Results for "fiduciary"

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Opponents of Maryland fiduciary bill tell lawmakers to wait on SEC

March 13, 2019

Opponents of a Maryland bill that would raise investment advice standards for the state's brokers and insurance agents told lawmakers Wednesday to wait for the Securities and Exchange Commission to go first on advice reform. But a supporter...

Morgan Stanley threatens to pull out of Nevada over state's fiduciary rule

March 13, 2019

Morgan Stanley has threatened to cease offering brokerage services in Nevada as a result of the state's proposed fiduciary rule. In a recent comment letter about the advice rule, the wirehouse said that parts of it were "far too narrow" for...

ACLI comes off bench to support legislation requiring employers offer access to retirement plans

March 12, 2019

The American Council of Life Insurers announced Tuesday it would back legislation to require employers to establish retirement savings plans for their workers. Rep. Richard Neal, D-Mass., previously sponsored bills that would have required companies...

State securities regulators back Nevada's fiduciary rule proposal

March 7, 2019

While an organization representing state securities regulators focuses on guiding the direction of the U.S. Securities and Exchange Commission's investment advice reform proposal, the group also is supporting a separate Nevada effort to raise...

House Democrats question whether investors are protected under Regulation Best Interest

March 6, 2019

House Democrats have concerns about whether the Securities and Exchange Commission's investment advice reform proposal will do enough to protect investors from conflicts of interest. They will seek more information on the measure next week....

FSI's top advocacy priorities for 2019

March 5, 2019

As the Financial Services Institute celebrates 15 years of advocating on behalf of independent firms and advisers across the country, we are very pleased that our voice in Washington, D.C., and the states has continued to grow in influence —...

NASAA distances itself from state fiduciary efforts, wants Reg BI to succeed

March 5, 2019

State regulators are putting some distance between themselves and state lawmakers pushing for state-level investment advice reform regulations. Legislative and regulatory efforts are underway in Nevada, New Jersey and Maryland to raise the broker...

Adviser trade associations, investor advocates split on Nevada's authority to implement fiduciary rule

March 1, 2019

Financial industry and investment adviser trade associations and investor advocates split Friday on whether Nevada can implement its own investment advice standard. In comment letters filed on Nevada's proposal to strengthen advice rules, the...

Key Senate Democrat raises concerns about SEC advice reform proposal

February 28, 2019

A key Senate Democrat raised concerns about the Securities and Exchange Commission's investment advice reform proposal Thursday, signaling the party will resist the measure as the agency tries to settle on a final rule. Sen. Sherrod Brown, D-Ohio...

SEC Regulation Best Interest allows harmful broker practices, state regulators say

February 25, 2019

State securities regulators are warning the Securities and Exchange Commission that the agency's investment advice reform proposal will allow brokers to continue practices that harm investors. The North American Securities Administrators Association...

Is Reg BI headed for the courts?

February 22, 2019

Opponents of the Labor Department's fiduciary rule killed it last year in the courtroom. Those set to fight the Securities and Exchange Commission's coming advice reform regulation might also brandish the legal sword to see if it cuts both ways....

Delivering value starts with reducing fees

February 20, 2019

What makes someone choose a $300 pair of jeans over a $30 pair? Or a $100,000 Porsche over a $15,000 Fiat? Both options are functional and get the job done, right? Yet one is worth six to 10 times the other. Why? While some of those reasons...

NAPFA launches campaign to distinguish fiduciary from 'best interest'

February 19, 2019

An organization representing fee-only investment advisers launched an education campaign Tuesday that it says will help consumers understand the difference between fiduciary advice and advice that's in their "best interests." The National Association...

Insurance groups tell NAIC to put 'best interest' back into annuity suitability rule draft

February 19, 2019

Insurance industry trade associations are telling state commissioners to put the words "best interest" back in a proposal to raise the advice standard for annuity sales. In the latest iteration of National Association of Insurance Commissioners'...

SEC's Reg BI strengthens investor protections

February 14, 2019

Each day, America's financial advisers go to work in communities across the country to help their neighbors develop plans to save for retirement, send their kids to college, buy a house, or meet other financial and family goals. In this business,...

SEC commissioner Peirce wants to move ahead on advice reform quickly

February 12, 2019

Securities and Exchange Commission member Hester Peirce said Tuesday she wants the agency to complete investment advice reform soon, an indication that a rule could be coming by summer. Ms. Peirce did not offer a specific time line for a final...

Finra bars former Morgan Stanley rep who hid client gift

February 12, 2019

The Financial Industry Regulatory Authority Inc. has barred Martin Kirschner from the securities industry for failing to appear at a hearing looking into whether he failed to disclose a gift from a customer. Finra was also investigating whether...

SEC advice rule proposal assailed by former agency economists

February 11, 2019

The Securities and Exchange Commission plan for overhauling broker conflict-of-interest rules is coming under fire from an unusual source: a group of its former top economists. In a sharply worded comment letter, 11 former SEC officials faulted...

Maryland bill would impose fiduciary duty on brokers, insurance reps

February 7, 2019

Legislation introduced this week by Maryland state lawmakers would raise investment advice standards for brokers and insurance representatives — marking an expansion of coverage compared to a Securities and Exchange Commission proposal. The...

How FSI will work to protect advisers and investors at the state level in 2019

January 31, 2019

With daily headlines focused on hyperpartisan gridlock and dysfunction in Washington, D.C., legislative threats to the independent financial services industry would seem to be on the back burner for the time being. As members of the Financial...

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