Suits Against NYU, Yale, Duke Over 403(b) Fees a ‘Sign of Things to Come’
“This may be a whole new chapter in 401(k) and 403(b) fee litigation,” employee benefits lawyer Carol Buckmann says.
Federal Court Broadens Investment Advisor Definition
A state-registered advisor selling unregistered securities was acting as an investment advisor because he took "compensation" by stealing client money, an appeals court ruled.
FPA Hires Colacci as Public Policy Counsel
Josephine Colacci will help push for an SEC fiduciary rule and other Financial Planning Coalition policy efforts.
Top Portfolio Products: Nuveen Launches Alternative Investment Platform
The platform, using technology from Artivest, lets advisors allocate alternative investments across client portfolios and monitor their performance.
Fidelity Submits Proposal to Retrofit Closed-End Funds as ETFs
Firm’s application calls for new exchange-traded active funds; Fidelity proposal would eliminate daily disclosure of holdings.
Morningstar to Help BDs Manage Small 401(k)s
Morningstar Plan Advantage will let broker-dealers offload the fiduciary responsibility of managing defined contribution retirement plans.
LPL Details New Mutual Fund-Only Accounts
The new accounts deliver “cost benefits of direct business but with the ability to supervise that comes with LPL custody,” the firm says.
CFP Board to Make Advisor Arbitration Results Public
All CFP Board arbitration results will be made public, with advisors' names removed in most cases, starting Sept. 12.
Enforcement: Advisor Inflated AUM, Stole From Client, SEC Says
Meanwhile, the SEC fined a company for its anti-whistleblower policy.
SEC Charges Ex-NFL Player With Defrauding Former Coaches, Elderly
The player cheated seniors and coaches, donors, alumni and employees of schools out of $10 million, the SEC said.