CEO says he got the idea by talking to firms during a "listening tour" shortly after taking over the reins of the securities industry regulator.
Connecticut adviser John W. Rafal obtained a new client with accounts in excess of $100 million, and agreed to pay the referring attorney $50,000 annually from the advisory fees paid, according to the SEC.
The regulator makes it a top priority for 2017, establishing an exam unit to ferret out rogue brokers and scrutinizing how firms supervise them.
Ash Narayan settles case alleging he accepted $2 million from failing company he recommended to clients
DOL says it promoted tools it found useful, including a link for finding local CFPs, but is open to hearing from other designation sponsors.
The rules, which include having written policies and procedures and a designated chief information security officer, could become a model for other states.
Advisers can continue to offset a level fee charged on retirement-plan assets with revenue-sharing payments such as 12b-1 fees.
Says wirehouse overbilled investment advisory clients due to coding and other billing system errors.
Move is among a series of changes the firm is making as it gets ready for deadline on implementing DOL fiduciary rule.
That rule is intended to safeguard clients' cash and securities so they can be promptly returned should the broker-dealer fail.
The elephant in the room is the Labor Department's fiduciary rule, but other areas include broad health care and tax reform.
From filling the SEC to renewing bills addressing accredited investor status and elder financial abuse, legislators shouldn't forget past priorities.
Agency provides a litany of questions for consumers as well as FAQs on technical compliance for advisers. <i><b>(More: <a href=""" target=""_blank"" rel="noopener noreferrer">Want to see additional questions? Check out InvestmentNews' list</a>)</i></b>
Ideology about the role of government in the free market and concerns over effective implementation of the auto-IRAs are primary factors.
Some are willing to take on more responsibilities in areas such as investment product selection, IRA rollovers and even financial wellness.
The addition reflects regulators' concerns about potential investor risk posed by automated-advice services.
The business interest group would like the new administration to halt and then replace the regulation that requires advisers act in the best interests of clients in retirement accounts.
Henry Al Dean Watson failed to show up during inquiry into arbitration claim alleging excessive trading and commissions, unauthorized trades and portfolio mismanagement.
With Republicans and the industry holding sway in 2017, the SEC might push through a less-stringent regulation &mdash; perhaps simply elevating the current suitability rule.
The programs, currently being established in five states, open up distribution opportunities for 401(k) advisers in the short term and create longer-term prospects.
