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RIAs can be an easy entry point for organizations looking to move dirty money and avoid other financial entities that have formal AML procedures in place, says FinCEN.
Fiduciary advocates question the math behind the opponents' estimate, calling it an "Alice in Wonderland report" without backing.
Brokerage industry leaders told Labor officials that the plan's contract requirements will compel them to drop less-affluent clients who want to retire.
A week of hearings on contentious fiduciary proposal gets underway as SIFMA chief warns brokers will abandon retirement market if rules take effect.
Security and business continuity concerns must be addressed in service agreements when outsourcing tech operations to a third party.
Critics charge that the fiduciary proposal will be a death knell for the brokerage model in the retirement space, leaving low- and middle-income investors without advice.
An SEC compliance official says it's not a good idea for firms to "go in and very narrowly answer the questions, [not] volunteer anything, particularly if you're not trying to keep something from our attention."
A new study breaks down the compliance challenges advisors are most worried about and what they're doing about it.
A senior Labor Department official says his team is amenable to tweaks in the proposed rules so long as the fiduciary relationship is formalized with the client.
Regulators say that as threats continue to mount, they are expecting more formal policies and procedures from the firms they examine.
Head of industry group lobbying against the Labor Department's proposal is hopeful that the final regulation will address compliance objections and expand permissible transactions.
White House reiterates support for controversial fiduciary proposal, outlines new initiatives to expand access to retirement savings plans.
Asset management trade group appeals for restraint from U.S. and foreign regulators evaluating firms for designation as systemically important institutions.
As waves of Americans reach retirement age while dementia and scams are on the rise, advisors need to implement training and reporting mechanisms to protect vulnerable clients.
A potent mix of factors have created fertile conditions for elder financial abuse. Here's how advisors can better protect older clients from fraudsters.
Amid persistent criticism from industry groups, a Labor Dept. official says the comment process will be pivotal to getting the fiduciary proposal right.
Opponents warn definitions are overly broad and call on advisors and brokers to make their voices heard at the Labor Department.
The head of a global standards-setting body argues that regulators overreacted to the financial crisis and says banking-style regulation is a poor fit for the asset management industry.
Labor Secretary tells skeptical lawmakers fiduciary proposal is a needed investor protection, as industry representatives contend rules would force them out of retirement segment.
SEC Commissioner Kara Stein is worried that mutual fund sector is moving beyond the reach of the regulators.