The Department of Labor has rejected a proposal by the insurance industry to include stable-value funds as a default option for 401(k) plans, according to industry sources.
After building businesses through fee-based brokerage accounts and mutual fund trail fees, many brokers are anxious about looming changes to these sources of revenue.
NEW YORK — An increasing number of independent-contractor broker-dealers are doing business with more than one clearing partner, adding to the stiff competition among some clearing firms.
NEW YORK — Most clients’ collections are a labor of love and not a quest for investment returns, according to financial advisers with collector clients.
NEW YORK — Wholesalers seeking an adviser’s good graces should forget the freebies and concentrate on developing solution-oriented consultative relationships.
CHICAGO — While the Department of Labor has yet to issue final regulations on default options for 401(k) plans, many companies are jumping ahead and incorporating a qualified default investment alternative into their retirement plans.
PHILADELPHIA — Morningstar Inc., the mutual fund research company, is backing off its long-held position that fund boards that oversee multiple funds are less effective stewards than those responsible for just a few funds.
SAN FRANCISCO — After achieving success in pilot cities, Fidelity Investments is taking its revamped referral program to Los Angeles, Manhattan and the New York suburbs, but with changes.
WASHINGTON — Washington early this month became the third state to move toward regulating adviser designations when it issued two concept releases asking for public comments on the issue.
