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Brokerages sound off on Regulation Best Interest

May 17, 2019

An executive at a small brokerage firm expressed concern Friday that the Securities and Exchange Commission's pending advice-reform rule is too vague and could lead to an exclusive focus on the price of investments. The centerpiece of the package...

Reg BI looks strong, if you squint just right

May 13, 2019

The Wall Street Journal's Jason Zweig recently complained about a study from Fidelity Investments that was interpreted to show that "Most index funds are 'below-average investments'" and that except for large U.S. stocks, in nearly every other...

SEC commissioner Hester Peirce says Reg BI is stronger than fiduciary duty

May 8, 2019

Members of the Securities and Exchange Commission have defended their agency's forthcoming final advice-reform rule in exchanges over the last couple days. SEC commissioner Hester Peirce said the proposal to raise advice requirements for brokers...

Trump could cost future retirees billions

May 6, 2019

Last year, the Trump administration abandoned a regulation designed to protect U.S. savers from conflicted investment advice. Known as the fiduciary rule, it would have required more brokers and insurance agents to disclose when they're getting...

Clayton hints Reg BI may be out earlier than expected

May 2, 2019

Securities and Exchange Commission Chairman Jay Clayton remained tight-lipped about investment advice reform regulation on Thursday, but he hinted that it might be released sooner than expected. In a discussion with reporters, he sidestepped...

Alexander Acosta is the Night King from 'Game of Thrones'

May 2, 2019

For those of us who love the HBO series "Game of Thrones" — and I'm guessing that's pretty much everyone reading — one question has nagged for the majority of the show's run: Just who is this Night King guy? We know a few things. The signature...

Acosta says Labor Department will revive fiduciary rule

May 1, 2019

Labor Secretary Alexander Acosta told lawmakers Wednesday the agency would revive its fiduciary rule. In a hearing of the House Education and Labor Committee, Mr. Acosta said DOL is working with the Securities and Exchange Commission as the...

State regulators urge SEC not to try to block state fiduciary laws

April 30, 2019

State regulators are urging the Securities and Exchange Commission not to try to block state fiduciary laws and regulations through the agency's investment advice reform rule. In an April 25 comment letter to the agency, the North American Securities...

When to do a retirement-plan rollover, and when to avoid it

April 26, 2019

During the Department of Labor fiduciary debate, one of the biggest issues was the benefits and drawbacks of rolling 401(k) and other employer-sponsored retirement plans into individual retirement accounts. The government made the argument that...

IBD report: Another impressive year

April 20, 2019

Despite a stock market decline, the largest independent broker-dealers turned in another stellar year in 2018, with revenue for the top 25 firms participating in an InvestmentNews survey reaching $25.5 billion, a 14.7% increase over 2017. The...

Fate of New Jersey fiduciary standard could come down to politics, court

April 16, 2019

A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition. On Monday, the state's Securities Bureau released a proposal for...

Trump administration puts potential new hurdle in path of Regulation Best Interest

April 15, 2019

A new regulatory requirement could slow down the Securities and Exchange Commission's investment advice reform proposal and crimp the agency's ability to issue guidance on other rules. Last week, the Trump administration's Office of Management...

New Jersey releases rule to impose fiduciary duty on brokers

April 15, 2019

New Jersey brokers would have to meet a higher investment advice standard under a rule proposed Monday. The measure would impose fiduciary duty on brokers, subjecting them to a higher requirement than the current suitability standard they must...

SEC member Robert Jackson Jr. calls for 'bipartisan' Regulation Best Interest

April 8, 2019

Securities and Exchange Commission member Robert Jackson Jr. urged his colleagues to approve an advice reform rule across party lines so that it can withstand court challenges. "Fundamentally, this can and should be a bipartisan effort of the...

New SEC nominee may not have time to influence Reg BI

April 3, 2019

Allison H. Lee may not join the Securities and Exchange Commission in time to influence the agency's final investment advice reform rule. Ms. Lee, a former SEC enforcement official, was nominated by the Trump administration Tuesday to replace...

Maryland fiduciary bill killed in committee

April 3, 2019

A bill that would have raised investment advice standards in Maryland suffered a major setback Wednesday when it was rejected in committee. The Maryland Senate Finance Committee voted down the Financial Consumer Protection Act, which included...

Democrats back legislation to require investor-testing of SEC advice rule

March 27, 2019

House Democrats backed legislation Wednesday that would require the Securities and Exchange Commission to make sure its new advice rule gives investors the information they need to make an informed decision when hiring a financial adviser. Under...

Fiduciary duty and the choice between active and passive

March 26, 2019

There is nothing passive about being a fiduciary investment adviser, even when it comes to making decisions about passive investing. The duty of care requires the adviser to proactively exercise the skill, prudence and good judgment of a professional...

Clayton says disclosure sufficiently mitigates some conflicts under Reg BI

March 26, 2019

Securities and Exchange Commission chairman Jay Clayton said brokers' disclosure of conflicts of interest would sufficiently address some of them under a measure to raise investment advice standards. The agency's proposed Regulation Best Interest...

Merrill adds to 401(k) fiduciary services

March 25, 2019

Merrill is expanding its roster of fiduciary services available to 401(k) clients, a move that comes amid a broader push by wirehouses and large brokerage firms to change the way they work with smaller retirement plans. Merrill announced Monday...

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