'The loophole they’re talking about isn’t only used by billionaires,' advisor warns.
RIAs could serve as a portal to private placements for their clients, says member of an SEC advisory committee.
'We all have too much to lose in reputation,' warns one CEO. 'It’s not worth it.'
Opponents say the DOL’s proposed rule overrides Reg BI by imposing fiduciary duty on brokers working with retirement savers. Backers say the measure fills in Reg BI’s gaps in investor protection.
'It's supervision by Zoom,' PIABA says, while Finra says the new rules reflect hybrid work arrangements while protecting investors.
'The strategy involved frequent in-and-out trades that placed the broker’s interest in generating commissions and fees ahead of the customers’ interest in making a profit,' the SEC order states.
'There seems to be a little more detail in the Finra rule about the guardrails on the use of the projections,' a compliance lawyer says.
Sheryl Garrett, founder of the Garrett Planning Network, got a shout-out from President Obama in 2015 when he introduced a Department of Labor fiduciary rule. Now she’s joining the fight to support the Biden administration’s proposal.
About 15 million clients' details were exposed after information was left on decommissioned computers.
The Department of Labor stopped another financial industry attempt to slow the measure by declining to extend the public comment deadline of Jan. 2.
