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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...

Death of DOL fiduciary rule could spur SEC action on uniform standard

December 20, 2016

Almost everyone is anticipating that the incoming Trump administration will try to kill — or at least delay — a Labor Department investment advice rule. If it does, it could be a catalyst for the Securities and Exchange Commission to finally...

SEC advice rule proposal assailed by former agency economists

February 11, 2019

The Securities and Exchange Commission plan for overhauling broker conflict-of-interest rules is coming under fire from an unusual source: a group of its former top economists. In a sharply worded comment letter, 11 former SEC officials faulted...

Chamber of Commerce urges Donald Trump to take 'immediate action to undo' DOL fiduciary rule

December 13, 2016

The U.S. Chamber of Commerce this week broke the relative silence of financial industry lobbying groups and called for the incoming Trump administration to take “immediate action to undo” a Labor Department investment-advice rule. It's a...

Ameriprise spends another $7 million in Q3 to get ready for the DOL fiduciary rule

October 25, 2016

Ameriprise Financial Inc. spent $7 million during the third quarter to prepare for the Department of Labor's new fiduciary standard rule for retirement accounts, pushing this year's total spending on the regulation to nearly $19 million. In...

DOL fiduciary rule to cost the securities industry $11B by 2020: study

September 21, 2016

Implementing the Department of Labor's new fiduciary rule for retirement accounts will cost the brokerage industry $11 billion in revenue over the next four years, according to a recent study from A.T. Kearney, a consultant. Hardest hit will...

Opponents of DOL fiduciary rule hurt by Wells Fargo woes

September 21, 2016

Wells Fargo chief executive John Stumpf achieved a rarity in Washington on Tuesday: bipartisan consensus. Unfortunately for him, the agreement across the aisle at a Senate Banking Committee hearing was that Wells Fargo failed to do what's right...

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...

Judge's questions show inclination to uphold DOL fiduciary rule

August 26, 2016

Federal judge Randolph Moss didn't state his position Thursday regarding how he will rule on a lawsuit against a major Labor Department investment-advice regulation. But his questioning of plaintiffs and defense attorneys during a hearing that...

FSI to focus on state fiduciary rule efforts this year

January 29, 2019

Dale Brown, president and CEO of the Financial Services Institute, said Monday that this year, the trade group for IBDs will focus on individual states' efforts to put in place fiduciary rules for brokers. In remarks in New Orleans to 700 attendees...

Lawsuit against DOL fiduciary rule could delay implementation indefinitely

June 2, 2016

The lawsuit designed to stop the Department of Labor's fiduciary rule will delay implementation and, depending on the winner of the Presidential election, could equal a death of the rule. This is particularly interesting given the Supreme Court's...

Critics concerned with pending second wave of SEC share-class crackdown

July 16, 2019

As the Securities and Exchange Commission conducts investigations for the second round of its crackdown on inadequate mutual fund payment disclosures, critics are asserting the agency is engaging in rulemaking by enforcement. Earlier this year,...

Lawsuits against fiduciary rule likely to cite DOL's lack of authority

April 25, 2016

So far, all's quiet on the court front when it comes to the recently finalized Labor Department rule to raise investment advice standards for retirement accounts. Three groups that might file a lawsuit against the rule — the Insured Retirement...

Advisers evaluate the DOL fiduciary rule

April 11, 2016

The Department of Labor's highly anticipated release of the final version of its fiduciary rule this week drew jeers and cheers from the financial advisory industry. Click through to find out how high profile financial advisers and executives...

The silver lining to the DOL fiduciary rule

April 7, 2016

Some believe that one effect of the new DOL fiduciary rule will be that many Americans with small retirement accounts, particularly IRAs, may lose access to professional advice and guidance. On the other hand, there is a likelihood that the...

Podcast: The good, bad and ugly of the new rule

April 6, 2016

The Labor Department's fiduciary rule is finally out. InvestmentNews' regulatory reporter Mark Schoeff Jr. shares his thoughts on the highlights — and low lights — of this development.

Three ways to take advantage of shortcomings in the DOL fiduciary rule

April 5, 2016

Much has been written about the Department of Labor's fiduciary rule, and the issues it does and doesn't address. Opinions within the wealth management industry remain divided, but at the end of the day, change is coming whether we like it or...

Will the advice you give be subject to the DOL fiduciary rule?

April 1, 2016

In helping dozens of broker-dealers and registered investment advisers prepare for the pending Labor Department fiduciary rule, we have seen a lot of confusion among advisers. Many have struggled to identify the particular account types that...

Position your firm to compete in a world under the DOL fiduciary rule

March 30, 2016

If your firm provides investment advice to retirement plans, plan fiduciaries or individual retirement investors, you may want to begin planning for the Department of Labor's investment advice rule's potential impact on how you do business....

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