Results for "fiduciary"

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House approves bill requiring SEC to test investor disclosures

October 17, 2019

The House approved legislation on Thursday that would require the Securities and Exchange Commission to conduct testing of disclosures meant to protect Main Street investors. The vote on the bill — the SEC Disclosure Effectiveness Testing...

CFP Board moving ahead with plan to strengthen enforcement by end of year

October 17, 2019

The Certified Financial Planner Board of Standards Inc. will release a plan for strengthening its enforcement operation by the end of the year, a board leader said Thursday. The CFP Board is taking a deeper look at enforcement through an independent...

Is this the moment when financial planning becomes a profession?

October 31, 2019

Fifty years​ ago, a small group of 13 financial professionals came together and put forth the concept of financial planning, a way of delivering financial advice and guidance to the public in a comprehensive manner across multiple financial...

Mixing fiduciary and nonfiduciary standards can be counterproductive

October 3, 2019

In the wake of finalizing the Regulation Best Interest regulatory package, the SEC issued a series of informational videos for investors that purport to explain the differences between brokerage and advisory services. As is true of the regulatory...

Bill requiring investor testing of SEC disclosures headed toward House approval

October 14, 2019

Legislation that would require the Securities and Exchange Commission to conduct investor testing of disclosures will come up for a vote later this week on the House floor, where it is likely to advance with mostly Democratic backing. The bill,...

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...

Brokerages won't know bite of Reg BI until enforcement begins

October 1, 2019

Acting in a client's best interest is a principle that most financial advisers say they live by. But the advice industry is unlikely to know how a new regulation based on that principle will work until it is enforced more than a year from now....

SEC puts emphasis on protecting teachers, military personnel from overpaying for advice

October 23, 2019

Teachers and military personnel will benefit from the protections provided by the Securities and Exchange Commission's advice reform rules, the head of the agency said Wednesday. As the SEC was working on the regulatory package, it found that...

House hearing highlights SEC split on Reg BI

September 24, 2019

Securities and Exchange Commission Chairman Jay Clayton and SEC member Robert Jackson Jr. disagreed Tuesday on whether the agency's recent investment advice reform regulatory package strengthened investor protections. In an appearance before...

Scalia might have to recuse himself from DOL fiduciary rule rewrite

September 19, 2019

The Department of Labor might have to revise its investment advice rule for retirement accounts without input from the agency's leader. Eugene Scalia, the Trump administration's nominee to become Labor secretary, told lawmakers Thursday he might...

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...

Finra issues Regulation Best Interest checklist for brokers

October 8, 2019

Finra released guidance on Tuesday designed to help its member firms comply with new broker investment advice and disclosure requirements approved earlier this year by the Securities and Exchange Commission. The checklist posted on the website...

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...

Why are fixed indexed annuities primed for growth?

October 16, 2019

Fixed indexed annuities, also referred to as equity indexed annuities, have been a hot button issue for decades now. But FIAs have also been widely misunderstood by investors, advisers and regulators, often being confused with variable annuities....

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...

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...

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...

Adding value during health insurance open enrollment

October 28, 2019

While a lot of people see the annual health insurance open enrollment period as a big headache, Michael Policar sees it as a big opportunity. Mr. Policar, wealth manager at HighTower Advisors Bellevue, has carved out a niche by rolling up his...

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