President Obama Poised to Sign Financial Reforms into Law

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from The Advisor's Professional Library
  • Client Commission Practices and Soft Dollars RIAs should always evaluate whether the products and services they receive from broker-dealers are appropriate. The SEC suggested that an RIA’s failure to stay within the scope of the Section 28(e) safe harbor may violate the advisor’s fiduciary duty to clients, so RIAs must evaluate their soft dollar relationships on a regular basis to ensure they are disclosed properly and that they do not negatively impact the best execution of clients’ transactions.
  • Suitability and Fiduciary Duty Recommending suitable investments is more than just a regulatory obligation.  Many investors bring cases claiming lack of suitability, so RIAs must continuously put the onus on clients to notify the advisor of changes in their financial situation.  
As historic financial services reforms are signed into law on July 21, WealthManagerWeb.com has extensive coverage. Get the thought-leading coverage, right here.

Senate Passes Landmark Financial Services Reform Bill

July 16, 2010 - By MELANIE WADDELL

The Senate passed Thursday, July 15, the massive 2,300-page financial services reform bill; the bill now goes to President Obama for his signature, which is expected in the coming days. ...

Impact of Financial Reform Bill on Advisors, Broker/Dealers and Banks

July 15, 2010 - By JANET P. LEVAUX

While it isn't an updated version of Glass-Steagall, the financial services reform legislation the Senate passed, 60-39, on July 15, is poised to have a variety of impacts on the large banks employing wirehouse advisors, as well as on broker/dealers....

In Financial Reform Bill, Marketplace Winners and Losers

July 15, 2010 - By JOYCE HANSON

Early market reaction to the financial services reform bill, which the Senate passed, 60-39, on Thursday, July 15....

Financial Reform Over the Decades: A Timeline

July 15, 2010 - By KENNETH SILBER

The financial services reform legislation, which the Senate passed, 60-39, on Thursday, July 15, is the latest in a century-spanning series of efforts to revamp financial and securities activities through regulation. ...

Passage of Reform Bill Brings Quick Response

July 16, 2010 - By MELANIE WADDELL

Financial Planning Coalition awaits SEC study on fiduciary standard for brokers and GAO study on regulation of financial planners....

SEC Plan for Bifurcated Form ADV Part 2 Is Balked at by State Regulators

July 14, 2010 - By MELANIE WADDELL

The North American Securities Administrators Association (NASAA) is objecting to the Securities and Exchange Commission's (SEC) upcoming staff recommendation to adopt a version of Form ADV Part 2. ...

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