Commonwealth Financial Network late Monday said it would stop offering commission-based products in IRAs and qualified retirement plans, making it the latest BD to move more decidedly toward to an advisory platform to avoid what some see as the more onerous provisions of the Labor Department's fiduciary rule.
While financial institutions are able to sell deferred-income and immediate annuities under a less onerous exemption, some are opting to sell under BICE to keep certain compensation arrangements intact.
Nearly a third now say the rule can help expand their business, up from 17% in January. <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>
Profitability is up 27% since 2011 as firms become more efficient through technology
Custodian's print and digital campaign will highlight RIAs' strengths and why investors should hire them.
Now that all retirement advice must be in a client's best interest, prospects are going to hear from every type of adviser that they act as fiduciaries.
Seven of the firm's eight taxable actively managed bond funds rank in the top 6% of their respective categories, beating the largest 50 fixed-income funds tracked by Morningstar.
Plus: Harvard's endowment falls back to Earth, don't hold your breath waiting for lower home prices, and taking a lesson from Benjamin Graham
Markets and upcoming elections weigh heavily on their outlook.
Speaking during the opening of the Schwab Impact conference Monday, Greg Valliere of Horizon Investments says the Republican Party could break into two within months after the election.
Determining adviser compensation under BICE is likely the "single most complicated thing" in the rule, according to attorney Fred Reish.
Advisers to the rich are ready to take evasive action if Democrats make big gains in November.
'This first set of FAQs will focus on some of the questions that have been raised in connection with the exemptions,' Borzi said. <b><i>(More: <a href="http://www.investmentnews.com/section/fiduciary-faq" target="_blank">A comprehensive, searchable database of advisers' fiduciary FAQs</a>)</i></b>
Eric Zakarin was also liable for $357,000 of Wells Fargo's attorneys' fees.
One 529 plan bumped up to gold, joining only two others with that top rating.
Also, Wells Fargo's biggest non-performing asset is its board, Kansas clamps down on bad news, and the ruby slippers are saved.
Competitive pressures on smaller firms present opportunity for deal making.
Retirees lost $140,000 after Christopher Ariola unduly concentrated them in energy, gold.
Custodian offers five portfolios with investment selected by Morningstar professionals.
Members of TD's 'Advisor Direct' program may develop new clients. <b><i>(Related read: <a href="http://www.investmentnews.com/article/20161024/FREE/161029966/ria-firms-see-record-number-of-ma-deals-in-first-nine-months-of-2016" target=”blank">RIA firms see record number of M&A deals in first nine months of 2016.</a>)</b></i>
