FINRA Seeking Comments on Churning Rules as SEC Considers Action
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...
Tag: Broker/Dealer
Skill in Fiduciary Discretion Discussions Brings Lots of Low-Hanging Fruit
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...
5th Circuit Denies AARP, Attorneys General Motions to Revive DOL Fiduciary Rule Case
This leaves the SEC’s revised conflict of interest standards for brokers and advisers as the leading alternative.
SEC Issues FAQs About Share Class Selection Disclosure Initiative
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...
It’s Not Déjà Vu, It’s a Brand New Best Interest Rulemaking Debate
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...
SEC Proposes Revised Conflict of Interest Standards for Brokers and Advisers
It will take time for the fully detailed picture to emerge, but the SEC voted late Wednesday to propose new conflict of interest standards for how broker/dealers and...
SEC Signals Start of Formal Broker Fiduciary Rule Examination
Nearly a month after an appellate court unexpectedly quashed the DOL fiduciary rule expansion, the Securities and Exchange Commission has announced a date and time for its first...
Launch of Stradley Ronon Fiduciary Governance Group Reflects Litigation Trends
Amid a glut of retirement plan industry litigation and regulatory change, advisers are asking the twin questions of whether one owes a fiduciary duty to their client, and...
Peers Play a Big Role in Adviser Relocations, Independence Decisions
Almost half of advisers who left their firm moved along with a larger team in 2017, versus 34% in 2012, according to data shared by Fidelity Clearing and...
Broker/Dealers Must Move to Support True Financial Planning
More than 60% of advisers polled by Cerulli Associates agree that client demand for “financial planning” is increasing; at the same time, broker/dealers are refining their digital planning...
Circuit Court Fiduciary Rule Decisions Raise Important Process Questions
While the Fifth U.S. Circuit Court of Appeals has vacated the DOL fiduciary rule expansion, one attorney warns the rule is still technically in effect, at the very...
Will SCOTUS Decide the Fate of the DOL Fiduciary Rule?
Some ERISA attorneys argue the Fifth Circuit decision last week to vacate entirely the DOL’s fiduciary rule expansion makes a Supreme Court decision on the matter inevitable; others...
Confusion Abounds After Fifth Circuit Decision Vacates DOL Fiduciary Rule
The latest decision out of the Fifth U.S. Circuit Court of Appeals throws a dramatic new element of confusion into the epic regulatory saga that has been the...
Wells Fargo Advisors SEC Filing Hints at Federal Fiduciary Investigation
The firm says it does not have additional information to share at this juncture beyond what has been noted in a 2017 year-end SEC filing; in that newly...
CFP Board Sees Expanding Role for Digital Advisers
Looking to 2018 and beyond, traditional advisers, brokerage firms and banks are widely (and aggressively) seeking to integrate digital advice into their service offerings; the CFP Board Center...
FINRA Rep Monitoring Rule Change Could Trigger RIA Compensation Renegotiation
The regulator is reassessing its requirements for RIAs to monitor the outside business activities of their reps; one experts argues it is likely that, if the final rule...
DISRUPTION: Driving Down Plan Costs a Clear Focus for FixedFee401k
Our series of exclusive articles featuring retirement industry “disruptors” continues with another growing provider in the small- and mid-market, promising 50% lower costs than the traditional competition through...
Fee, Share Class Shifts at Schwab and Putnam Reflect Vigorous DCIO Competition
Recent interviews with product development executives at Putnam and Charles Schwab show the aggressive steps brand name providers are taking to keep their edge in a highly competitive...
Mass. State Securities Market Enforcers Target Scottrade for Sales Contests
The enforcement arm of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth alleges that Scotttrade violated the Massachusetts Uniform Securities Act and related...
Fee and Industry Shifts Mean Retirement Plan Providers Can Play Hardball
A look back at how Fidelity will charge new plan sponsor clients on its platform who choose Vanguard products makes visible the hard-nosed competition that defines the retirement...