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SEC heightens exam focus on robo advisers
Financial Planning; June 14 2017, 10:10am EDT
Under newly confirmed Chairman Jay Clayton, the SEC is setting its sights on expanded protections for retail investors, planning a series of RIA sweep exams exploring areas like robo advisers and money market funds.
Though Clayton is just a month into his new job, a position he entered with no prior government experience, some of his field lieutenants are already relaying the message that individual clients will be a major focus for the commission under his stewardship.
Clayton's recent call for public comments on a uniform fiduciary rule that would harmonize rules for advisers and broker-dealers is evidence of his intent, said Steven Levine, an associate regional director in the SEC's Chicago office, at an SEC compliance forum this week.
"From Chairman Clayton's first major public statement," Levine said, "it is clear that his focus is on retail, that he is deeply concerned about protecting retail investors."
NAPFA Releases Tips On Reducing Costs That Can Drain Retirement Savings
CHICAGO, June 15, 2017 /PRNewswire/ -- Media coverage of the Department of Labor's fiduciary rule has heightened consumer awareness about how financial advisors are paid, but reliable information on this topic is in short supply. The National Association of Personal Financial Advisors today released tips to help consumers better understand financial advisor compensation and common product fees that can impact their financial goals.
Nearly 60 percent of investors do not completely understand the fees they pay their financial advisor, according to J.D. Power. NerdWallet research found that a millennial with the option of investing in either of two commonly held funds can save nearly $215,000 by choosing the one with fees that are 0.93% lower.
Former Treasury Secretary Jack Lew: DOL fiduciary rule has 'important purpose'
InvestmentNews; Jun 15, 2017 @ 12:44 pm
Former Treasury Secretary Jack Lew kicked off the Pershing Insite conference in San Diego on Wednesday afternoon with a nod to the implementation of the Department of Labor's newly enacted fiduciary rule.
When prompted by the moderator, Mr. Lew said he believes the fiduciary rule "serves an important purpose and I think it will be a benefit.
"I think it was a good decision to let it go into effect (on June 9), because otherwise it would have been another year or two of uncertainty," added Mr. Lew, who served as Treasury Secretary under the Obama administration from 2013 through the start of 2017