The Commission says the broker/dealer charged clients 12b-1 fees when they qualified for lower-cost shares.
The state’s former securities chief says recently issued fiduciary regulations have been crafted in the interest of aggressively tamping down on conflicts of interest in the financial services industry.
Who is liable when a brokerage firm staffer knowingly transmits false information at the behest of a superior? A recent Supreme Court ruling offers some answers, while raising some critical questions.
Many do not know if their adviser is technically a broker/dealer or an adviser, Personal Capital learned in a survey.
The Secretary of the Commonwealth says the FinTech Working Group is the first dedicated team established by a state securities regulator specifically to provide support to, and receive advice from, fintech businesses.
During a webcast hosted by ACA Compliance Group, Allison Charley, a former SEC examinations office leader, explained the regulator’s internal process for picking audit targets; other speakers noted the SEC’s increased focus on suitability issues and cybersecurity.
In a Q&A with PLANADVISER, Mirella deRose draws on her experience leading FINRA enforcement in describing what she sees as the most important elements of the regulator’s recently published member priorities list for 2019.
One key M&A trend identified in a new PwC report is the growing prevalence of large asset management and/or private equity entities making minority-stake investments in wealth management firms.
The death of Vanguard Group founder Jack Bogle offers a chance to reflect on the long-standing debate regarding passive and active management and the role of controlling fees and expenses in the effort to build household wealth from modest means.
Fidelity’s 2019 Wealth Management M&A Transaction Report shows there were 23 RIA deals inked during the year worth $1 billion or more.
Triad and Resources Investment Advisors say the recruitment of Retirement Benefits Group reflects the way retirement-focused advisers are seeking integrated practice management solutions and hands-on support from brokerage and custody service providers.
The specialist retirement plan and private wealth advisory firm has been acquired by HUB International Limited.
For retirement industry fiduciary advisers, the SEC’s introduction in April of a proposed Regulation Best Interest was one of the seminal moments of 2018; the regulation will likely take final form some time in 2019.
The SEC says these changes are needed to reduce obstacles to providing research on investment funds, and to harmonize the treatment of such research with research on other public companies.
When the SEC adopted the new Rule 30e-3 earlier this year, creating a new system for electronic delivery of fund information, it also established a transition disclosure period that starts in January, during which "funds that choose to implement the new delivery method for shareholder reports provide prominent disclosures in prospectuses and certain other shareholder documents that will notify investors of the upcoming change in transmission format.”
By cutting the fee for its small-plan investment outsourcing solution to 10 basis points, the firm says it will better position its advisers to grow their practices by serving untapped retirement plan markets.
According to the SEC’s strategic outline, when Main Street investors seek professional advice, their choices “all too often are not as clear as they should be.”
Regulation Best Interest lays out the core loyalty and disclosure duties of advisers and broker/dealers—and how these can be satisfied.
Noting that they believe a more viable customer relationship summary (CRS) form can still be developed by the SEC as part of its Regulation Best Interest proposal, a group of retiree and investor advocacy organizations has published a report calling the draft CRS form misleading and unhelpful.