Results for "fiduciary"

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New Jersey fiduciary rule: Pressure leads to public hearing, comment deadline extension

June 17, 2019

Under fire from critics, New Jersey has scheduled a public hearing and extended a deadline for public comment on a proposal that would impose a fiduciary duty on anyone giving investment advice, including brokers. The all-day hearing on July...

How much will costs of products and accounts factor into Reg BI?

June 14, 2019

A recently approved Securities and Exchange Commission advice reform package seems to be of two minds about what emphasis brokers should put on the costs of their recommendations. Language was added to the final Regulation Best Interest, which...

Does Reg BI really hold brokers to a higher standard than investment advisers?

June 14, 2019

Reg BI rolled-out with bravado and fanfare on June 5. The SEC chairman spearheaded a two-hour presentation on two rules and two interpretations aimed at bringing "the legal requirements and mandated disclosures in line with reasonable investor...

John Taft: Reg BI the best we could have hoped for

June 12, 2019

Nine years after the Dodd-Frank Act gave the Securities and Exchange Commission authority to raise the bar for individual investor protection, the SEC finally took the bull by the horns last week, approving its long-awaited Regulation Best Interest...

Brokers face heavy lift to implement Reg BI by next year

June 7, 2019

The clock is ticking for brokers-dealers to modify their operations to comply with advice reform regulations approved earlier this week by the Securities and Exchange Commission. The implementation deadline is June 30, 2020. But those 12 months...

Advisers, experts either hate SEC advice reforms or love them

June 6, 2019

It may take years to determine whether investment advice reform regulations approved by the Securities and Exchange Commission this week will better protect investors from conflicted advice, but that's not stopping advisers and others from offering...

What you need to know about professional fiduciaries

June 3, 2019

Typically, individuals engage professional fiduciaries directly and voluntarily, but that isn't always the case. Guardians are court-appointed fiduciaries charged with serving the best interests of persons legally determined to need help caring...

SEC final advice rule hearing updates

June 5, 2019

The following is a string of dispatches from the SEC hearing on its final rule on advice standards for brokers and financial advisers. Check back regularly for the latest updates. 12:10 p.m. ET: SEC APPROVES ALL FOUR RULES IN ADVICE REFORM PACKAGE...

Galvin to propose fiduciary rule for Massachusetts brokers

June 14, 2019

Massachusetts will propose a rule that would mandate brokers and investment advisers apply a fiduciary standard of care in interactions with clients, Secretary of the Commonwealth William Galvin announced Friday afternoon. The Massachusetts...

What to look for in the final SEC advice rule

June 3, 2019

The Securities and Exchange Commission will meet Wednesday to vote on a final investment advice reform package of rules. More than a year after the original proposal was released, the agency is now ready to conclude its work on Regulation Best...

SEC releases new details on investment advice reform package

June 5, 2019

The Securities and Exchange Commission released a fact sheet Wednesday on a final package of regulations​ that will make the most significant changes to investment advice standards in more than two decades. The centerpiece of the reform package...

SEC reforms impose new requirements on brokers and advisers, but some argue not enough

June 5, 2019

The Securities and Exchange Commission's long-awaited investment advice reforms, which were approved Wednesday in a 3-1 vote, are virtually unchanged from an original proposal. The reforms set new standards for brokers and slightly change rules...

Investor advocates slam SEC advice reform on eve of Reg BI vote

June 4, 2019

Investor and consumer advocates slammed a Securities and Exchange Commission investment advice reform package Tuesday, the eve of a final vote on the regulations. The Public Investors Arbitration Bar Association, the Consumer Federation of America...

Does the SEC's new interpretation of the investment adviser standard diminish it? Depends who you ask

June 11, 2019

One of the most controversial parts of the advice reform package the Securities and Exchange Commission approved last week is its interpretation of the standard of conduct for investment advisers. But whether the SEC has diminished the fiduciary...

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...

Reg BI limits brokers' use of title 'adviser' or 'advisor'

June 10, 2019

Brokers who are only brokers will have to be less cavalier in describing themselves as financial advisers, thanks to an advice reform package approved last week by the Securities and Exchange Commission. Under Regulation Best Interest, brokers...

Reg BI won't stop advisory sector advances over broker-dealers, Pershing's Tibergien says

June 13, 2019

Growth in the investment advisory sector will continue at a rapid pace despite the Securities and Exchange Commission's regulatory changes that are supposed to close the gap in the standard of care between investment advisers and brokers, according...

SEC sets June 5 date for vote on Regulation Best Interest

May 23, 2019

The Securities and Exchange Commission will vote on an investment-advice reform package on June 5. The agency posted the agenda for the open meeting on its website Thursday afternoon. The four SEC members will decide whether to adopt Regulation...

Rollovers and retirement plans: The impact of the SEC's new rules

June 7, 2019

The race is on to help shape the Department of Labor's harmonization with the Securities and Exchange Commission's package of advice rules. The starting gun was fired with the SEC's 3-1 vote on Wednesday to adopt the series of rules that redefine...

Forget the SEC advice rule — broker-dealers more concerned with CFP Board expanded fiduciary standard ​

June 7, 2019

Lawyers across the brokerage industry are busily reading and digesting the Securities and Exchange Commission's investment advice reforms approved this week. But some firms are also gearing up for more changes promulgated by the organization...

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