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Summary: To SEC investor advocate Rick A. Fleming, improved disclosure of fees and expenses charged by financial advisers is a top priority in the new fiscal year, which begins in October.
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Summary: Just when advisors are absorbing the need to implement ERISA-level fiduciary standards for retirement accounts, there is another regulatory challenge coming down the pike.
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Summary: Brokers who change phone numbers and email addresses in an attempt to retain clients before leaving their firms is a regular problem that has sparked recent disciplinary action, according to the Financial Industry Regulatory Authority Inc.
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Summary: In her soft-spoken way, Sheryl Garrett is a booming voice of the financial services industry. Despite that distinction, President Barack Obama is one of her biggest fans: In his speech last year pushing the Department of Labor to press on with its fiduciary standard rule, he pointed out Garrett by name as an FA who puts the best interests of her clients first. Attending the AARP event, Garrett, at Obama’s request, rose to a round of applause.
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Summary: Regulatory pressure has been building from the Labor Department's new fiduciary rule, audits being conducted by the Securities and Exchange Commission and a crackdown on anti-money laundering programs. While firms are doing deals to gain scale and add services, RIAs with less than $150 million of assets are particularly vulnerable to a squeeze on profit margins.
