Stephen S. Eubanks used the money to fund his lifestyle and pay earlier investors, according to William Galvin, Secretary of the Commonwealth in Massachusetts.
Adviser said she was reduced to a "glorified secretary" and fired after reporting a superior for violating insider trading rules.
Can a retiree with a small practice join a firm without giving up her hourly clients?
The DOL version may be cumbersome, but there are enough examples of bad behavior in the business to justify tightening regulatory standards.
In the end, will the new rule survive? Just as there are paths to ultimate revocation, there are also paths to survival.
Instead of proposing new regulations or legislation to kill it, the new administration could simply stop fighting several lawsuits brought against the rule. <b><i>(More: <a href="//www.investmentnews.com/section/fiduciary-focus"" target=""_blank"" rel="noopener noreferrer">The most up-to-date information on the DOL fiduciary rule</a>)</i></b>
Puplava Financial Services joins a wave of independent RIAs moving to larger broker-dealers.
WealthPLAN Partners was with LPL for 27 years.
Firm anticipates expenses could go up $28M in next fiscal year, in large part because of costs connected with the fiduciary regulation. <b><i>(More: <a href="//www.investmentnews.com/section/fiduciary-faq"" target=""_blank"" rel="noopener noreferrer">A comprehensive, searchable database of advisers' fiduciary FAQs</a>)</i></b>
Plus: The Fed hints yet again, Wunderlich Securities brings in $500M, and Credit Suisse shutters leveraged/inverse oil ETNs
Some advisers rely on the Affordable Care Act to insure themselves and employees, and now fear that it could be repealed or substantially changed.
Each of the underlying duties of the fiduciary rule's best-interest standard &mdash; loyalty, care and individualization &mdash; require advisers to take specific actions.
DOL questioned at length during challenge brought by SIFMA, FSI, Chamber of Commerce and others.
The Department of Labor's rule exempting state-based auto IRA plans from ERISA could be in jeopardy under the new Republican administration. <b><i>(More: <a href="http://www.investmentnews.com/section/fiduciary-focus" target="_blank">The most up-to-date information on the DOL fiduciary rule</a>)</i></b>
The advisory world is moving toward a fiduciary standard with or without the DOL rule, financial technology firms contend.
Advisers will get loans to help cover earnings shortfall following firm's decision to ban commissions. <b><i>(More: <a href="http://www.investmentnews.com/article/20161101/FREE/161109984/bank-of-america-merrill-lynch-tells-advisers-to-stop-selling-mutual" target="_blank">Merrill tells advisers to stop selling mutual funds in brokerage IRAs</a>)</i></b>
But chief regulator will continue to carry out current agenda until she steps down when Obama leaves office.
Allegations in the lawsuit largely resemble those of a separate one filed in August this year.
The transition will be completed by the time the Department of Labor fiduciary rule takes effect.
