The DOL fiduciary rule will forever change financial advice, and the industry now faces the challenge of adapting to the new regulation.
The Wall Street firm will emphasize retention over costly recruitment packages.
Advisers choosing models with the most support forgo up to 25% of profits.
The fine relates to an ex-broker, Galen Marsh, who took data from hundreds of thousands of the wirehouse's clients, some of which ultimately ended up online.
If the industry was really serious about getting rid of rogue brokers, it would do more both individually and through Finra.
Wall Street firms' outsized account minimums are sending a negative message to retail investors. Let the wirehouses' losses be your gains.
The four large brokerages have emerged among the least affected by the heaviest regulation to hit the financial advice market in decades. <i><b>(More: <a href="//www.investmentnews.com/section/fiduciary-focus"" target=""_blank"" rel="noopener">The DOL fiduciary rule covered from every angle</a>)</b></i>
Agency concerned about brokers who sell out client positions at old firm to generate commissions at new firm. <b><i>(More: <a href="http://www.investmentnews.com/section/fiduciary-focus" target="_blank">The fiduciary rule covered from every angle</a>)</b></i>
The financial industry generally has not barked about the final fiduciary rule, but that doesn't mean that it won't eventually bite.
U.K., Australia both passed fiduciary rules, though their versions weren't limited to retirement advice. How have they fared, and what can U.S. advisers learn from them? </br><b><i>(More: <a href="//www.investmentnews.com/section/fiduciary-focus"" target=""_blank"" rel="noopener noreferrer">Coverage of the DOL fiduciary rule from every angle</a>)</b></i>
Final version includes a number of changes that address the most serious concerns of those who most vehemently criticized it.
If the firm's executives expected trainees to work long hours without being compensated for their overtime, then they deserved to lose the lawsuit.
Answers to common sources of confusion or misunderstanding about the new regulation.
Many advisers and the firms they work for are still woefully unprepared for what lies ahead.
Wirehouse recently claimed it typically retains 40%-50% of client assets after an adviser leaves.
Policies and procedures which, when layered upon already onerous rules and regulations, fail to recognize advisers' years of experience and wisdom.
Only 5% of clients left the wirehouses last year because they felt fees were too high
NFL star claims Merrill Lynch was complicit in a scheme that caused him to lose $20 million.
