Investment management firm Invesco has acquired Jemstep, one of the first online automated investment platforms in the financial services industry, in the latest bid to offer more robo-technology to traditional advisers.
Congress members tell Obama such an executive order would help some of the nearly half of U.S. workers who don't have access to a retirement program on the job.
The insurance and brokerage industries have shelled out many more dollars for congressional campaigns and lobbying than investment adviser organizations.
The rule opens the door to future customer litigation and opportunity for regulators to impose sanctions or fines on smaller broker-dealers.
They hold twice as much cash as boomers and only 29% are happy with their portfolios
The firm's CEO sees opportunities in the looming disruption. <b><i>(Fiduciary Focus: <a href="//www.investmentnews.com/section/fiduciary-focus"" target=""_blank"" rel="noopener noreferrer">Follow the latest news and developments on the DOL rule change</a>)</i></b>
We are always telling clients not to throw good money after bad. That advice applies to us as well.
A $2 billion payment is due July 1 and funds still have big chunks of the bonds in their portfolios.
Helping your clients think through the timing of Medicare coverage can be very beneficial, especially considering the significant impact health care costs have on retirement income
CEO James Gorman says DOL's fiduciary rule isn't "the be-all and end-all" for the bank's brokerage business.
Inherent to acting in a client's best interest is ensuring costs are reasonable, an ERISA concept brokers need to understand.
Fixed indexed annuities lost a favorable exemption they enjoyed under the proposed rule, and the impact on variable annuities likely won't be much changed from original forecasts.
The move is another sign that the days of high-cost funds are numbered, and that the Department of Labor's new rule is speeding that decline.
The rule is likely to unleash a wave of software upgrades and business relationships that will result in greater efficiencies for advisory firms.
One of the most intractable issues facing the advisory business is the severe imbalance in examination frequency between broker-dealers and RIAs.
But without enough votes to overturn a threatened presidential veto, assistant secretary of Labor Phyllis Borzi calls the action 'the usual Washington Kabuki theater.'
The financial industry generally has not barked about the final fiduciary rule, but that doesn't mean that it won't eventually bite.
Plus: Warren Buffett isn't sweating the election outcome, find out if you're getting a fair price for airfares, and a Goldman Sachs gym with progressive membership dues
In the latest sign of the changes to come in the wake of the new DOL fiduciary rule, Charles Schwab is taking mutual funds with sales loads off its shelves.
