Reg BI turns two on June 30th. It was supposed to help investors better understand how advisors and brokers differ and have BDs meet a “best interest” standard based on fiduciary principles. It turns out that Reg BI is doing the opposite.
Memorial Day deserves the great recognition it gets. Remembering the service of those who died for our country is a civic duty. This includes remembering, doing and acting in a manner that there is no doubt the character of military and finance leaders must be first.
The SEC staff thinks that fiduciary care is irrelevant. It has no more value to consumers investing retirement funds than it does when they buy clothes.
The SEC staff has issued a statement saying to investment advisers that their fiduciary status is “extraneous.”
On March 1, two unrelated Securities & Exchange Commission actions set out the state of its thinking on enforcing the “best interest” and “fiduciary” standards.
Here’s rough justice: FINRA’s February 9 disgraceful report on broker-dealer breaches of Reg BI came out just as the Winter Olympics was tarnished by the politics of the IOC.
The SEC’s form CRS fails consumers. CRS, meant to inform the public about BDs and RIAs, instead confuses everyone.
Last week’s off-year elections in Virginia, New Jersey, Buffalo and Minneapolis bodes big trouble for the Biden administration. But overlooked was a report from state securities administrators stating, frankly, the opposite. The “states” supported administration efforts to strengthen the regulation of broker-dealers.
A new entrant in the battle to defeat distrust may surprise many: the U.S. Supreme Court. Three justices’ recent remarks offer a model for financial leaders.
Fiduciary, from the Latin fiducia, means trust. In this article, I contemplate the promise of a new paradigm for earning investor trust.
Form CRS is under greater SEC scrutiny by the Biden administration. How advisors and broker-dealer representatives are compared matters. A review of a few major firms’ CRS is illustrative.
The SEC has a unique opportunity to redo form CRS to help investors and investment professionals better understand how broker-dealers and investment advisers differ.
Should investors know that brokers are not advisors to customers?