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Fiduciary Links: A proposal for a new way to idenitify PROs

Posted by Bennett Aikin on July 22, 2013 in

>>>Over at RIABiz, Ron Rhoades continued last week his series of articles shredding FINRA’s record as an overseer of brokers and taking offense to the idea that they would make an appropriate self-regulatory organization for advisers. We can probably expect the fourth and final installment to hit RIA Biz this week but, thanks to Bob Veres, we’ve already got a preview of what we can expect.  Ron’s recommendation is for the creation of a Professional Regulatory Organization that includes a bona fide fiduciary standard as a term of membership and...

Fiduciary Links: A proposal for a new way to idenitify PROs

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Fiduciary Links: The Winner of the Latest Fiduciary Debate is….the Moderator

Posted by Duane Thompson on July 15, 2013 in

After a quick review of the major organization letters to the SEC on the quantitative costs and benefits of a uniform fiduciary standard, results are in.  However, they are of the head-scratching variety that no doubt would give any economist a headache.  According to one letter submitted by the Securities Industry and Financial Markets Association, the main trade group representing Wall Street firms, under a fiduciary rule for brokers, the cost of a new disclosure form would average $5 million per firm along with $2 million in annual maintenance and training costs. Estimates on new compliance costs for RIAs under...

Fiduciary Links: The Winner of the Latest Fiduciary Debate is….the Moderator

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Fiduciary Comment Day Arrives

Posted by Byron Bowman on July 10, 2013 in Great Sources of Information In the News Legal

>>>>>Friday, July 5, was the second day of a four-day weekend for many people; but for those interested in the SEC’s consideration of the fiduciary standard and the harmonization of investment adviser and broker-dealer regulation, it was “Comment Day.”  That marked the end of the period to respond to the SEC’s request for information (“RFI”) regarding the effects of the imposition of a fiduciary standard on broker-dealers that provide retail investment advice and the effects of harmonization.  Almost 30 comments were filed on Friday (with an additional...

Fiduciary Comment Day Arrives

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Fiduciary Links: Comments related to the SEC’s Fiduciary Rulemaking have arrived

Posted by Rich Lynch on July 08, 2013 in Fiduciary Links

>>>>Comments related to the SEC’s request for information on “Duties of Brokers, Dealers, and Investment Advisers,” i.e., the much-awaited, potentially harmonized fiduciary standard for brokers and advisers, are the big story of the week as the SEC’s comment period came to a close on Friday.  As expected, there is a divergence of opinions and long response list that has continued to grow throughout the day, but most responses are light on data to support their point of view.  The SEC was particularly interested in data that could...

Fiduciary Links: Comments related to the SEC’s Fiduciary Rulemaking have arrived

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Fiduciary Links: ERISA 3(38) Investment Management Agreement Webinar Announced

Posted by fi360 Team on July 01, 2013 in Fiduciary Links Great Sources of Information In the News

>>>>On Thursday, July 11th, fi360 and Pioneer Investments will be hosting a webinar, ERISA 3(38) Investment Management Agreement, at 4:15 p.m. ET. The session will be led by ERISA attorney Fred Reish from Drinker Biddle & Reath LLP law firm.     Some of the topics that will be covered include the role of a 3(38) discretionary investment manager for 401(k) plans, and the protections afforded to plan sponsors and fiduciaries. The decisions that need to be made in the development of a 3(38) investment manager relationship and the unique provisions of a 3(38)...

Fiduciary Links: ERISA 3(38) Investment Management Agreement Webinar Announced

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