Results for "fiduciary"

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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...

Socially-conscious investing gets a boost from the DOL fiduciary rule

January 13, 2016

Proponents of sustainable and responsible investing have reason to celebrate. Long-term investing with careful consideration of environmental, social and governance factors is going mainstream. On the regulatory front, updated guidance from...

New SEC nominee may not have time to influence Reg BI

April 3, 2019

Allison H. Lee may not join the Securities and Exchange Commission in time to influence the agency's final investment advice reform rule. Ms. Lee, a former SEC enforcement official, was nominated by the Trump administration Tuesday to replace...

Fate of New Jersey fiduciary standard could come down to politics, court

April 16, 2019

A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition. On Monday, the state's Securities Bureau released a proposal for...

5th Circuit mandate to vacate DOL fiduciary rule 'still pending'

June 1, 2018

As death watches go, the vigil over the Labor Department's fiduciary rule has been a long one. Back on March 15, the 5th Circuit Court of Appeals struck down the regulation in a 2-1 decision. The Department of Justice, on behalf of the DOL,...

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...

Democrats criticize SEC advice rule, push for fiduciary standard

July 23, 2018

Midterm elections usually don't generate the same energy as presidential elections, but this year is different because it is shaping up as a referendum on President Donald J. Trump. If Democrats take over the House — which many analysts see...

Behind closed doors: The big problem with how the SEC is getting insights from investors

July 19, 2018

Usually when I receive a news release about an upcoming event on my beat that's occurring at at the Securities and Exchange Commission, I put it on my coverage calendar and just show up. Something moved me to register for the recent investor...

The SEC knows what's best

July 19, 2018

As the father of three kids, I'm keenly aware that in the age of descriptor inflation, good things are called "the best," a great meal is "amazing," something funny is "hilarious" — you get the idea. Up until the 1980s, when investors wanted...

CFP Board to announce possible delay of new fiduciary standard

July 12, 2019

The Certified Financial Planner Board of Standards Inc. will announce by next week whether it intends to delay enforcing an expanded fiduciary standard for financial advisers who hold the group's CFP mark. During a webinar Friday afternoon,...

As curtains close on DOL fiduciary rule, SEC advice rule takes center stage

May 3, 2018

It's appropriate that the likely demise of the Labor Department's fiduciary rule occurred during the same week that Tony Award nominations were announced. A day after the productions and performers competing for Broadway's top honors were revealed,...

Hillary Clinton would have saved the DOL fiduciary rule

June 22, 2018

By fall 2016, I had pretty much given up trying to get an answer from Donald J. Trump's presidential campaign about its position on the Labor Department's fiduciary rule. Then in October, I saw Anthony Scaramucci in the lobby of the Mayflower...

CFP Board expands fiduciary duty for financial advisers

March 29, 2018

The Certified Financial Planner Board of Standards Inc. has unanimously approved an expanded fiduciary standard as part of a revamp of the designation's conduct requirements. Under the new rule, all CFPs — including brokers — must act in...

DOL fiduciary rule death meets 'Back to the Future' is a must-watch

March 27, 2018

In a shocker, on March 15 the 5th Circuit Court of Appeals decided to vacate the DOL fiduciary rule. If left to stand, the pre-June 2017 definition of fiduciary would once again be in effect, as would the earlier prohibited transaction exemption...

Maryland fiduciary bill killed in committee

April 3, 2019

A bill that would have raised investment advice standards in Maryland suffered a major setback Wednesday when it was rejected in committee. The Maryland Senate Finance Committee voted down the Financial Consumer Protection Act, which included...

Morgan Stanley threatens to pull out of Nevada over state's fiduciary rule

March 13, 2019

Morgan Stanley has threatened to cease offering brokerage services in Nevada as a result of the state's proposed fiduciary rule. In a recent comment letter about the advice rule, the wirehouse said that parts of it were "far too narrow" for...

How the SEC advice rule improves on the DOL fiduciary rule

May 29, 2018

The Department of Labor building is a mere 0.7 miles from the Securities and Exchange Commission. I've had meetings at both offices many times in the last three years. Some celebrate the 5th Circuit Court of Appeals' decision to vacate the fiduciary...

Clayton says disclosure sufficiently mitigates some conflicts under Reg BI

March 26, 2019

Securities and Exchange Commission chairman Jay Clayton said brokers' disclosure of conflicts of interest would sufficiently address some of them under a measure to raise investment advice standards. The agency's proposed Regulation Best Interest...

House Democrats question whether investors are protected under Regulation Best Interest

March 6, 2019

House Democrats have concerns about whether the Securities and Exchange Commission's investment advice reform proposal will do enough to protect investors from conflicts of interest. They will seek more information on the measure next week....

SEC advice rule faces arduous journey

April 30, 2018

On April 18, the Securities and Exchange Commission released its much-anticipated "fiduciary" rule proposal, "designed to enhance the quality and transparency of investors' relationships with investment advisers and broker-dealers while preserving...

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