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SEC plans to propose fiduciary rule next April
InvestmentNews; May 19, 2016
The Securities and Exchange Commission plans to propose rules for raising investment advice standards and authorizing non-governmental examinations of advisers next spring, according to its latest regulatory agenda.
The agency does not have to adhere to the timetable, which was posted on the Office of Management and Budget website Wednesday, and routinely misses its self-imposed deadlines. In fact, some observers expected the exam rule to come out this fall. But the agenda does provide insight into the regulator's priorities.
What Advisors Really Think of DOL Fiduciary Rule: ThinkAdvisor Poll
ThinkAdvisor; May 19, 2016
Advisors and independent broker-dealers are evenly split on how the Department of Labor’s rule to amend the definition of fiduciary on retirement accounts will impact their day-to-day business functions, with half saying that the new rule will make their jobs harder and half saying nothing will change, according to a poll conducted by ThinkAdvisor.
The online poll conducted in April garnered 156 responses — 46% of respondents were RIAs, 30% indie BDs, 20% hybrid advisors and the remaining hailed from wirehouses.
Fiduciary standard for CFPs could be raised, leaders say
InvestmentNews; May 19, 2016 @ 2:01 pm
Updates to the professional standards that certified financial planners must follow could strengthen the fiduciary level of care requirement, but CFP Board leaders didn't promise changes to its stance that advisers can act in the best interest of clients no matter how they are compensated.
Keeping the best interests of clients at the forefront of financial advice is critical to the industry's success, said Michael Greene, chair of the board of directors of the Certified Financial Planner Board of Standards Inc. He was speaking to fee-only advisers at the National Association of Personal Financial Advisors conference in Phoenix on Thursday.
Should Advisors Ditch Their Broker-Dealers In Light Of DoL Fiduciary?
Kitces; May 19, 2016 @ 8:03 am
For much of the past year, the broker-dealer community has lamented that the proposed DoL fiduciary rule would be a significant impediment to their business model, causing additional compliance burdens and greater costs for their brokers and ultimately consumers. Yet with the final DoL fiduciary rule issued, the question now arises about what brokers who work at a broker-dealer should actually do, given the rules that are scheduled to take effect next April of 2017.