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.
In response to staff and client feedback, and in the wake of the defeat of the DOL fiduciary rule, the firm is taking steps to reintroduce use of commission-based products for retirement account clients.
According to the firm, the new suite of service offerings and tools will assist advisers across Ladenburg’s independent advisory and brokerage subsidiaries in achieving their strategic business goals through practice acquisitions and the development of continuity plans.
At the end of the day there just aren’t all that many people working on retirement plans, so it is only natural that firms will compete for and trade talent.
They say that additional interpretation of standards of conduct for investment advisers is unnecessary and that imposing broker/dealer standards on life insurers and investment advisers is inappropriate.
FINRA asks advisers to share their insights about “fintech innovation in the broker/dealer industry,” while also unveiling a new structure for its enforcement staff.
Commentary from Wagner Law Group and Drinker Biddle attorneys highlights what advisers need to know about the SEC’s ongoing analysis of broker/dealer “best execution” issues, as summarized in a recent Risk Alert publication.
Previewing two new Fiduciary Focus Toolkit reports that help plan advisers optimize their workflow, Fi360’s product strategy leader pointed to increased interest in fiduciary support among traditionally wealth-focused firms.
The underlying technology will be provided by Retirement Plan Advisory Group and delivered to advisers with the support of a centralized team of retirement specialist consultants.
Bill Beardsley, head of Retirement Partners at LPL, gives his take on the firm’s decision to close the Worksite Financial Solutions program, and on his plans for lasting growth in the DC retirement space.
Without admitting guilt or even the facts of the case, Betterment has settled various allegations of improper recordkeeping and "window dressing" leveled by FINRA, to the tune of $400,000.
While the deadline had already technically passed for the DOL to appeal the circuit court ruling vacating its fiduciary rule reforms, this highly anticipated move by the court is truly the end of an era.
A new client alert published by the Wagner Law Group urges advisory firms to review and consider an update to anti-churning policies, now that FINRA and the SEC are both engaging in the matter.
Independent advisory shop founder Joe Gordon talks about winning new plan business from brokers and bank advisers who are “seriously fumbling the discussion with clients about fees and fiduciary change.”
This leaves the SEC’s revised conflict of interest standards for brokers and advisers as the leading alternative.
If an adviser reduced their fee due to the receipt of 12b-1 fees, the SEC might not ask for any disgorgement; for instance, the SEC says, if an adviser regularly charges an annual management fee of 1.25% of assets but lowered that to 1% in light of the 12b-1 fees, the SEC says it is unlikely to ask for any disgorgement.
The release of a thousand-page "best interest" rulemaking package by the SEC applying to all brokers and investment advisers is being hailed as a victory by some and a deep disappointment by others; either way, it's the start of another long chapter in the epic industry battle over federal conflict of interest regulations.