Claimants alleged fraud, elder abuse, and breach of contract and fiduciary duty.
Inflation, retirement savings growth expand pool of sophisticated investors, according to SEC Report.
Finra CEO Robert W. Cook defended the broker-dealer self-regulator, citing efforts to rein in firms with long disciplinary histories and protect senior investors.
'It’s crystal clear for the prospective client that the insurance producer is selling,' says an insurance industry representative.
On day one of public hearing, critics argue potential new measure will alienate some clients and is 'overbroad, unnecessary and inconsistent.'
'They’re making x dollars in a brokerage account,' says advisor. 'Just charge the client x but give them fiduciary advice for that x.'
Legislative lull means it's easier to carry out multiyear planning, says advisor.
'You don’t need to reinvent the wheel here. You’ve got the building blocks to address [AI and predictive data analytics] concerns,' says a member of the advisory committee.
Once again, annuities are at the heart of a debate over retirement savings and investor protection. The DOL says state oversight of sales of the products isn’t strong enough.
As a financial advisor for more than 30 years, Diane Young has seen fiscal and retirement policies affect her clients. If voters in Michigan’s 10th District elect her, she’ll have a role in shaping the decisions Congress makes.
