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Summary: Brokers aren’t the only ones who should be concerned about the Department of Labor’s fiduciary proposal, according to a brokerage industry trade group. The Financial Services Institute reiterated Tuesday that imposing a fiduciary mandate on advisors to retirement accounts would be a costly and complex burden for all advisors, regardless of business model.
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Summary: Penalties for breaking securities laws would increase almost tenfold under bipartisan legislation introduced in the Senate on Thursday. The bill would allow the Securities and Exchange Commission to levy fines of up to $1 million per offense by individuals and $10 million for each violation by firms for the most serious offenses, which would include fraud, deceit, manipulation and deliberate disregard for regulations.
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Summary: The rise of technology is creating a new service model for financial planning – the “virtual” advisor, who uses web-based tools and technology to serve clients, regardless of where the client (or advisor) happens to be.
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Summary: The landscape for a financial advisor or team that is contemplating independence is abundant with opportunity. The newest development to take shape in this niche is the size of the teams moving to the registered investment advisor arena.
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Summary: About 52% of advisers have had internal staff or a third party run their firms through a simulated examination of the kind that the Securities and Exchange Commission conducts periodically of advisers, according to a survey by the Investment Adviser Association in April and May.
