State securities regulators are worried that the recent emphasis on making U.S. capital markets more competitive could lead to the pre-emption of their power by federal regulators.
BOSTON — Independent advisers are used by 22% of millionaire households, and those advisers on average hold 56% of the millionaires’ investible assets — the largest share among financial service providers, according to a survey released last Monday by Fidelity Investments.
Worried about giving clients a fair deal and keeping regulators at bay, some brokerage firms are tamping down the commissions on variable annuities that registered representatives and financial advisers sell.
Nobody ever accused companies that push annuities on older Americans of being subtle.
The Securities and Exchange Commission is getting close to bringing a first-of-its-kind privacy case against a broker-dealer for using client data in the account transfer process, and industry attorneys said that the SEC is investigating similar cases against as many as a dozen other firms.
IRVINE, Calif. — The Securities and Exchange Commission has proposed that firms beef up their disclosure of cash sweep policies. The proposal, part of a little-noticed package of rules floated by the SEC this month, would require broker-dealers to provide a quarterly notice to customers telling them that they can opt out of a default sweep option and choose another vehicle for their cash.
One of the most pressing issues in the investment industry today is retirement plan fees and expenses. A lot of questions have been raised about them recently, all of which can be answered simply à la college basketball commentator Dick Vitale: “It’s about fiduciary responsibility, baby!”
OTTAWA — The federal budget unveiled last week allows the Canadian government to remove withholding tax on arm’s-length interest payments under the Canada-U.S. Tax Treaty and with other countries.
NEW YORK — ING Advisors Network Inc. has reshuffled key spots in its top management ranks, with its president, Valerie Brown, leaving to become executive vice president of wealth management and annuities for ING U.S. Financial Services.
WASHINGTON — The Department of Labor has put the issue of enhanced 401(k) fee disclosure on its agenda, a move that could take some of the wind out of the sails of a legislative threat.
