Results for "regulation"

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Monitoring 401(k) cross-selling may be next frontier for advisers

September 10, 2019

Trends and developments in the 401(k) market often migrate over to 403(b) plans. Examples include automatic enrollment, which is increasingly popular with plan sponsors, and litigation against plan fiduciaries, which is less popular). Sometimes...

Adviser must pay former employer $358,000 for violating employment contract

September 10, 2019

An adviser who left an LPL Finanical affiliate to set up his own firm with Commonwealth Financial must pay his old employer $358,000, according to an arbitration award. After 18 years of employment, Jeremy Bok left Planned Financial Services...

The threat posed by state fiduciary rules

September 10, 2019

With Regulation Best Interest finalized and moving toward implementation, independent financial firms and advisers are coming together to make the new rule's common standard of care a reality. Although many questions remain, the Financial Services...

Virginia poised to ban mandatory arbitration clauses for state-registered advisers

September 9, 2019

Investment advisers registered in Virginia will soon not be able to force clients into arbitration to settle disputes. A new state rule will go into effect on Sept. 16 that bans mandatory arbitration clauses in client contracts, according to...

Small advice firms show increase in cyber-related issues

September 9, 2019

State-registered investment advisers are showing more deficiencies related to cybersecurity but are improving their compliance in many other areas, such as books and records, fees and supervision, according to state securities regulators. In...

Finra will defer to SEC on interpreting best interest rule

September 9, 2019

When a new investment advice standard for brokers is implemented next June, Finra will be responsible for examining brokers for compliance. But the Securities and Exchange Commission will make the final call on determining how the regulation...

401(k) court ruling could hurt retirement savers

September 7, 2019

A recent appeals court decision allowing Charles Schwab Corp. to force its employees to arbitrate disputes about the company's 401(k) plan could prove to be a negative development for 401(k) participants and their financial security in retirement....

Finra arbitrators award more than $3 million to three former Credit Suisse brokers

September 6, 2019

Finra arbitrators ordered Credit Suisse to pay three former brokers more than $3 million in a case involving disputed deferred compensation. In an award posted Friday, the three-person, majority-public Financial Industry Regulatory Authority...

Lincoln, Penn Mutual pull insurance products from New York in wake of best-interest rule

September 6, 2019

More insurers are deciding to pull products like annuities and life insurance from the New York market as the state's best-interest rule takes hold. Lincoln Financial Group, the fourth-largest seller of annuities in the U.S. last year, suspended...

SEC warns advisers to get client consent before trading from own accounts

September 5, 2019

Investment advisers are falling short of regulatory requirements regarding the sale of investments to clients out of the advisers' own accounts, the Securities and Exchange Commission warned this week. In a Wednesday risk alert from the Office...

Time is running out on opportunity zones — but there's limited choice

September 5, 2019

Time is running out to get the biggest tax break from opportunity zones, but there's one snag for financial advisers: They don't see a lot of compelling investment options for clients. "The deals haven't worked out to be that great," said Leon...

Barred California adviser to pay $181,000 over investment fund conflicts

September 5, 2019

The Securities and Exchange Commission has barred adviser Mitchell Friedman of Mill Valley, Calif., and required him to pay disgorgement, interest and civil penalties of about $181,000 over conflicts and disclosure failures in connection with...

Massachusetts fines broker $225,000 over UIT trades

September 5, 2019

The Massachusetts Securities Division has fined StockCross Financial Services and broker Peter Cunningham $225,000 over trading practices involving unit investment trusts. [More: Galvin to propose fiduciary rule for Massachusetts brokers] According...

SEC censures, penalizes Utah hybrid $150,000 for improper alts sales

September 4, 2019

The Securities and Exchange Commission has censured Lefavi Wealth Management, a hybrid firm in Salt Lake City, Utah, managing $303 million, and required it to pay a $150,000 penalty for breaching its fiduciary duty and failing to make necessary...

Retirement security advocates hope to attach SECURE to budget legislation in coming weeks

September 4, 2019

Backers of a major retirement-savings bill hope it will catch a ride on legislation that must pass this fall to keep the federal government open. In May, the House approved the Setting Every Community Up for Retirement Enhancement Act with overwhelming...

Headwinds to annuities in 401(k) plans persist

September 4, 2019

The uptake of annuities in 401(k) plans has been muted and slow. There are several reasons for this state of affairs, such as administrative and legal challenges, which have withstood the industry's push to change the status quo and many advisers'...

Jackson National suspends fee-based annuity sales in New York due to best-interest rule

September 3, 2019

Jackson National Life Insurance Co. has suspended sales of fee-based annuities in New York in response to a new rule that imposes tougher standards on brokers and life insurance agents selling insurance products in the state. The insurer, which...

Investors put more stock in investment professionals wearing 'adviser' label

September 3, 2019

Consumers put more stock in investment professionals who use the title "adviser" than in those who are serving in a sales capacity, according to a new study. A survey of 665 adults conducted last October and released Aug. 27 by the Mercatus...

Finra arb panel orders TD Ameritrade to pay $720,816 over alleged lack of oversight of RIA

September 3, 2019

A Finra arbitration panel ordered TD Ameritrade Inc. to pay an investor $720,816 in a case involving an alleged lack of oversight of an investment adviser to whom it provided custodial services. In an Aug. 28 award, a three-person, all public...

Independent contractor status for brokers and advisers safe in California

September 3, 2019

Brokers and advisers in California who work as independent contractors and are registered with a broker-dealer have sidestepped the fight over employment status currently playing out in the California statehouse. Assembly Bill 5, which writes...

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