Ric Edelman: What’s Wrong With IRAs, 401(k)s, and the Industry That Sells Them
The outspoken Edelman talks to ThinkAdvisor about how Wall Street preys on investors, the unconventional structure of his practice and why he opposes mutual funds.
Lawmakers’ Prodding of SEC, DOL Fiduciary Collaboration a ‘Tactic,’ Consumer Groups Say
Lawmakers want SEC to go first on fiduciary because BDs and insurers expect to find the commission's rule more favorable, suggests CFA's Barbara Roper.
Skip Schweiss, TDA’s Advisor Sage: The 2014 IA 25 Profile
Skip Schweiss has worked with advisors for 25 years. He understands their animus toward regulation, but says there’s a much bigger threat on the horizon.
Thomas Perez, DOL’s Cautious Fiduciary Advocate: The 2014 IA 25 Profile
Labor Secretary Thomas Perez is being credited with re-energizing the DOL’s bid to amend the definition of fiduciary under ERISA. But he's proceeding carefully.
SEC, FINRA, DOL Enforcement: Iowa Advisor to Repay 68 Pension Plans
In other actions, FINRA censures and fines New York-based Banesto Securities Inc., now known as Santander International Securities Inc., $650,000 for custody failures.
New Hire Roundup: Global X Names Berruga COO, Lynch Senior Compliance Officer
Also, Joseph Cusick, formerly of optionsXpress, joined MoneyBlock, and Robert Litterman was named Commonfund's new board chairman.
SEC’s Gallagher: Fiduciary Rule Likely Not Coming
Phyllis Borzi calls DOL's fiduciary redraft "No. 1 priority"; SEC Commissioner Daniel Gallagher adamant that the commission lacks the votes to make a rule.
DOL Moving Forward on Fiduciary Redraft: Perez
Labor Secretary Thomas Perez said to expect a redraft "in the coming months" while announcing a plan to require 401(k) fee disclosure guides.
SEC, DOL Enforcement: Big Four Accounting Firms Must Disclose China-Related Records
Meanwhile, DOL wins a $10 million settlement in ESOP case and Massachusetts bars an advisor for fraudulent, unethical activities.
Enforcement Roundup: Investors Win $900,000 in FINRA Arb Over Nontraded REITs
In other enforcement news, FINRA fined Barclays over electronic record storage and Instinet felt the SEC's wrath for improper soft-dollar payments.