FINRA Blasts DOL’s Fiduciary Redraft as ‘Fractured, Confusing’
In its 21-page comment letter, FINRA tells DOL to modify its plan so that BDs do not abandon small accounts.
U.S. Investors Prefer Active Management to Navigate Volatility: MFS
Nearly three-quarters of U.S. professional investors look to active managers for capital protection.
SEC Awards $3M to Whistleblower Who Helped Crack ‘Complex Fraud’
The whistleblower’s “specific and detailed information” laid out a scheme that would have been very difficult to detect, the SEC said.
SEC Enforcement: Napkin-Eating Broker Settles; Ponzi Funds Used for Porn
Also, a hedge fund manager admits to providing bad data, which affected recording of 552 million shares.
How to Stop Clients From Ruining a Vacation Home Purchase
Sarah Halpin of Wells Fargo says that when a client wants to buy a vacation home with friends, the experience can become a huge headache.
Sticker Shock: 71% of Parents Say College Is Too Costly
“College is absolutely necessary but at the same time unaffordable,” says Brian Schwartz, an HSBC financial advisor.
Schwab Posts First Robo Results; Q2 Earnings Beat Estimates
The brokerage firm rolled out automated advice offerings for investors and advisors this year.
DOL Fiduciary Redraft Will Be Changed, Top Official Says
DOL is ‘committed’ to fiduciary redraft but not ‘wedded to any particular’ wording or text, says DOL’s Hauser.
Affluent Investors Prefer Human Advisors—With a Catch: Wells Fargo Survey
Advisors "need to look for ways to have technology complement and augment their relationships with clients," says Joseph Nadreu of Wells Fargo.
New Hire Roundup: Ex-CBO Chief Elmendorf Back at Brookings
Meanwhile, Royal Alliance adds Quincy Group; MarketCounsel beefs up staff with three new lawyers.