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Piwowar blasts DOL fiduciary rule, says SEC should have 'comprehensive discussion' of advice standards

March 2, 2017

Acting Securities and Exchange Commission Chairman Michael Piwowar blasted the Department of Labor's fiduciary rule and showed skepticism about the SEC advancing its own regulation to raise investment-advice standards. Mr. Piwowar did not soften...

Finra bars former Morgan Stanley rep who hid client gift

February 12, 2019

The Financial Industry Regulatory Authority Inc. has barred Martin Kirschner from the securities industry for failing to appear at a hearing looking into whether he failed to disclose a gift from a customer. Finra was also investigating whether...

Fate of fiduciary rule rides on regulators' political savvy

February 27, 2017

Politics and policy are inextricably linked in Washington. The former is always required to make any substantive advances in the latter. Regulation of financial advice is primary example — and two recent developments show why. On Friday, Securities...

Industry plaintiffs appeal Dallas court's decision to uphold DOL fiduciary rule

February 24, 2017

Financial industry trade groups seeking to stop the DOL fiduciary rule are appealing a recent decision by a Dallas federal judge to uphold the measure. The Securities Industry and Financial Markets Association, the Financial Services Institute,...

Higher investor protection standards ahead regardless of DOL fiduciary rule outcome

February 8, 2017

Firms should expect that even if the DOL fiduciary rule is rolled back, they will be held accountable by regulators for higher standards of investor protection. They should still be thinking about whether they are offering the same products,...

Trump to order halt of fiduciary rule, review of Dodd-Frank

February 3, 2017

President Donald J. Trump today will halt a Labor Department regulation that requires advisers on retirement accounts to work in the best interests of their clients. Mr. Trump's order will give the new administration time to review the change,...

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...

DOL fiduciary rule not yet caught up in Trump maelstrom

January 31, 2017

President Donald Trump has been the disrupter that he promised to be. He is signing executive orders at a pace that makes former President Obama look desultory. His latest ones — on immigration and the makeup of the National Security Council...

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...

Large record keepers Fidelity, John Hancock and others expanding fiduciary duties

January 9, 2017

Several large record keepers are expanding their fiduciary duties by providing more advice to defined contribution clients in response to the Department of Labor's conflict-of-interest rule that is slated to take effect in April. They are willing...

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...

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...

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...

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...

How FSI will work to protect advisers and investors at the state level in 2019

January 31, 2019

With daily headlines focused on hyperpartisan gridlock and dysfunction in Washington, D.C., legislative threats to the independent financial services industry would seem to be on the back burner for the time being. As members of the Financial...

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...

Financial industry rhetoric riles DOL officials

September 26, 2016

Despite years of intense opposition, a Labor Department regulation that would raise investment advice standards for retirement accounts is marching toward implementation. It's not yet clear if the financial industry's Hail Mary pass to stop...

3 significant anomalies in the DOL's new fiduciary rule

August 11, 2016

As is the case with most chief compliance officers these days, I have spent considerable time reviewing 1,000 plus pages of the Department of Labor's new fiduciary regulations and commentary. The following are a few of the significant implications...

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...

Top adviser questions on DOL fiduciary rule answered

July 26, 2016

If advisers have questions about the Department of Labor's investment advice rule, they are not alone. Among the more than 3,000 third-party financial advisory firms we work with, many are waiting for more clarity on the fiduciary rule — which...

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