The Investor Advisory Committee suggests clarifying that Regulation Best Interest is a fiduciary standard.
While the new majority is unlikely to block the SEC advice rule, retirement income advocates forecast momentum for annuities legislation.
The regulation hasn’t kept up with developments in the advice industry or technology, according to compliance experts
Agency wants to improve investor knowledge, but consumer advocate says seven-page example included in proposal has similar weaknesses to Form CRS
Schwab official agrees chairman Clayton wants to finish reform package soon, but says top regulator will face challenge finding three votes to pass it.
Firm says the ads are targeted to the mass affluent, not high-net-worth investors advisers focus on.
But consumer advocate says proposal doesn't elevate standard beyond current suitability.
Husband and wife served as third-party administrator to retirement plans they allegedly looted for personal gain.
Growth of independent sector translates into more enforcement actions.
Advisers say people most likely to participate also meet the income and net-worth thresholds to qualify as accredited investors.
