The U.S. Securities and Exchange Commission for the first time acted to enforce new rules placed on state and local government financial advisers, alleging that a Kansas firm breached its fiduciary duty by reaping undisclosed fees from the underwriter of its client's bond offerings.
Agency brought 126 actions against more than 230 adviser or company defendants in 2015, about 15% of the total enforcement cases last year.
With the Labor Department's fiduciary rule closing in on finalization, some lawmakers still question potential costs of implementing the measure.
Mr. Thibeault pled guilty to misappropriating around $15 million from the GL Beyond Income Fund.
Rule requires transferring brokers to send an “educational communication” to clients they are trying to convince to make the move with them.
Some Social Security beneficiaries must wait an additional year for full payment.
The company's CEO says client activity 'recovered somewhat' in the first quarter.
Utilizing a methodical system to review retirement goals can keep clients calm during the storm.
Investment manager sees better opportunity in corporate bonds
Unit will develop 'new tools and techniques' to strengthen risk analysis and surveillance.
Two top Republican senators claim the fiduciary rule is premature when the agency is still studying how Americans save.
<i>Breakfast with Benjamin</i> 15 reasons you don't have to fret about a recession in the U.S.
The only way to prevent a currency war is for market participants to regain confidence in the global central banking system.
An exam can be demanding and time-consuming, but it will go smoother if you prepare for it in advance. </br><b><i>(Plus: <a href="//www.investmentnews.com/gallery/20160311/FREE/311009999/PH/sec-exam-cheat-sheet" target="_blank" rel="noopener noreferrer">10 tips to survive an SEC exam</a>)</b></i>
Commissioner Kara Stein concedes agency is unsure how it will apply a best-interest standard to digital advice platforms.
The robo-adviser saw a 55% increase of total rounds since 2010.
The service will help advisers create and manage investments for clients.
<i>Breakfast with Benjamin</i> A majority of fund managers say global economic growth is almost out of steam and a recession isn't that far off.
Financial services firms that want to offer better digital investment advice must focus on training and education to better serve clients, according to the Financial Industry Regulatory Authority.
<i>Breakfast with Benjamin</i> So far, nobody has been prosecuted for contributing to the 2008 financial crisis. “This gags me,” said Elizabeth Warren.
