Results for "fiduciary"

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Merrill Lynch can't reverse progress on eliminating conflicts of interest

September 5, 2018

The fiduciary rule is dead, but its spirit lives on. The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients' interests ahead of their own — when handling retirement accounts....

DOL fiduciary rule caused $14 billion in stock losses for investment firms: report

September 5, 2018

The Department of Labor's fiduciary rule led to "tremendous" losses for brokerage and other investment firms, causing billions of dollars to be shed from their market valuations as investors feared the rule would hurt profitability, according...

Merrill Lynch reverses policy on banning IRA commissions following death of DOL fiduciary rule

August 30, 2018

Merrill Lynch is reversing its ban on commissions in individual retirement accounts, undoing a first-of-its-kind policy among the major brokerage firms that was established nearly two years ago as the Department of Labor fiduciary rule loomed...

SEC Regulation Best Interest an important step for our industry

August 29, 2018

The Securities and Exchange Commission's introduction in May of a proposed best-interest standard of care for all advisers — including those affiliated with broker-dealers and RIAs — was a watershed moment for the financial advice profession....

Advisers in a pickle over low-yielding cash sweep accounts

August 29, 2018

With interest rates edging higher and stock market valuations hitting peak levels, cash management is becoming a center-stage issue for financial advisers, and one that could have fiduciary implications. While cash typically makes up only a...

LPL lets more advisers do fiduciary 401(k) business

August 28, 2018

LPL Financial has relaxed some of the internal qualifications necessary to service 401(k) plans in an advisory capacity on its corporate RIA, effectively permitting more advisers to service plans as a fiduciary. LPL, the nation's largest independent...

Senate Banking Committee approves SEC nominee Elad Roisman

August 23, 2018

The Senate Banking Committee on Thursday approved Elad Roisman for a seat on the Securities and Exchange Commission. Mr. Roisman's nomination now heads to the Senate floor for a vote by the full chamber. He is poised to fill the SEC seat vacated...

Client divorce splits advisers' fiduciary duty of loyalty

August 22, 2018

When a client couple divorces, their adviser relationship must change too. What was once a singular fiduciary duty of loyalty splits in two. "Success" in these situations requires the adviser to serve the best interests of the separated clients,...

SEC chairman Jay Clayton calls for end to broker sales contests

August 22, 2018

Securities and Exchange Commission chairman Jay Clayton called Wednesday for an end to sales contests that encourage brokers to recommend certain products. Mr. Clayton said that in recent roundtables with investors he has heard concerns about...

Elizabeth Warren: Wall Street influence weakening SEC advice rule

August 21, 2018

Wall Street influence is undermining the Securities and Exchange Commission's work on its investment advice proposal, Sen. Elizabeth Warren, D-Mass., said Tuesday. Ms. Warren cited the "soft corruption" of the revolving door that causes SEC...

As DOL fiduciary rule dies, variable annuities come alive — sales up for first time since 2014

August 21, 2018

The death of the Department of Labor fiduciary rule is breathing new life into the variable annuity business. Following 17 consecutive quarters of sales declines, dating back to 2014, there was some good news for insurers in the second quarter...

Merrill pays $8.9 million SEC penalty over undisclosed conflict of interest

August 20, 2018

Merrill Lynch Pierce Fenner & Smith agreed Monday to pay an approximately $8.9 million settlement to the Securities and Exchange Commission for failing to disclose to investors a conflict of interest the brokerage had in offering products from...

DOL fiduciary rule might be dead, but its ghost hovers over the financial advice industry

August 18, 2018

The early bird doesn't always get the worm. Financial firms that moved quickly to prepare for full implementation of the Department of Labor's fiduciary rule and now want to reverse those policies must move cautiously to unwind the changes on...

Why you should still take the fiduciary high ground on 401(k) rollovers

August 14, 2018

Only in Washington, some might say, can you find a regulation that for all intents and purposes is dead and buried yet still lives on. The Fifth Circuit Court of Appeals issued its mandate to vacate the Department of Labor fiduciary rule in...

SEC ponders creating video to help investors decide between investment adviser and broker

August 10, 2018

One thing Securities and Exchange Commission officials have heard over and over at recent investor roundtables is that the agency's proposal for helping them parse the differences between investment advisers and brokers needs to be improved....

DOL fiduciary rule death leaves 401(k) advisers in legal 'grey area' with rollovers

August 9, 2018

It's no secret that the broad financial industry despised the Department of Labor fiduciary rule. The regulation, which lived a short while before dying in court, upended the status quo with respect to retirement savers, cracking down on brokers'...

SIFMA: Regulation Best Interest raises bar on investor protection

August 7, 2018

The United States' extensive history of individual investing has resulted in more options, greater competition and lower costs compared to the rest of the world. Just as the mix of financial products has evolved, with great benefit to everyday...

Deluge of comment letters to SEC shows usual split on raising broker standards

August 7, 2018

Financial industry groups are backing the Securities and Exchange Commission's investment advice reform package but suggesting tweaks, while investor advocates say it is weak and requires an overhaul. Leading participants in the debate over...

Allison Lee most likely choice for SEC commissioner, reports say

August 6, 2018

Allison Lee, a former enforcement attorney at the U.S. Securities and Exchange Commission, is the Trump administration's likely choice to replace her former boss in a Democratic seat at the Wall Street regulator, according to people familiar...

Investors want more information about financial advisers' fees

August 6, 2018

Investors are telling the Securities and Exchange Commission that disclosure forms included in the agency's investment advice reform package should make fees more transparent. In investor roundtables in Houston and Atlanta in June, some participants...

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