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Busting DOL fiduciary rule myths of industry opponents

January 12, 2018

According to the opponents of a new rule designed to ensure that retirement savers get the best advice possible, the entrepreneurial mindset and innovative spirit that has powered the U.S. economy for decades is a thing of the past. They think...

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...

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...

Regulators renew focus on best execution

January 28, 2019

When an investment adviser serves as an asset manager and has the responsibility to select broker-dealers and execute client trades, the adviser assumes a fiduciary obligation to seek best execution. The discretionary control exercised by advisers...

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...

Fiduciary double standard gives robos a free ride

August 17, 2017

Direct-to-consumer robo-advisers are not being held to the same fiduciary standard as human advisers. This fact is unfair to human advisers and ultimately harmful to the investing public. In February 2017, the Securities and Exchange Commission...

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....

FSI's top advocacy priorities for 2019

March 5, 2019

As the Financial Services Institute celebrates 15 years of advocating on behalf of independent firms and advisers across the country, we are very pleased that our voice in Washington, D.C., and the states has continued to grow in influence —...

Our best tool against the DOL fiduciary rule is data

September 8, 2017

As an advocacy organization, one of our most powerful tools in the ongoing effort to oppose the onerous Department of Labor (DOL) fiduciary rule is to ensure that regulators, lawmakers and the public hear detailed, quantitative information on...

Adviser trade associations, investor advocates split on Nevada's authority to implement fiduciary rule

March 1, 2019

Financial industry and investment adviser trade associations and investor advocates split Friday on whether Nevada can implement its own investment advice standard. In comment letters filed on Nevada's proposal to strengthen advice rules, the...

The case for a single fiduciary standard based on the Investment Advisers Act of 1940

June 20, 2017

As the industry continues to wait for more clarity on the ultimate future of the DOL fiduciary rule, there is no shortage of public debate. Although the Labor Department declined to further delay the rule and partial implementation began on...

DOL fiduciary rule: Brokers, advisers hoping delay is time well spent

August 10, 2017

The 18-month delay of the Department of Labor's fiduciary rule will lead to more talk and more confusion, according to brokers and advisers. "This [delay] is the stupidest thing I've ever heard, because the longer it goes on, the worse it is...

DOL fiduciary rule already proving to be harmful and onerous

July 31, 2017

With the DOL fiduciary rule beginning to take effect earlier this year, it is becoming more clear each day that the warnings raised by the Financial Services Institute and our members about the rule's dangers for Main Street American investors...

SEC Regulation Best Interest allows harmful broker practices, state regulators say

February 25, 2019

State securities regulators are warning the Securities and Exchange Commission that the agency's investment advice reform proposal will allow brokers to continue practices that harm investors. The North American Securities Administrators Association...

House panel passes bill to replace DOL fiduciary rule with one requiring disclosure of conflicts

July 19, 2017

In a party line vote, the House Education and the Workforce Committee approved legislation on Wednesday that would kill the Labor Department fiduciary rule and replace it with an advice standard based on disclosure. It wasn't the only effort...

Best interest is in the eye of the beholder in debate over DOL fiduciary rule

July 14, 2017

The term "best interest" is subjective it seems in the debate over the Labor Department's fiduciary rule. The phrase is used by both critics and supporters of the measure to describe what they're trying to do for the average investor. The latest...

Opponents of DOL fiduciary rule want SEC to modify suitability standard

May 8, 2017

Some suspense surrounds the fate of the Department of Labor fiduciary rule. Among the cliffhangers: Will new Labor Secretary Alexander Acosta extend the delay of the regulation's implementation date beyond June 9? What part of the rule will...

After his confirmation as SEC chairman, Jay Clayton is urged to tackle fiduciary standard

May 2, 2017

The Senate on Tuesday evening confirmed Jay Clayton as chairman of the Securities and Exchange Commission, and financial services groups wasted little time in urging him to pursue a uniform fiduciary standard. In a statement following his confirmation,...

DOL issues request for comment on fiduciary rule to guide review, possible revisions of measure

June 29, 2017

The Labor Department on Thursday evening released a request for comment on the agency's fiduciary rule, seeking input on whether to delay the Jan. 1 full implementation date and soliciting suggestions for streamlining major provisions. The deadline...

NAPFA launches campaign to distinguish fiduciary from 'best interest'

February 19, 2019

An organization representing fee-only investment advisers launched an education campaign Tuesday that it says will help consumers understand the difference between fiduciary advice and advice that's in their "best interests." The National Association...

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