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Fiduciary Duty

Fiduciary Duty Rule Change to the Rescue: Should Millennials and Responsible Investors Take Heart?

Kathy Hipple | Posted 07.06.2016 | Impact
Kathy Hipple

Co-Authored by Perry Goldschein, a corporate sustainability consultant, and former environmental and regulatory lawyer, with 15 years of experience he...

Closing The Loophole That Costs People $17 Billion In Retirement Savings

Nancy LeaMond | Posted 02.26.2016 | Fifty
Nancy LeaMond

If you get advice from a professional like a doctor, a lawyer or a financial professional, you should be able to rely on knowing that it will always be in your best interest. Unfortunately, that is not always the case when it comes to financial advice.

Roskam and Roe Bills Compete to Weaken Protections for Retirement Savers

Barbara Roper | Posted 02.02.2016 | Business
Barbara Roper

Without a single Committee Democrat voicing support, the House Education and the Workforce Committee reported out two bills that purport to require all financial professionals to act in the best interests of their customers when providing retirement investment advice.

Here's Why Obama's New Wall Street Rule Is A Great Idea

The Huffington Post | Zach Carter | Posted 01.19.2016 | Politics

Most retirement advisers aren't required to give advice or pick investments in the best interest of their clients. This simple fact surprises most peo...

SEC's Best Interest Standard in Name Only Is No Model for DOL

Barbara Roper | Posted 01.13.2016 | Business
Barbara Roper

One of the perplexing mysteries in the debate over the Department of Labor's fiduciary rule is why securities industry representatives are so adamantly opposed to the DOL rulemaking based on the exact same principles.

Face It: Ted Cruz Won The Republican Debate

The Huffington Post | Zach Carter | Posted 10.30.2015 | Politics

So, that happened. Sen. Ted Cruz (R-Texas) came into the third GOP presidential debate with little to lose and everything to gain. He got more out of ...

Elizabeth Warren Hits Wall Street To Defend Obama Retirement Rule

The Huffington Post | Zach Carter | Posted 10.27.2015 | Politics

Sen. Elizabeth Warren (D-Mass.) took a swipe at Wall Street Tuesday, detailing a host of vacations, cruises and other perks that retirement professio...

Litan Plays Victim Unconvincingly

Barbara Roper | Posted 10.06.2015 | Business
Barbara Roper

Litan seeks to paint himself as the victim, but the real victim here is objective scholarship. Not to mention the millions of working families and retirees who would be left without meaningful protections when they turn to financial professionals for retirement investment advice.

Elizabeth Warren Made Washington Angry Again

The Huffington Post | Zach Carter | Posted 10.02.2015 | Politics

WASHINGTON -- The American political elite have never really been riled up over Elizabeth Warren's policy positions. They're just frightened by the cu...

In Litan Scandal, It Isn't The Money, It's The Economics

Barbara Roper | Posted 10.02.2015 | Business
Barbara Roper

Robert Litan and Hal Singer are certainly entitled to their opinions, no matter how ill-informed. And industry has every right to seek to influence regulations by hiring "experts" to help them make their case. But no one should mistake what Litan and Singer have published for actual economic analysis.

Wagner Bill Gets It Backwards: SEC Should Follow DOL's Lead on Fiduciary Duty

Barbara Roper | Posted 09.29.2015 | Business
Barbara Roper

The SEC's enforcement of the fiduciary duty under the Investment Advisers Act has been long on disclosure and short on real avoidance of conflicts.

Fiduciary Rule: The Real Agenda

Dan Solin | Posted 07.07.2016 | Business
Dan Solin

There's a powerful agenda behind the opposition to the rule proposed by the U.S. Department of Labor (DOL) requiring that advisors to retirement plans be fiduciaries: The securities industry wants to preserve its ability to give conflicted advice. There's a lot at stake.

Changing the Behavior of the 99 Percent

Barbara Roper | Posted 06.18.2016 | Business
Barbara Roper

DOL thinks it isn't enough to give lip service to a best interest standard. You also have to change the common industry practices that work against that goal. And that, of course, is why industry finds the DOL rule so threatening.

Zach Carter

Wall Street's Revolving Door Spins Again In Congress

HuffingtonPost.com | Zach Carter | Posted 06.09.2015 | Politics

WASHINGTON -- If at first you don't succeed, turn, turn again. The revolving door in the nation's capital took another spin last week, when Sen. Mark ...

The Supreme Court Got Its 401(k) Decision Right

Aryeh Younger | Posted 05.21.2016 | Politics
Aryeh Younger

With so much at stake, it is critical for money managers everywhere to recognize their role as trustees of assets that do not belong to them.

The Broker Shell Game on the Fiduciary Issue

Dan Solin | Posted 06.14.2015 | Money
Dan Solin

Don't do business with brokers who will not confirm in writing that they are fiduciaries to you. In my experience, brokers will not make this representation and instead will try to persuade you that the "fiduciary issue" is a red herring. Don't be fooled. It's a really big deal.

Can Wall Street Kill a Fiduciary Rule?

Barbara Roper | Posted 06.03.2015 | Business
Barbara Roper

An explosive new blog post at AdvisorHub purports to quote a high-ranking Morgan Stanley executive deriding the notion that Wall Street would ever allow a real fiduciary standard to be applied to its business. The arrogant assumption that Wall Street runs Washington and the patent disregard for investor well-being give the alleged emails a convincing ring.

Rosy View of SEC Regulation at Odds With Reality

Barbara Roper | Posted 05.25.2015 | Business
Barbara Roper

In an increasingly frantic effort to derail new protections for retirement savers, SIFMA, the self-described "voice of the U.S. securities industry," has purchased yet another study that purports to show why a pending Department of Labor (DOL) proposal to require all financial advisors to put their customers first is unnecessary and inappropriate.

Rep. Wagner Introduces Anti-Investor 'Retail Investor Protection Act'

Barbara Roper | Posted 04.28.2015 | Business
Barbara Roper

If a contest for the most Orwellian bill title were held, Rep. Ann Wagner's newly reintroduced "Retail Investor Protection Act" would be a serious contender. Despite its title, this legislation has nothing to do with protecting retail investors.

Obama: Stop Wall Street Brokers From Putting Their Interests Above Clients Saving for Retirement

Dennis M. Kelleher | Posted 04.25.2015 | Politics
Dennis M. Kelleher

We're not suggesting that everyone who gives retirement investment advice is taking advantage of their clients, since many advisers do act in their client's best interest. But, because the law does not require them to do so, far too many do not. That's why the President's recent action is so important.

Industry to DOL: (Don't) Mind Your Own Business

Barbara Roper | Posted 04.26.2015 | Business
Barbara Roper

In addition to shedding crocodile tears over the potential harm to middle-income savers if brokers have to start acting in their customers' best interests, financial services firms and their lobbyists have increasingly voiced their outrage that the Department of Labor believes it has a role to play in regulating retirement advice.

Zach Carter

How Democrats Almost Strangled The Obama-Warren Retirement Security Plan In The Cradle

HuffingtonPost.com | Zach Carter | Posted 02.24.2015 | Politics

WASHINGTON -- President Barack Obama unveiled a significant retirement security proposal with Sen. Elizabeth Warren (D-Mass.) on Monday, announcing pl...

Dave Jamieson

White House To Crack Down On 401(K) Fees

HuffingtonPost.com | Dave Jamieson | Posted 02.23.2015 | Politics

Over the objections of Wall Street and some financial regulators, the White House announced Monday that it plans to move ahead with a new rule that wi...

UBS Exec's Bullying of Brokers Illustrates Need for Best Interest Standard

Barbara Roper | Posted 04.15.2015 | Business
Barbara Roper

Ever wonder what the fuss about a fiduciary standard is all about? Last week's Reuters article revealing how the Puerto Rico arm of UBS drove reluctant brokers to sell high-risk bond funds to their customers offers a perfect illustration.

It's Time for Fiduciaries to Divest

Jane Vosburg | Posted 10.11.2014 | Green
Jane Vosburg

I would argue that with warning lights and sirens flashing and blaring, continued investment in the fossil fuel industry is itself a breach of fiduciary responsibility.