The firm is eliminating potnential conflicts of interest before the DOL fiduciary rule take effect next year
CEO says decision preserves choice while recognizing new fiduciary requirements. <b><i>(More: <a href="//www.investmentnews.com/article/20161030/FREE/161029902/broker-dealers-split-on-commissions-in-wake-of-dol-fiduciary-rule"" target=""_blank"" rel="noopener noreferrer">B-Ds split on commissions in wake of DOL rule</a>)</i></b>
Chairwoman Mary Jo White said a proposal for such exams has been circulated, but two other commissioners may be reluctant to act. <b><i>(More: <a href="//www.investmentnews.com/article/20161011/FREE/161019981/sec-sets-record-in-enforcement-actions-against-investment-advisers"" target=""_blank"" rel="noopener noreferrer">SEC sets record in enforcement actions against investment advisers</a>)</b></i>
F3 shares trim expense ratios by about 37 basis points.
The wirehouse's advisers will lose trail commissions on all but grandfathered brokerage IRA accounts, but may not be hard-hit due to certain procedures to be implemented.
Huge fines against the likes of MetLife and Raymond James are putting the watchdog on a trajectory to beat its prior record by about 20%. <b><i>(More: <a href="http://www.investmentnews.com/article/20160503/FREE/160509980/metlife-to-pay-record-finra-fine-for-misleading-annuity-customers" target="_blank">So far this year Finra has levied four fines greater than $5M</a>)</b></i>
Some firms are rethinking a shift to fee-based compensation and instead are sticking with commission structures that will trigger the need for best interest contract exemptions.
Also, with the exception of some metals funds, most funds don't own the actual commodity.
Ash Narayan's right to use CFP certification temporarily suspended following SEC complaint
Answers released last week give clarity on some issues, like fee-based advice and recruiting incentives, but are obscure on reasonable compensation.
Labor Department lays out guidance on questionable compensation practices for brokers &mdash; and RIAs. <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>
If front-runner Hillary Clinton wins, higher taxes could be on the way for advisers' wealthy clients.
Data aggregation &mdash; and knowing what's on both sides of a client's balance sheet &mdash; is key to meeting new requirements.
The Department of Labor's fiduciary rule prohibits individual IRA investors from participating in initial public offerings with the assistance of their financial adviser.
Plus: How Clinton and Trump won't save Social Security, more scrutiny for sales charges, and taking the 5% challenge.
The firm and owner Marc Broidy, of Beverly Hills, Calif., allegedly had more than $1.4 million of ill-gotten gains.
The Massachusetts Securities Division came to that conclusion after surveying 327 RIAs, whom the commonwealth is offering to train for free.
Agency answers 34 adviser questions pertaining to the regulation's exemptions, including the best-interest contract exemption. <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>
CEO says the commission model, which will require more compliance work on the company's part, serves both clients and advisers well. <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>
