Results for "fiduciary"

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SEC commissioner Stein suggests Congress address differing broker, adviser standards

October 16, 2018

Securities and Exchange Commission member Kara Stein said Tuesday that Congress may have to get involved in raising investment advice standards. The Democratic commissioner suggested amending securities laws that allow brokers to provide advice...

DOL likely to address fiduciary rule again next year

October 18, 2018

The Labor Department has signaled it will address by next fall unfinished business surrounding its investment-advice rule that was killed by a federal court earlier this year. The agency released a regulatory agenda on Thursday that indicates...

Two financial advisers running for Congress

October 19, 2018

Few lawmakers on Capitol Hill have backgrounds in the financial advice sector, but next month's midterm elections could add two more. Voters in Pennsylvania could send the first certified financial planner to Congress. In Maryland, the chief...

Can investment advisers disclose away all conflicts? Can brokers?

October 16, 2018

With the release of its regulatory package on April 18, the Securities and Exchange Commission drew an important distinction between disclosure obligations for investment advisers versus those for brokers. Even as the greater fiduciary debate...

New Jersey releases uniform fiduciary standard pre-proposal, seeks comments

October 15, 2018

New Jersey released a request for public comment Monday on what could become a proposal to raise investment advice requirements for brokers. The state's Bureau of Securities issued what it called a notice of pre-proposal that would subject brokers,...

New Jersey could be first in fiduciary 'blue wave' with pending proposal

October 9, 2018

A calm surface on the waters of investment advice reform is about to be broken by what could be the beginning of a fiduciary blue wave at the state level. Next Monday, the New Jersey Bureau of Securities is expected to release for public comment...

All clients deserve advice that is in their best interest

September 19, 2018

With all of the recent discussion about the standards of conduct for financial professionals, it is important to remember that there is one legal standard that has required professionals to act in the best interest of their clients for more...

SEC advice rule falls short on investor protection, lawmaker asserts

September 26, 2018

A Democratic lawmaker asserted to a Securities and Exchange Commission official Wednesday that the agency's investment advice reform proposal falls short of the investor protections required by the Dodd-Frank financial reform law. In a congressional...

FSI celebrates death of DOL fiduciary rule, praises SEC advice rule

September 25, 2018

Leaders of the Financial Services Institute danced on the grave of the Labor Department's fiduciary rule Tuesday while voicing support for the Securities and Exchange Commission's advice reform proposal. FSI president and CEO Dale Brown said...

Shorthanded SEC may have to decide investment advice proposal on its own

September 11, 2018

For the moment, the Securities and Exchange Commission has a full complement of five members, but it may not last for long. Last week, the Senate confirmed Elad Roisman to a Republican seat that had been vacated by Michael Piwowar in July. It...

Clayton declines to set timeline for final SEC advice rule

September 21, 2018

Securities and Exchange Commission chairman Jay Clayton won't set a deadline for the agency to complete its work on investment advice reform. "I have no specific date set yet," Mr. Clayton told reporters Thursday night in Baltimore, following...

Merrill Lynch can't reverse progress on eliminating conflicts of interest

September 5, 2018

The fiduciary rule is dead, but its spirit lives on. The rule, which the Department of Labor first proposed in 2015, required brokers to act as fiduciaries — to put their clients' interests ahead of their own — when handling retirement accounts....

SEC advice rule contains a huge hole

September 15, 2018

The SEC's new advice reform package contains a huge hole. While some brokers will be forbidden to use the title financial adviser or advisor, another few hundred thousand will still be able to do so. The Securities and Exchange Commission's...

SEC Regulation Best Interest an important step for our industry

August 29, 2018

The Securities and Exchange Commission's introduction in May of a proposed best-interest standard of care for all advisers — including those affiliated with broker-dealers and RIAs — was a watershed moment for the financial advice profession....

New Jersey brokers expect industry will push back against fiduciary rule proposal

September 27, 2018

New Jersey brokerage executives expressed consternation over adding another layer of regulation by requiring them to adhere to a fiduciary standard, predicting officials will face stiff headwinds in getting it across the finish line. "The state...

Disclosures in SEC advice rule confuse, mislead investors, advocacy groups say

September 12, 2018

Disclosures contained in the Securities and Exchange Commission's investment advice reform proposal meant to clarify the differences between investment advisers and brokers confuse and mislead investors, several advocacy groups said Wednesday....

Democrats urge SEC to strengthen broker standard in advice rule

September 12, 2018

Leading Democratic lawmakers are calling on the Securities and Exchange Commission to strengthen its proposal to raise investment advice standards for brokers, asserting it "falls woefully short." In a letter to SEC chairman Jay Clayton on Wednesday,...

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...

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...

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...

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