead to modify or repeal the measure. If the agency makes changes — as the Feb. 3 directive from President Donald J. Trump seems to foreshadow...

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