Results for "regulation"

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Advisers should be worried about the shutdown — and yes, you should step in

January 19, 2019

Financial strain related to the partial government shutdown, now beginning its fifth week, may seem remote to many advisers and their clients. But if the standoff drags on, more Americans will become entangled in its spreading net. The monetary...

Fiduciary regulations continue to advance in states as SEC mulls national standard

January 18, 2019

A New York state lawmaker is optimistic about the chances this year for his fiduciary-disclosure bill, while a Maryland senator is poised to introduce a measure that would raise standards there. Adding to the mix is the Nevada Securities Division,...

Maxine Waters takes helm of House Financial Services Committee, makes diversity a priority

January 16, 2019

House Financial Services Committee chairwoman Maxine Waters, D-Calif., announced Wednesday she is creating the panel's first subcommittee on diversity and inclusion. The goal is to boost the number of women and minorities working in the financial...

CFP Board reports rise in number of certified financial planners, to 83,106

January 15, 2019

The number of certified financial planners rose to an all-time high of 83,106 in 2018, and the universe of mark holders also became a little more diverse, according to the organization that grants the designation. In statistics released Tuesday,...

Mandatory arbitration isn't just for brokers — some investment advisers rely on it

January 15, 2019

Requiring clients to use arbitration to settle disputes is most often associated with brokers, who put mandatory arbitration clauses in customer contracts. But registered investment advisers rely on similar language in their customer agreements....

New York City proposes its own auto-retirement program

January 14, 2019

New York City plans to launch its own retirement plan. In a speech last week, New York City Mayor Bill de Blasio proposed a number of new programs to combat income inequality. One idea is the Retirement Security Fund, a city-sponsored retirement...

Finra arbitration panel awards $2 million to former Edward Jones rep in discrimination claim

January 14, 2019

A former Edward Jones broker won $2 million in a discrimination claim against the firm in Finra arbitration. Financial Industry Regulatory Authority Inc. arbitrators decided Edward Jones was liable for back pay and front pay damages to Rodney...

Better screening by Finra could curb expungements

January 12, 2019

No one wants a black mark on their record, especially if you're a broker trying to attract clients and those clients know how to use Finra's BrokerCheck system to research your background. That reality, especially over the past decade as the...

Crackdown showdown: Serious cybersecurity enforcement is coming in 2019, but are advisers ready?

January 12, 2019

After spending most of a decade offering guidance and stern warnings, regulators are ready to put enforcement muscle behind cybersecurity rules. A flurry of activity in 2018 at federal and state levels has many legal and security experts expecting...

Finra punishes former Schwab broker for lying about role in $800,000 phishing scam

January 11, 2019

A former broker for Charles Schwab & Co. was fined $5,000 and suspended for 90 days by Finra for lying to Schwab about a phishing scam in which he wired nearly $800,000 to someone impersonating one of his customers. Deming Payne, who resigned...

Are securities rules limiting the evolution of fintech?

January 10, 2019

As financial technology companies grow beyond the startup phase, they are pressing up against the rules and regulations governing traditional financial institutions. The friction highlights a debate over new companies looking to disrupt the...

SEC shutdown opens the door for fraud

January 10, 2019

Investment fraud is on the rise,​ and the Securities and Exchange Commission, which is supposed to be Wall Street's cop on the beat, is closed for business. Due to the partial shutdown of the federal government, the SEC is currently working...

Government shutdown halts SEC processing of new adviser registrations

January 10, 2019

Financial advisers whose New Year's resolution was to open a registered investment advisory firm are in limbo thanks to the government shutdown. The partial closure of the federal government has curtailed most Securities and Exchange Commission...

Adviser advocates seek tax breaks for advisory fees, business revenue

January 9, 2019

Adviser advocates are playing a long game in trying to secure tax changes that would benefit investors and the advisers who serve them. Charles Schwab & Co. Inc. and the Investment Adviser Association are beginning the new Congress where they...

Thorough internal investigations of sexual harassment claims are critical for advisory firms in the wake of #MeToo

January 8, 2019

Financial institutions conducting sexual harassment investigations in the wake of the #MeToo movement need to proceed cautiously. As Wall Street has come under scrutiny on how it handles complaints of sexual misconduct, compliance and human...

Advisers help federal employees financially manage the shutdown

January 7, 2019

Federal-employee clients of financial advisers in the national capital area are taking the federal government shutdown in stride, even though they're due to miss their first paychecks this week. Others, however, will struggle without the immediate...

2019 is the year of the algorithm for the SEC

January 7, 2019

As 2018 wound down, the Securities and Exchange Commission for the first time charged two robo-advisers for violations of federal securities laws. These cases represent a trend that has been a long time in the making and will culminate in more...

LPL continues to grapple with email, exam and alternative investment snafus

January 7, 2019

LPL Financial was fined a total of $490,000 last month by two states for its alleged failure to review emails of its brokers, failure to conduct yearly exams of branch offices, and misclassification of nontraded REITs and BDCs, which are alternative...

Twists and turns await anxious advisers as roller-coaster ride continues into 2019

January 5, 2019

The roller-coaster ride of 2018 has financial advisers bracing for uncertainty in the year ahead. Whether talking about the economy, the financial markets, Fed policy or asset allocation, the financial advisory space appears to be hunkering...

Adviser lobbying groups shake up donation levels to politicians

January 4, 2019

One of the best ways for trade associations representing financial advisers to open doors on Capitol Hill is by contributing to lawmakers' campaigns. Two lobbying groups in the advice industry ramped up political action committee spending during...

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