Results for "fiduciary"

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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...

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...

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...

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...

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...

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...

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...

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...

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...

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,...

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...

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...

Applauding the SEC's new approach to disclosure

July 11, 2019

The Financial Services Institute was pleased last month when the Securities and Exchange Commission passed Regulation Best Interest, a vital new rule that establishes a best-interest standard of care for all advisers on both the broker-dealer...

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...

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...

Departure of Alexander Acosta could slow DOL effort to revise fiduciary rule

July 12, 2019

The resignation of Labor secretary Alexander Acosta on Friday could delay the agency's release of a replacement for its fiduciary rule. Under the Obama administration, the DOL issued a regulation that would have required brokers to act in the...

SEC member Peirce to brokers: Talk to us early, often about Reg BI implementation problems

July 11, 2019

Financial professionals may still be slogging through the nearly 1,400 pages of the investment advice reform package the Securities and Exchange Commission approved last month — but they should be working on implementation now, especially...

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...

New York lawmaker works on bill to establish fiduciary duty for advisers in state

July 3, 2019

A New York lawmaker is working on legislation to raise investment advice requirements in the state. Assemblyman Jeffrey Dinowitz, D-Bronx, was the author of a bill that would have required financial advisers in the state to disclose whether...

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...

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