Results for "fiduciary"

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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...

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...

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...

The SEC proposal does not protect Americans from 'harmful practices' by broker-dealers

August 3, 2018

Your lawyer can't take money from your opponent to give you bad legal advice. If you're on Medicare, your doctor can't take kickbacks from drug manufacturers for prescribing their drugs. But, under current law, your broker-dealer can receive...

Don't shoehorn advisers into broker regulations: IAA

August 3, 2018

A leading trade group representing investment advisers is urging the Securities and Exchange Commission to abandon its proposal to impose some regulations on advisers that are similar to those governing brokers. As part of its investment advice...

The SEC's opportunity to serve the best interests of investors

August 2, 2018

In my first column, I tried to give some historical context on how we got here: With margins rapidly declining, broker-dealers found safe haven in asset-based fees. While their shareholders enjoyed the recurring revenue, the underlying services...

Brokerages unnerved by parts of SEC advice rule that echo DOL fiduciary rule

July 31, 2018

Language in the Securities and Exchange Commission's investment advice reform proposal that echoes the Labor Department's fiduciary rule is drawing concern from the financial industry. Under the SEC's proposal, brokers would not be allowed to...

DOL fiduciary rule can cause litigation risk from beyond the grave

July 27, 2018

Although the Labor Department's fiduciary rule died in court in June, it can still cause litigation risk for firms that changed their policies to comply with the measure. "As long as institutions leave these policies on the books, you can still...

SEC nominee Roisman stresses disclosure, helping investors understand adviser relationship

July 24, 2018

Securities and Exchange Commission nominee Elad Roisman avoided taking a position on the agency's investment advice reform proposal Tuesday and stressed the importance of disclosure when pressed by Democratic senators on advice standards. In...

Annuity rule likely won't include a fiduciary standard, NAIC says

July 24, 2018

The National Association of Insurance Commissioners indicated it would not impose a fiduciary standard on insurers and insurance producers as part of its overhaul of annuity sales rules, according to draft language of the group's model regulation...

Judge dismisses suit against AT&T plan

July 24, 2018

A U.S. District Court judge in Los Angeles dismissed claims by participants in the AT&T Retirement Services Plan, Dallas, that plan fiduciaries failed, among other things, to use the plan's large size to "obtain reasonable" record-keeping fees...

Democrats criticize SEC advice rule, push for fiduciary standard

July 23, 2018

Midterm elections usually don't generate the same energy as presidential elections, but this year is different because it is shaping up as a referendum on President Donald J. Trump. If Democrats take over the House — which many analysts see...

Fidelity, Empower to keep fiduciary services for 401(k) plan participants

July 23, 2018

Fidelity Investments and Empower Retirement, two of the largest record keepers of defined-contribution plans, will continue to provide fiduciary advice to 401(k) participants via their call centers, even though the Department of Labor's fiduciary...

Democratic senators want Finra to weigh in on SEC advice rule

July 20, 2018

Three Democratic senators are pushing Finra to weigh in on the Securities and Exchange Commission's investment advice reform proposal and explain whether the measure will strengthen broker requirements. Sens. Elizabeth Warren, Mass., Cory Booker,...

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