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Investment Advisor February 2008 Melanie Waddell |
A Groundbreaker SEC's Rand report, of the broker/dealer and investment advisory industries will dominate the discussion among brokers and advisors in 2008.  |
Registered Rep. March 1, 2008 John Churchill |
Fix Advisor Laws! Laws should reflect the fact that the differences between registered reps and registered investment advisors have largely evaporated.  |
Investment Advisor February 2008 Melanie Waddell |
A Busy Year in Washington Now that the Rand report assessing the advisory and broker/dealer industries has been released, No doubt advisors and brokers will be anticipating any possible regulatory actions that the SEC may take.  |
Financial Planning March 1, 2008 Bob Veres |
Deconstructing Rand A report written by the Rand Corp. will help the SEC's staff decide who should and should not be registered as an registered investment advisor, and to determine whether investors understand the differences between and relationships among broker-dealers and investment advisors.  |
Registered Rep. December 1, 2005 Andrew Osterland |
Brokering Advice The essential difference between brokers and registered advisors, say financial planners, is fiduciary duty. The notion that b/ds have a lighter burden of regulation than registered advisors, however, is something the securities industry vigorously disputes.  |
Registered Rep. April 6, 2005 John Churchill |
SEC Adopts Broker-Dealer Exemption Over the vociferous objections of fee-only financial planners, the SEC voted unanimously to permanently adopt the broker/dealer exemption rule, formerly known as the Merrill Lynch exemption.  |
Registered Rep. April 8, 2005 John Churchill |
`Merrill Rule' Debate Not Over The SEC unanimously voted to allow Series 7 holders, or registered reps, to position themselves as financial advisors -- with certain caveats. But once again the SEC seemed to hedge its bet. So the debate rages on.  |
Investment Advisor March 2008 Bob Clark |
The Empire Strikes Back Wall Street's crafty response to its whipping over the Merrill rule.  |
Registered Rep. February 2, 2006 Kristen French |
Brokers Learning to Play by New Rules It's no longer business as usual on Wall Street. Starting yesterday, broker/dealers must follow a new SEC rule that requires them to disclose at certain times that they may not be acting in their clients' best interest.  |
Investment Advisor May 2008 Melanie Waddell |
Donohue on the Rand Report & Paulson SEC exec doesn't foresee a single regulator for advisors and broker/dealers.  |
Registered Rep. March 30, 2005 John Churchill |
House Urges SEC to Adopt Broker-Dealer Exemption Rule At issue, at least as far as financial planners are concerned, is that registered reps are presenting themselves as fiduciaries, when in fact they are brokers with a less-than-fiduciary responsibility to their clients.  |
Investment Advisor August 2006 Kathleen M. McBride |
B/d Briefing: A New Regulatory Framework? In a move that may be the opening salvo in a fight for unified investor protection rules, the SEC is seeking information from potential contractors to conduct a study about how investments and advice are marketed to individual investors.  |
Financial Planning June 1, 2007 Marshall Eckblad |
The United Way The FPA's unexpected victory could pave the way to new regulations that cover both brokers and investment advisors.  |
Registered Rep. October 1, 2004 John Churchill |
BrokerAdvisor BrokerAdvisor Let's Call the Whole Thing Off! The Financial Planning Association and some consumer groups are in court in an effort to block brokers from introducing themselves tp prospective clients as finanical advisors or financial consultants.  |
On Wall Street July 1, 2009 Helen Kearney |
The 'F' Word Stirs Up Controversy Advisors who fall under the new fiduciary standard, namely investment advisors who run a fee-based business, must always put clients' interests before of their own.  |
Registered Rep. February 1, 2006 Kristen French |
Both Sides Now Brokers who hold dual licenses -- both the Series 7 and Series 65 licenses -- will have to take fiduciary responsibility on some accounts. But they can also sell investments, after they make it crystal clear that they're doing so.  |
Registered Rep. February 1, 2005 John Churchill |
A Monster Issue Will the SEC withdraw the Broker-Dealer Exemption, causing reps to back away from adviser status? If so, the impact could cause substantial disruption in the markets.  |
Registered Rep. December 1, 2004 John Churchill |
If You're a Broker and You Know It As the holiday season approaches, the SEC is getting daily entreaties from registered investment advisors seeking an end to the broker/dealer exemption rule.  |
Registered Rep. August 1, 2006 |
The Broker-Dealer Exemption: Good or Bad for the Investing Public? (Oy, This Still Hasn't Been Resolved?) True financial advisors -- those who hold Series 65s and Series 66s, and who are fiduciaries -- aren't too happy that Series 7-holders have been able to cast themselves as financial advisors.  |
Registered Rep. May 1, 2007 |
The Great Reckoning Whatever the specific business impact the Merrill Lynch ruling may have, many see the return to pre-1999 rules as a chance for the brokerage industry, which has long avoided fiduciary duty for business and regulatory reasons, to overcome those obstacles and embrace it.  |
Investment Advisor March 2006 Melanie Waddell |
Piling On Keeping up with compliance chores will continue to occupy a substantial portion of advisors' time, as industry officials and observers are steadfast in their belief that regulatory scrutiny by the SEC and NASD isn't going away.  |
Registered Rep. November 3, 2004 |
Broker or Advisor---Who Knows the Difference? More than half of American investors look to brokers for more than just transactional assistance, according to new research, which also finds that investors don't understand the differences between brokers and registered investment advisors.  |
Registered Rep. March 11, 2009 Christina Mucciolo |
Brokers Versus Advisors--SIFMA Wants "Universal," Not Fiduciary, Standard Will the patchwork rules governing the conduct of Series 7 holders and registered investment advisors, a patchwork that confuses the public, finally be sorted out?  |
Registered Rep. May 14, 2007 John Churchill |
"Merrill Lynch" Rule Dead, But SEC to Ask for Time The securities industry still hopes that the SEC will somehow come up with a new plan to keep the fee-based brokerage account from coverage by the Investment Advisers Act of 1940, which mandates that to offer financial advice, you have to be a fiduciary.  |
Financial Advisor May 2006 Andrew Gluck |
New Rule Causes Software Schizophrenia New financial software programs for advisors reflect the difference between fiduciary and suitability requirements.  |
Registered Rep. April 1, 2007 |
Turf Wars Over Advice The age-old debate between the b/d and investment advisor (RIA) industries over who should be able to provide advice and when, and whose regulatory regime offers better investor protections, is far from over.  |
Investment Advisor July 2010 Melanie Waddell |
A Whirlwind of SEC Activity Harmonization of advisor and B/D rules will move forward.  |
Financial Advisor December 2005 Harold Evensky |
Unintended Consequences Brokers must forego the bells and whistles accompanying much of the current planning software if they wish to avoid having to register as investment advisors; however, that should not prevent them from appropriately using these analytics in arriving at suitable recommendations for their clients.  |
Investment Advisor May 2007 Melanie Waddell |
Victory for the FPA The U.S. Court of Appeals for the D.C. Circuit overturned the SEC's Merrill rule.  |
Registered Rep. October 1, 2002 David A. Geracioti |
Outgrowing the Series 7? Registered investment advisors must take the Series 65 exam. As the line between brokers and financial advisors blurs, what responsibilities do brokers that dispense advice and collect a fee based on assets have?  |
Investment Advisor May 2007 Kathleen M. McBride |
Exemption Vacation "To be, or not to be?" a fiduciary is the question of the hour for broker/dealers.  |
Registered Rep. December 1, 2006 John Churchill |
Of Two Minds An internecine argument at the FPA gets to the heart of one of the industry's more vexing problems: Should brokers be able to position themselves as financial planners?  |
Registered Rep. March 30, 2007 John Churchill |
Surprise! FPA Wins Lawsuit Against SEC and the Broker-Dealer Exemption Three years after suing the SEC over the controversial "Broker Dealer Exemption" rule, a federal court has ruled that the SEC exceeded its authority in adopting the rule.  |
Registered Rep. January 23, 2011 Kristen French |
SEC Recommends Strict Fiduciary Standard For Broker/Dealers An SEC study released over the weekend could represent a major push towards a more uniform regulatory framework for the fragmented wealth management business.  |
Investment Advisor August 2010 Melanie Waddell |
Advice to the SEC When it comes to the fiduciary standard, Capital Analysts President and CEO Matt Lynch says advisors "want to be sure the SEC seeks and gathers input from the industry as to how to implement these important changes."  |
Financial Advisor November 2005 Tracey Longo |
The Embattled Broker Exemption Rule While advisors talk a good game about their desire to see consumers protected by meaningful regulation, the Financial Planning Association remains the sole litigant in its lawsuit against the Securities and Exchange Commission's so-called Merrill rule.  |
Investment Advisor June 2007 Melanie Waddell |
SEC Won't Appeal Court Ruling The SEC has decided not to appeal the recent ruling which exempted brokers from being subject to regulation as investment advisors in fee-based brokerage accounts, on the basis that the SEC had exceeded its authority under the Investment Advisers Act of 1940.  |
Financial Advisor June 2007 |
Frontline News SEC Won't Appeal Court Decision... Fidelity Offering For RIAs... 12(b)-1 Fees, Advisors' Growing Role, Are Focus At ICI Fund Conference... etc.  |
Investment Advisor August 2010 Bob Clark |
Can't Beat 'Em? Then Stall 'Em Despite the reform bill's ambiguity, a fiduciary standard for all seems likely.  |
Registered Rep. June 19, 2012 Diana Britton |
Whose Suitability Standards? In early 2011, the SEC completed a study, mandated under Dodd-Frank reform legislation, which recommended extending to brokers who advise retail clients the same fiduciary standard that now applies to investment advisors.  |
Investment Advisor May 2010 Melanie Waddell |
Schapiro Speaks on Fiduciary, 12b-1s In an exclusive interview, the SEC Chairman speaks her mind.  |
Investment Advisor September 2009 Bob Clark |
Clark at Large: These Guys Are Good Did you ever get the haunting feeling that something was going too well? That's how I'm starting to feel about the reregulation of the advisory world, which is part of the Obama Administration's overhaul of the financial services industry.  |
Financial Planning June 1, 2007 Bob Veres |
Victory, for Now Brokerage firms have little choice but to adapt to a world in which their traditional service -- clearing trades and executing transactions -- has become "solely incidental" to the increasingly valuable business of providing advice.  |
Investment Advisor December 2009 Kathleen M. McBride |
B/D Briefing: Surprise Broker Sentiment Most appear to support a fiduciary standard.  |
Investment Advisor October 2010 Melanie Waddell |
Dissecting the FSI's Position on Fiduciary As a new study finds investors still confused, Financial Services Institute president Dale Brown presents the independent broker/dealer perspective.  |
Investment Advisor September 2010 Melanie Waddell |
The Playing Field: The Dodd-Frank Reform Bill Afterlife A fiduciary standard for all may crimp RIAs' competitive edge.  |
Financial Planning October 1, 2010 Brian Hamburger |
Regulation Season A look forward at the real effects of regulatory change - and they could be as unattractive as they are expensive.  |
Registered Rep. March 16, 2012 Kristen French |
Wire Houses Minting Fiduciary Advisors -- Or Are They? None of the firms will go on record as to whom specifically in the rank and file is adopting the standard, nor will they provide much detail on what that training looks like.  |
Financial Planning September 1, 2008 Callahan & Malo |
Hybrid Chic A trend toward hybrids in the financial services industry is emerging. Increasingly, firms, advisors and brokers are establishing practices that manage both commission -- and fee-based businesses.  |
Investment Advisor July 1, 2011 Melanie Waddell |
Fiduciary D-Day Arrives As the SEC launches into rulemaking, lots of 'thorny issues' will surface.  |