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IAA advocates for advisors as portals to private investments for clients
The trade association is trying to insert language into capital formation legislation that would deem investors accredited if they work with a fiduciary advisor.
Marketing rule ‘represents balance’ in mandate to back up claims: SEC official
'It doesn’t require literally a bible or book of every single claim made in any ad ever to be retained forever,' Thoreau Bartmann, an SEC counsel, told an Investment Adviser Association conference in Washington.
SEC inquiry targets Edward Jones brokers’ use of messaging apps
Keeping tabs on texts and messaging has been difficult for the industry, and fines have been mounting.
Bank failures spotlight cash management platforms
Financial advisors look for creative ways to keep client cash accounts from going over the $250,000 limit on FDIC coverage.
Schwab seeks to reassure investors following SVB collapse
The firm says it has sufficient liquidity to handle any volatility and that more than 80% of deposits are insured by the FDIC.
Fed introduces new backstop for banks
In a move to shore up confidence in the banking system, the Fed program will provide banks with one-year loans under easier terms than usual.
Workplace digital tools: Prohibition alone won’t work
The SEC doesn’t care whether advisors or staff are banned from using apps or tools. What’s important to them is that firms fulfill their capture and retention responsibilities.
Bipartisan lawmakers warn SEC to tread carefully on mutual fund proposal
GOP Rep. Ann Wagner and Democrat Brad Sherman, leaders of a committee with SEC jurisdiction, echo financial industry concerns that the plan will harm retirement savers.
SVB failure leaves advisors, analysts questioning deeper risks in US banking system
The California bank's problems show how higher interest rates make it harder to keep deposits on the books.
Regulators make noise, and advisors lose jobs
Financial advisors should pay attention to regulators' concerns, since it's often advisors or firm executives who don't follow industry rules to the letter who may be discharged.
Trading app fined $3M for letting youngsters trade options spreads
Webull Financial failed to conduct adequate due diligence on customers, Finra found, but the company did not admit or deny fault.
Fledgling IFP Securities’ net capital deficit was an ‘accounting error,’ CEO says
CEO Bill Hamm said the net capital deficit of $120,000 shown in IFP's Focus report was the result of accrual accounting.
Biden to urge 25% billionaire tax in budget proposal
The proposal, which has little chance of passing Congress, would also raise the top tax rate for Americans making $400,000, to 39.6% from 37%, reversing one of Trump's tax cuts.
Finra fines, restitution and enforcement actions all declined last year, study says
Eversheds Sutherland's review of public reports found that Finra's monetary sanctions totaled $72 million last year, down from $150 million in 2021.
Federal appeals court questions SEC’s decision to reject Grayscale bitcoin ETF proposal
Grayscale sued, asking the DC Circuit Court to overturn a decision the firm called arbitrary and discriminatory because the agency had already approved ETFs that track bitcoin futures.
Oppenheimer loses another arbitration case over alleged Ponzi scheme
The $1.5 million award to two investors follows a $36.7 million loss for Oppenheimer last September in a dispute involving the Horizon Private Equity III fund.
Biden proposes tax hike on income over $400,000 to fund Medicare
The president's proposal, which would also give the government new power to negotiate drug prices, would extend the solvency of the Medicare trust fund beyond 2050, the White House says.
SEC charges former advisors with stealing $5 million from clients
The identical twin brothers overbilled for advisory fees and used their clients' credit cards and bank accounts to finance luxury hotels, jewelry and apparel.
A billionaire tax? Don’t bet on it
The political makeup doesn’t bode well for passing major tax legislation — and a bill that imposes a specific levy on billionaires would be substantial.
Gensler steps up warnings to money managers
The SEC chairman said using predictive data technologies may create 'inherent conflicts' of interest for investment advisors.
