Results for "fiduciary"

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New NASAA president pursues fiduciary rule in New Jersey

September 11, 2019

As chief of the New Jersey Bureau of Securities, Christopher Gerold is leading the effort to raise investment advice requirements in the state by developing its own fiduciary rule. That move puts New Jersey at odds with the Securities and Exchange...

The threat posed by state fiduciary rules

September 10, 2019

With Regulation Best Interest finalized and moving toward implementation, independent financial firms and advisers are coming together to make the new rule's common standard of care a reality. Although many questions remain, the Financial Services...

XY Planning Network sues SEC over Reg BI

September 10, 2019

XY Planning Network, the coalition of fee-only financial planners founded by Michael Kitces and Alan Moore, is suing the Securities and Exchange Commission for creating what they say is an unfair competitive advantage for broker-dealers with...

A new litigation saga begins for another 'best interest' rule

September 10, 2019

As the standard-of-care saga continues, nobody can predict exactly how each new regulator will define "best interest" or whether they will opt instead to use the term "fiduciary." What seems certain, though, is that any new rule will be challenged...

Monitoring 401(k) cross-selling may be next frontier for advisers

September 10, 2019

Trends and developments in the 401(k) market often migrate over to 403(b) plans. Examples include automatic enrollment, which is increasingly popular with plan sponsors, and litigation against plan fiduciaries, which is less popular). Sometimes...

Finra will defer to SEC on interpreting best interest rule

September 9, 2019

When a new investment advice standard for brokers is implemented next June, Finra will be responsible for examining brokers for compliance. But the Securities and Exchange Commission will make the final call on determining how the regulation...

Lincoln, Penn Mutual pull insurance products from New York in wake of best-interest rule

September 6, 2019

More insurers are deciding to pull products like annuities and life insurance from the New York market as the state's best-interest rule takes hold. Lincoln Financial Group, the fourth-largest seller of annuities in the U.S. last year, suspended...

Barred California adviser to pay $181,000 over investment fund conflicts

September 5, 2019

The Securities and Exchange Commission has barred adviser Mitchell Friedman of Mill Valley, Calif., and required him to pay disgorgement, interest and civil penalties of about $181,000 over conflicts and disclosure failures in connection with...

Investors put more stock in investment professionals wearing 'adviser' label

September 3, 2019

Consumers put more stock in investment professionals who use the title "adviser" than in those who are serving in a sales capacity, according to a new study. A survey of 665 adults conducted last October and released Aug. 27 by the Mercatus...

Reg BI creates certainty and provides investors with a choice

August 28, 2019

On June 5, the Securities and Exchange Commission adopted a package of rule-makings and interpretations designed to enhance the quality and transparency of retail investors' relationships with investment advisers and broker-dealers. These actions...

ESG data getting better as the market matures

August 21, 2019

As management consultant Geoffrey Moore has observed, "Without big data, you are blind and deaf in the middle of a freeway." Historically, that's been the most challenging part of investing using environmental, social and governance factors,...

From those who set the standards, much is expected

August 17, 2019

As it states on its website,​ "the mission of the Certified Financial Planner Board of Standards Inc. is to benefit the public by granting the CFP certification and upholding it as the recognized standard of excellence for competent and ethical...

New SEC videos aim to help investors identify brokers vs. investment advisers

August 15, 2019

Investors trying to decide whether to hire a broker or an investment adviser can now turn to the Securities and Exchange Commission's website, where the agency posted videos on Thursday designed to highlight the differences between them. The...

CFP Board defends its enforcement program

August 12, 2019

CFP Board is at the forefront of advancing the financial planning profession with its certified financial planner certification and its enforcement program. However, recent articles from The Wall Street Journal have presented an unfair and incomplete...

New York best interest rule for annuity, life insurance sales upheld by state court

August 5, 2019

The New York State Supreme court upheld a state regulation imposing a tougher standard on agents and brokers selling annuity and life insurance policies, on the eve of the rule taking effect. Acting Supreme Court justice Henry F. Zwack said...

CFP Board's effort to strengthen enforcement could sharpen teeth of fiduciary duty

July 31, 2019

The CFP Board recently delayed enforcement of the elevated advice requirement for its designation until next June. It can use the extra time to bolster its ability to give the new standard sharper teeth. Under the new rule, the approximately...

Waters amendment to kill Reg BI faces new hurdle

July 24, 2019

A federal budget agreement earlier this week puts a high hurdle in front of legislation that would effectively kill the Securities and Exchange Commission's recently approved investment advice reform package. Last month, the House approved an...

Why a culture of compliance is critical

July 19, 2019

The financial industry's reputation was hit broadside by the financial crisis, eroding trust and opening the door for new industry players offering transparency, convenient service models and lower fees. We remain in a general environment of...

Trump taps top lawyer against DOL fiduciary rule to head the department

July 19, 2019

President Donald J. Trump intends to put at the head of the Labor Department the man who was instrumental in killing the agency's fiduciary rule for financial advice in retirement accounts. In a tweet Thursday, Mr. Trump said he will nominate...

Critics concerned with pending second wave of SEC share-class crackdown

July 16, 2019

As the Securities and Exchange Commission conducts investigations for the second round of its crackdown on inadequate mutual fund payment disclosures, critics are asserting the agency is engaging in rulemaking by enforcement. Earlier this year,...

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