Deconstructing One Broker’s Take on a Fiduciary Standard
A broker responds to my March column for investment Advisor on the fiduciary standard and makes some good points. And some not-so-good points.
Forced Arbitration Clauses Harm Consumers: CFPB
Pre-dispute arbitration clauses "restrict consumer relief" in disputes with financial companies by limiting class actions, says Director Richard Cordray.
SEC Mulls Adding SMA Info to Form ADV
The regulator may also be considering asking about leverage, securities lending and other factors to better gauge risk, IAA says.
DOL Has Worked ‘Very Closely’ With SEC on Fiduciary Plan: Perez
The Labor secretary told CNBC that DOL wants to create a "level playing field" for advisors that are already putting their clients' interests first.
Second Round of Cyber Exams Coming in Summer: SEC’s Jarcho
SEC will also resume exams of alternative mutual funds, looking at 30 to 40 funds across 25 to 30 sponsors.
GOP Reps Demand Proof DOL Didn’t Go It Alone on Fiduciary
Lawmakers tell Secretary Perez to hand over SEC correspondence, but advocates say Congress’ efforts to stall the fiduciary redraft are futile.
SEC Enforcement: H.D. Vest Failed to Monitor Reps’ Outside Activities
Meanwhile, the SEC froze the assets of a fund manager charged with running a Twitter-related Ponzi scheme using money from a fake Uber-related fund.
A Fiduciary Standard May Leave Some Investors Out of Luck
The fiduciary standard may bring a higher level of service to some investors, but it may also inadvertently leave many out in the cold.
Finke: Lack of Fiduciary Protection for Elderly Is ‘Insane’
“In the United States, we have a buyer-beware marketplace for products that are very often sold to older consumers,” says Finke. "This is insane."
Welcome to the World of Online Financial Advisor Reviews
The SEC’s decision to let advisors use customer reviews could be extremely beneficial for top-rated advisors’ bottom lines, as other industries’ experience has shown.