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NASAA distances itself from state fiduciary efforts, wants Reg BI to succeed

March 5, 2019

State regulators are putting some distance between themselves and state lawmakers pushing for state-level investment advice reform regulations. Legislative and regulatory efforts are underway in Nevada, New Jersey and Maryland to raise the broker...

Financial advisers take issue with Democratic plans to tax the rich

March 5, 2019

As Democratic contenders line up for a chance to take on President Donald J. Trump in the 2020 presidential election, the increasingly populist tone of calls to tax the rich is not lost on the financial planning community. "Those moving further...

Wall Street levy gains steam among Democrats

March 5, 2019

Watch out, Wall Street. Democrats, who have so far focused on plans to tax the super-rich, are turning their sights to capital markets. Expect to hear a lot about financial transaction taxes. These are small levies on stock and bond trades meant...

New Jersey poised to create auto-IRA program

February 28, 2019

New Jersey is poised to become the latest state to establish a so-called auto-IRA program to help residents save for retirement. New Jersey's state Assembly passed a bill this week that would create the New Jersey Secure Choice Savings Program,...

Key Senate Democrat raises concerns about SEC advice reform proposal

February 28, 2019

A key Senate Democrat raised concerns about the Securities and Exchange Commission's investment advice reform proposal Thursday, signaling the party will resist the measure as the agency tries to settle on a final rule. Sen. Sherrod Brown, D-Ohio...

Democrats offer `Medicare for All' bill to transform health care

February 27, 2019

A leader of House Democrats' progressive wing introduced "Medicare for all" legislation Wednesday that would replace almost all private health insurance, an idea that's galvanizing the party's liberal base and winning endorsements from many...

CFP Board chief executive Kevin Keller joins $1 million compensation ranks

February 27, 2019

The head of the organization that grants the certified financial planner credential has joined a couple other financial industry trade group executives in earning a seven-figure compensation. Kevin Keller, chief executive of the Certified Financial...

Again, SIFMA spent most money in financial services industry lobbying lawmakers

February 21, 2019

SIFMA, the trade association representing major brokerage firms, spent more money lobbying lawmakers last year than Goldman Sachs, Fidelity Investments, Vanguard Group and other top financial services firms. The Securities Industry and Financial...

The AMT is no longer a problem for many clients

February 19, 2019

The alternative minimum tax used to plague many clients of financial advisers, but the AMT has lost much of its bite due to tax reform. "No one's really paying it this year," said Jamie Hopkins, director of retirement research and vice president...

Advisers defend active investment management on Capitol Hill

February 15, 2019

Advocates for active investment management are lobbying lawmakers to ensure they don't lean toward passive products as the default investment in retirement savings legislation and other bills. Index investing, which was highlighted in the now-defunct...

Rubio wants to curb stock buybacks encouraged by 2017 tax law

February 13, 2019

Sen. Marco Rubio is taking on the GOP's 2017 tax law by arguing that it's encouraging companies' rush to buy back stock, hurting the economy. The Florida Republican, as chairman of the Senate Committee on Small Business and Entrepreneurship,...

Limited deduction rubs SALT into taxpayer wounds

February 8, 2019

Financial advisers and accountants for people who live in high-tax states will be delivering a difficult message over the next few weeks: You'll pay more in taxes. The reason for the increase is a limit on the deduction for state and local taxes...

Maryland bill would impose fiduciary duty on brokers, insurance reps

February 7, 2019

Legislation introduced this week by Maryland state lawmakers would raise investment advice standards for brokers and insurance representatives — marking an expansion of coverage compared to a Securities and Exchange Commission proposal. The...

Retirement savings bill re-introduced in House with bipartisan backing

February 6, 2019

Legislation that would help small businesses offer retirement plans to their employees and ease the use of annuities in them was re-introduced in the House on Wednesday with bipartisan backing. The Retirement Enhancement and Savings Act contains...

Trump State of the Union: What advisers want to hear

February 5, 2019

Financial advisers want President Donald J. Trump to put aside divisive political rhetoric and give a positive message about the economy and solutions to pressing problems during his address to Congress tonight. In his State of the Union address,...

Wealth tax proposed by Elizabeth Warren could be illegal

January 31, 2019

Sen. Elizabeth Warren set the financial advice industry abuzz last week when the presidential hopeful proposed a "wealth tax" on ultra-rich Americans.​ Her proposal would levy a 2% annual tax on each dollar of a household's net worth above...

Sanders proposes estate tax of up to 77% on billionaires

January 31, 2019

Independent Sen. Bernie Sanders is proposing to expand the estate tax on wealthy Americans, including a rate of up to 77% on the value of estates above $1 billion. The Vermont senator, who is considering a second run for president, said in a...

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...

Maxine Waters may raise profile of diversity, but legislating solution will be difficult

January 30, 2019

A new congressional committee devoted to increasing the number of women and people of color in the financial industry will raise the profile of the issue, but a solution is more likely to come from firms than from Washington, according to diversity...

Estate tax pretty much 'optional,' but GOP still trying to kill it

January 29, 2019

The estate tax isn't relevant to the vast majority of advisers, their clients or America at large. And estate planners say the tax is largely optional for the wealthy, since there are plenty of ways to dilute it greatly or avoid it outright....

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