Results for "fiduciary"

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Clayton tells lawmakers advisers can skirt fiduciary standard

December 11, 2018

Securities and Exchange Commission chairman Jay Clayton told lawmakers Tuesday that investment advisers can dodge a requirement to put their clients' interests ahead of their own if they put exceptions in their client agreements. In an appearance...

Best the SEC can do or huge step backward? Industry leaders tussle over advice reform

December 5, 2018

The Securities and Exchange Commission's proposal to raise investment advice standards for brokers doesn't represent a big change from current regulations but is about as far as the agency can go right now, the leader of an brokerage trade association...

Wells Fargo Advisors president David Kowach embraces best-interest standard

December 4, 2018

Wells Fargo Advisors president David Kowach urged the investment advice industry to embrace the regulatory effort to raise the standard of care. In an appearance at the MarketCousel Summit in Las Vegas, Mr. Kowach said pending regulatory changes...

NAIFA files suit against New York for mandating best-interest insurance sales

November 26, 2018

An insurance industry trade association has gone to court to stop a New York regulation requiring insurance agents and brokers to act in the best interests of their clients when selling life insurance and annuity products. The National Association...

Fight for New Jersey fiduciary rule yields doomsday rhetoric from both sides

November 19, 2018

The fight over New Jersey's proposed fiduciary standard for brokers has only just commenced, and stakeholders on both sides of the spat already are resorting to gloom-and-doom forecasts, linking the rule's fate to an impending catastrophe and...

Morningstar: DOL fiduciary rule reduces inflows to mutual funds with high loads

November 15, 2018

The Labor Department's fiduciary rule reduced the amount of investor money that's allocated to mutual funds that pay brokers a premium to sell them, according to a Morningstar Inc. report released Thursday. Since the DOL measure died in court...

Fiduciary leader Phyllis Borzi joins Edelman Financial Engines board

November 13, 2018

Phyllis C. Borzi, former Department of Labor assistant secretary and mother of the DOL fiduciary rule, has been appointed to the board of directors at Edelman Financial Engines. The firm, which combined Edelman Financial Services and Financial...

Best interest standard must come with fiduciary teeth: Borzi

November 12, 2018

A best-interest standard for investment advice will protect investors only if it's rooted in a fiduciary obligation, the mother of the Department of Labor's fiduciary rule said Monday. Phyllis Borzi, former assistant secretary of labor, didn't...

SEC tests show investors don't understand disclosure form for brokers, advisers

November 8, 2018

Investors embrace but fail to grasp disclosures intended to help them distinguish between investment advisers and brokers included in the Securities and Exchange Commission's investment advice reform proposal, according to testing results the...

SEC panel votes to urge agency to strengthen advice rule proposal

November 7, 2018

A panel established to speak for ordinary investors to the Securities and Exchange Commission voted Wednesday to urge the agency to strengthen its investment advice reform proposal by putting tougher requirements on brokers. The SEC Investor...

Here's how a Democratic House will affect financial advisers

November 7, 2018

A Democratic takeover of the House isn't likely to influence the Securities and Exchange Commission's investment advice reform proposal despite one of the leading critics of the SEC's effort being poised to head the committee overseeing the...

SEC panel pushes strengthening Regulation Best Interest, in line with a fiduciary duty

November 1, 2018

The Securities and Exchange Commission's Investor Advisory Committee is pushing to "strengthen and clarify" rules requiring broker-dealers to act in the best interest of investors, potentially sharpening the rules to take the form of a fiduciary...

IAA fears SEC will leave investor testing behind in rush to finalize advice rule

October 30, 2018

In a rush to complete investment advice reform next year, the Securities and Exchange Commission might not pause to absorb investor testing on a key part of the proposal, according to an adviser advocate. The SEC included in the package a so-called...

State insurance commissioners draft annuity sales rule

October 26, 2018

State insurance regulators want to strengthen rules for annuity sales by requiring they be conducted with the consumer's interest as the priority, rather than the insurance professional's compensation. Members of the National Association of...

Regulatory outlook for 2019 shaping up to be more positive

October 24, 2018

With the Department of Labor fiduciary rule overturned and the SEC's effort to advance a more workable common standard of care for all advisers well under way, the regulatory outlook for our industry is much more positive than it was several...

Two financial advisers running for Congress

October 19, 2018

Few lawmakers on Capitol Hill have backgrounds in the financial advice sector, but next month's midterm elections could add two more. Voters in Pennsylvania could send the first certified financial planner to Congress. In Maryland, the chief...

DOL likely to address fiduciary rule again next year

October 18, 2018

The Labor Department has signaled it will address by next fall unfinished business surrounding its investment-advice rule that was killed by a federal court earlier this year. The agency released a regulatory agenda on Thursday that indicates...

SEC commissioner Stein suggests Congress address differing broker, adviser standards

October 16, 2018

Securities and Exchange Commission member Kara Stein said Tuesday that Congress may have to get involved in raising investment advice standards. The Democratic commissioner suggested amending securities laws that allow brokers to provide advice...

Can investment advisers disclose away all conflicts? Can brokers?

October 16, 2018

With the release of its regulatory package on April 18, the Securities and Exchange Commission drew an important distinction between disclosure obligations for investment advisers versus those for brokers. Even as the greater fiduciary debate...

New Jersey releases uniform fiduciary standard pre-proposal, seeks comments

October 15, 2018

New Jersey released a request for public comment Monday on what could become a proposal to raise investment advice requirements for brokers. The state's Bureau of Securities issued what it called a notice of pre-proposal that would subject brokers,...

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