Just days after the financial-regulatory-reform law was signed, the Securities and Exchange Commission issued a request for public comment on a provision addressing the standard of care for investment advice.
An advertising agency that has bolstered the images of Fidelity Investments and Progressive Casualty Insurance Corp. is brainstorming about how to help financial planning achieve the same visibility.
At least one group of financial advisers is hoping that the landmark financial-reform legislation will lead to more government oversight of the advice business.
Groups argue the Harkin amendment would undermine the goal of strengthening the standard of care for investors.
It's usually very quiet in Washington in August. But over at the SEC, the late-summer calm has given way to a loud din as lobbyists battle over the standard of care for investors.
There is plenty of uncertainty surrounding the estate tax. The only sure thing is that Congress will punt the issue to next month — or perhaps beyond the fall elections. Nevertheless, a rough picture of what will happen is starting to emerge.
Like many aspects of the financial-regulatory-reform legislation that became law July 21, the provision that increases the threshold for state regulation of investment advisers doesn't go into effect for another year.
As Congress heads toward its summer recess, it looks unlikely that legislators will make progress any time soon on the estate tax. That leaves financial planners and their clients in the lurch.
In the two days since the Securities and Exchange Commission formally began seeking comment on establishing a fiduciary duty for retail investment advice, more than 70 individuals have submitted statements ranging from one line to several paragraphs.
