The agency is considering extending the regulation to cover all assets in a client's portfolio, not just securities and funds.
A recent survey by CFA Institute found 20% of retail investors say their primary reason for using trading accounts is entertainment or speculation.
Dominic Ismert's attorney said the recommendation to invest in an oil fund was made 'off the cuff,' without appropriate research and analysis of whether it was suitable for him.
Last month, the California financier agreed to a $10.2 million penalty related to his alleged role in a scheme to steal money meant to be invested in Native American tribal bonds.
The American Securities Association had filed suit alleging that a DOL document improperly claimed that a one-time recommendation to transfer assets from a company plan to an IRA triggered fiduciary duty.
Finra's action against Long Island Financial Group is yet another indication of its dissatisfaction with the industry's implementation of Reg BI.
Investors will be able to see whether a brokerage has been flagged for having a history of misconduct or employing a number of reps with disciplinary violations.
We don't know how Reg BI or the CFP credential's fiduciary standard work in practice because there has been no substantial punishment for violating them.
A House subcommittee considers GOP measures that would amend accredited-investor rules. The ranking Democrat said 'fiduciary' advisors could help retail investors become sophisticated vicariously.
The SEC said brokers in the firm's Lexington, South Carolina, branch office recommended variable interest rate structured products to dozens of retail customers for whom they weren't suitable.
When Walsh will officially step down has not yet been announced but Deputy Secretary Julie Su is expected to become acting head of the agency.
The agency's other examination priorities for this year include RIAs who manage private funds, ESG investing and crypto.
The SEC, Finra and NASAA issue identical alerts telling retirement savers they're on their own if they open accounts that give them complete autonomy on the investment lineup.
House Republicans had suggested negotiations on the debt limit could include an agreement to set up a commission to negotiate later changes to Social Security and Medicare to extend the programs' solvency.
The Swiss firm loses another dispute over deferred compensation related to the 2015 closure of its U.S. wealth management operation.
Some politicians see it as part of a viable platform for the 2024 presidential election.
Perhaps the reality is that neither firms nor advisors truly 'own' clients but rather are lessees of clients.
The effort, the latest in an overall anti-ESG push from conservatives, is largely symbolic.
As it enters its fifth year, Investor.com has been redesigned to make it easier for investors to digest a financial firm's disciplinary history and conflicts.
Wells Fargo alleged that a 'coordinated' effort to lure away advisors depleted an Arkansas branch office, forcing it to close.
